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Multifamily Loans in
Watertown, SD

Overview

Watertown is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Watertown are considered greater risk due to market dynamics. Interest rates for multifamily loans in Watertown are higher than the national average. Watertown apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Watertown.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Loan Rates in Watertown, SD

SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Watertown are:

Fannie Mae®
$1M to $6M
5 Year Fixed 3.74% - 4.44%
7 Year Fixed 3.68% - 4.38%
10 Year Fixed 3.79% - 4.49%
Freddie Mac®
$1M to $6M
5 Year Fixed 3.78% - 4.02%
7 Year Fixed 3.59% - 3.83%
10 Year Fixed 3.68% - 3.92%
Fannie Mae®
$6M to $100M
5 Year Fixed 3.34% - 4.04%
7 Year Fixed 3.28% - 3.98%
10 Year Fixed 3.39% - 4.09%
Freddie Mac®
$6M to $100M
5 Year Fixed 3.13% - 3.38%
7 Year Fixed 3.29% - 3.74%
10 Year Fixed 3.35% - 3.75%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. Rates updated on 12/03/2021. This is not an offer or commitment to lend. Multifamily loan rates in Watertown may vary based on income, leverage and other factors. Fannie Mae is a registered trademark of Federal National Mortgage Association Corporation. Freddie Mac is a registered trademark of the Federal Home Loan Mortgage Corporation.

Get multifamily loan quotes for Dec 04, 2021


Multifamily Lenders in Watertown, SD

Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Watertown.


Agency Lenders
(Fannie / Freddie / HUD)
  • Long term fixed rates
  • Moderate leverage
  • Tax returns not required
  • Non-recourse
  • Rate discounts for affordability

Banks &
Credit Unions

  • Intermediate term fixed rates
  • Moderate leverage
  • Tax returns usually required
  • Recourse

Get multifamily loan quotes for Dec 04, 2021


Watertown Market

The city of Watertown in Codington County has a population of 22,174. The median rent in Codington County for a 2 bedroom is $794. The median Watertown resident is 38 years old with a yearly income of $29,831. The average family has 2.82 members and a median household income of $50,971. Watertown has a 22% higher education rate. The unemployment rate in Watertown is 2.4%.


Population
22,174 people

County
Codington County

Renters

39.9% of Watertown households are renters.


Rent Burden

29.6% median household income spent on rent.

Source: U.S. Census Bureau

Rents

Bedrooms
Codington County 1
South Dakota 2
National 2
Studio $542 $539 $737
1 bedroom $602 $599 $813
2 bedroom $794 $770 $1,015
3 bedroom $1,097 $1,019 $1,325
4 bedroom $1,352 $1,196 $1,521
1 Median rents 2 Average of counties
Source: Federal Housing Finance Agency

Watertown Demographics


Median Individual Income
$29,831 / year

Median Household Income
$50,971 / year

Families w/ Dual Incomes
63%

Unemployment Rate
2.4%
Household Income Distribution
Watertown, SD

Median Age
38 years

Avg Family Size
2.82 people
Age Distribution
Watertown, SD

College Education or Above
22%

STEM College Graduates
32%
Education Distribution
Watertown, SD
Source: U.S. Census Bureau

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