West Des Moines is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in West Des Moines are considered moderate risk due to market dynamics. Interest rates for multifamily loans in West Des Moines are slightly higher than the national average. West Des Moines apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in West Des Moines.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in West Des Moines are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.98% - 6.13% |
| 7 Year Fixed | 6.04% - 6.19% |
| 10 Year Fixed | 6.04% - 6.19% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in West Des Moines.
The city of West Des Moines in Polk County has a population of 67,899. The median rent in Polk County for a 2 bedroom is $957. The median West Des Moines resident is 37 years old with a yearly income of $43,222. The average family has 2.91 members and a median household income of $76,368. West Des Moines has a 55% higher education rate. The unemployment rate in West Des Moines is 2.3%.
38.9% of West Des Moines households are renters.
24.9% median household income spent on rent.
Bedrooms |
Polk County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $645 | $558 | $737 |
| 1 bedroom | $783 | $613 | $813 |
| 2 bedroom | $957 | $785 | $1,015 |
| 3 bedroom | $1,308 | $1,038 | $1,325 |
| 4 bedroom | $1,393 | $1,151 | $1,521 |
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