Wheeling is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Wheeling are considered greater risk due to market dynamics. Interest rates for multifamily loans in Wheeling are higher than the national average. Wheeling 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 Wheeling.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Wheeling are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.92% - 7.16% |
| 10 Year Fixed | 6.83% - 7.07% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Wheeling.
The city of Wheeling in Ohio County has a population of 26,430. The median rent in Ohio County for a 2 bedroom is $786. The median Wheeling resident is 44 years old with a yearly income of $25,234. The average family has 3.15 members and a median household income of $44,119. Wheeling has a 31% higher education rate. The unemployment rate in Wheeling is 6.6%.
37.6% of Wheeling households are renters.
32.4% median household income spent on rent.
Bedrooms |
Ohio County 1 |
West Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $584 | $595 | $737 |
| 1 bedroom | $605 | $629 | $813 |
| 2 bedroom | $786 | $769 | $1,015 |
| 3 bedroom | $1,011 | $1,010 | $1,325 |
| 4 bedroom | $1,205 | $1,163 | $1,521 |
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