Portsmouth is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Portsmouth are considered greater risk due to market dynamics. Interest rates for multifamily loans in Portsmouth are higher than the national average. Portsmouth 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 Portsmouth.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Portsmouth 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 | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 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 Portsmouth.
The city of Portsmouth in Scioto County has a population of 20,158. The median rent in Scioto County for a 2 bedroom is $734. The median Portsmouth resident is 36 years old with a yearly income of $17,832. The average family has 2.88 members and a median household income of $28,840. Portsmouth has a 16% higher education rate. The unemployment rate in Portsmouth is 11.2%.
53.3% of Portsmouth households are renters.
39.9% median household income spent on rent.
Bedrooms |
Scioto County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $530 | $597 | $737 |
| 1 bedroom | $644 | $662 | $813 |
| 2 bedroom | $734 | $834 | $1,015 |
| 3 bedroom | $1,050 | $1,084 | $1,325 |
| 4 bedroom | $1,148 | $1,205 | $1,521 |
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