Portsmouth is located in a good market for 5+ unit multifamily loans. Multifamily loans in Portsmouth are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Portsmouth are competitive. Portsmouth apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.73% - 6.97% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Portsmouth.
The city of Portsmouth in Portsmouth city has a population of 94,398. The median rent in Portsmouth city for a 2 bedroom is $1,233. The median Portsmouth resident is 35 years old with a yearly income of $27,350. The average family has 3.29 members and a median household income of $52,175. Portsmouth has a 22% higher education rate. The unemployment rate in Portsmouth is 7.8%.
45% of Portsmouth households are renters.
35.6% median household income spent on rent.
Bedrooms |
Portsmouth city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $1,032 | $833 | $737 |
| 1 bedroom | $1,045 | $897 | $813 |
| 2 bedroom | $1,233 | $1,072 | $1,015 |
| 3 bedroom | $1,740 | $1,423 | $1,325 |
| 4 bedroom | $2,135 | $1,680 | $1,521 |
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