Kannapolis is located in a good market for 5+ unit multifamily loans. Multifamily loans in Kannapolis are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Kannapolis are competitive. Kannapolis 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 Kannapolis.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kannapolis 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.44% - 5.68% |
| 7 Year Fixed | 5.28% - 5.52% |
| 10 Year Fixed | 5.19% - 5.43% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Kannapolis.
The city of Kannapolis in Cabarrus County has a population of 50,841. The median rent in Cabarrus County for a 2 bedroom is $1,243. The median Kannapolis resident is 35 years old with a yearly income of $27,215. The average family has 3.36 members and a median household income of $53,365. Kannapolis has a 22% higher education rate. The unemployment rate in Kannapolis is 6.2%.
39.7% of Kannapolis households are renters.
26.8% median household income spent on rent.
Bedrooms |
Cabarrus County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $1,066 | $694 | $737 |
| 1 bedroom | $1,090 | $713 | $813 |
| 2 bedroom | $1,243 | $871 | $1,015 |
| 3 bedroom | $1,639 | $1,152 | $1,325 |
| 4 bedroom | $2,112 | $1,386 | $1,521 |
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