Kingsport is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Kingsport are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Kingsport are slightly higher than the national average. Kingsport 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 Kingsport.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kingsport 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 10 Year Fixed | 5.13% - 5.37% |
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 | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Kingsport.
The city of Kingsport in Sullivan County has a population of 54,127. The median rent in Sullivan County for a 2 bedroom is $704. The median Kingsport resident is 45 years old with a yearly income of $24,502. The average family has 2.85 members and a median household income of $42,856. Kingsport has a 27% higher education rate. The unemployment rate in Kingsport is 6.4%.
37.7% of Kingsport households are renters.
33.9% median household income spent on rent.
Bedrooms |
Sullivan County 1 |
Tennessee 2 |
National 2 |
|---|---|---|---|
| Studio | $515 | $618 | $737 |
| 1 bedroom | $536 | $657 | $813 |
| 2 bedroom | $704 | $813 | $1,015 |
| 3 bedroom | $920 | $1,073 | $1,325 |
| 4 bedroom | $1,013 | $1,248 | $1,521 |
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