North Port is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in North Port are considered moderate risk due to market dynamics. Interest rates for multifamily loans in North Port are slightly higher than the national average. North Port 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 North Port.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Port 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 North Port.
The city of North Port in Sarasota County has a population of 70,724. The median rent in Sarasota County for a 2 bedroom is $1,383. The median North Port resident is 46 years old with a yearly income of $28,989. The average family has 3.18 members and a median household income of $62,097. North Port has a 22% higher education rate. The unemployment rate in North Port is 3.6%.
22.4% of North Port households are renters.
27.4% median household income spent on rent.
Bedrooms |
Sarasota County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $912 | $822 | $737 |
| 1 bedroom | $1,076 | $891 | $813 |
| 2 bedroom | $1,383 | $1,089 | $1,015 |
| 3 bedroom | $1,829 | $1,448 | $1,325 |
| 4 bedroom | $2,202 | $1,716 | $1,521 |
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