Multifamily Property for Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Phoenix, AZ 85015

Description

Advantageously situated directly north of Midtown's Melrose Arts District , Palm Square (“the property”) is an 18-unit community primely located in Central Phoenix. With the convenience and proximity of the Interstate 17 Freeway and State Route 51, two of The Valley’s major transportation arteries, residents are provided direct access to nearly any destination across The Valley within a desirable commute time. A number of the most prominent employment and entertainment corridors in the state are just a short drive away. The Innovation Employment Corridor, which runs down Central Avenue, provides employment opportunities from some of the most prolific companies in Arizona such as Banner Health and IBM. In addition, Palm Square is just two miles from Grand Canyon University, the largest Christian university in the nation, with an on-campus enrollment of ±25,000 students and online enrollment of ±90,000 students. Built in 1958 Palm Square is comprised of 6 studio, 10 one-bedroom, and 2 two-bedroom floorplans. The entire community's exterior has been renovated with new paint, landscaping, roof, windows, and select mechanical (HVAC and electrical). In addition, 15 of the 18 unit's interiors have been renovated with new appliances, countertops, cabinets, flooring, fixtures, hardware, and individual washer/dryer. Investment Highlights: • Advantageously situated directly north of Midtown's Melrose Arts District • Located just two miles from Grand Canyon University, the largest Christian university in the nation • 15 of the 18 unit's interiors have been renovated with new appliances, countertops, cabinets, flooring, fixtures, hardware, and individual washer/dryer

Market Context

This multifamily in Phoenix, AZ is listed for sale. It is offered at an approximate 4.4% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 52 days. Compare it against other multifamily listings for sale in Phoenix, AZ — <a href="/search/sale/multifamily/arizona/phoenix">view the full market</a>.

As of Q1 2026, the Phoenix multifamily market showed a 11.9% vacancy rate, rents up 2.8% year over year, and cap rates around 5.9%. Source: Consensus Q1 2026 market report.

Its 4.4% asking cap rate is below the Phoenix multifamily market average of about 5.9%, reflecting premium pricing relative to comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Phoenix?
About 5.9% as of Q1 2026, per Consensus.
Is the Phoenix multifamily market tightening or softening?
Vacancy is around 11.9%, with asking rents rising year over year (Q1 2026).

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