Multifamily Property for Sale in Tempe, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Tempe, AZ 85281

Description

Located just steps from one of the Valley’s busiest commuter routes and adjacent to the vibrant campus of Arizona State University, Roosevelt Place (“the Property”) offers a differentiated multifamily opportunity highlighted by its refreshed exterior and high-end interior upgrades. Delivered in 1955, the asset is ideally situated to capture sustained demand generated by ASU’s sizable student enrollment, along with the growing concentration of young professionals driving momentum in North Tempe and around Tempe Town Lake, each within a short one-mile distance. The scarcity of comparable boutique, garden-style communities in a submarket experiencing layered growth dynamics positions Roosevelt Place as a highly attractive acquisition prospect. Investment Highlights: • Located less than a mile from the vibrant Arizona State University campus, as well as the momentum of young professionals found surrounding Tempe Town Lake • All 9 units fully renovated and fully occupied • All HVAC units, as well as the roof, have been replaced or redone in the last three years

Market Context

This multifamily in Tempe, AZ is listed for sale. It is offered at an approximate 4.8% 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 Tempe, AZ — <a href="/search/sale/multifamily/arizona/tempe">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 4.8% 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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