Multifamily Property for Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Phoenix, AZ 85013

Description

Ideally positioned just east of Central Phoenix's largest major employment corridor, Villa at Melrose (“the property”) is an 8-unit multifamily community located north of Indian School Road on 11th Avenue. The property sits within the desirable Midtown submarket, surrounded by the growing lifestyle opportunities the immediate area offers. The Property’s nearby proximity to one of The Valley's major transportation arteries, State Route 51, affords residents direct access and simple passage to nearly any destination across The Valley. Anchoring the gateway to North Central Phoenix's historic core, Villa at Melrose presents outstanding walkable access to a mix of the best local and national retailers and restaurants including Sprouts, Natural Grocers, Valentine, Clever Koi, AJ’s, and West Elm. Ample employment opportunities are found through the nearby Innovation Employment Corridor, Arizona’s economic driving force, boasting more than ±171,000 total professionals dispersed across its Midtown and Downtown Phoenix setting occupying a diverse range of industries from business services and finance to healthcare, education, and government services. Completed in 1958, and fully renovated in 2023, Villa at Melrose is comprised of 4 one-bedroom (50%) and 4 two-bedroom (50%) floorplans, offering an average of ±675 square feet per unit. All units have been fully renovated with new countertops, cabinets, stainless steel appliances, upgraded electrical panels and in-unit washer/dryers (select units). In addition, the entire community exterior and common area has been upgraded including new landscaping, exterior paint, common area, and roof. Future ownership will have the opportunity to receive enhanced operational performance and desirability resulting from the property’s centralized location with immediate access to desirable amenities such as schools, retail and major employment corridors. Investment Highlights: • Desirable Unit Mix • Proximity to Phoenix's Historic Uptown Sub

Market Context

This multifamily in Phoenix, AZ is listed for sale. 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.

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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