Phoenix, AZ multifamily market
Phoenix multifamily fundamentals are bottoming as heavy new construction slows and robust demand restores market equilibrium. Sales typically trade between $130 and $265 per square foot, with cap rates averaging around 5.8% and vacancy hovering near 7.5% to 8.5%.
What's driving Multifamily prices in Phoenix
Multifamily values stabilized with modest upward momentum as deliveries peaked.
- Easing supply pipeline reducing concession pressure and vacancy
- High interest rates constraining debt service and buyer leverage
- TSMC and semiconductor expansion driving strong tenant household formation
Market intelligence
Tracking this market · 7 comps · 12-month median $227/SF · latest deal Aug 2026.
This quarter: 0 comps added to our corpus in Q4 2026. Trend medians use closed-deal dates from our growing comp corpus; automated estimates, not an appraisal.
Where these comps are
Momentum FlatPins are geocoded from each comp's public address, so positions are approximate. Comps quoted at the submarket level aren't pinned. The shaded area is Phoenix's municipal boundary, coloured to match the momentum read above.
Recent Multifamily comps in Phoenix, AZ
| Address | Date | Type | Size (SF) | Units | Price / Rate | $/SF | $/Unit | Tenancy | Year Built |
|---|---|---|---|---|---|---|---|---|---|
| 2032 W Orangewood Ave, Phoenix, AZ 85021 public record | Aug 2026 | Sale | 31465 | 31 | $4,000,000 | $127 | $129,032 | Multi-tenant | 1964 |
| 4620 W McDowell Rd, Phoenix, AZ 85035 public record | Jun 2026 | Sale | 159948 | 274 | $41,000,000 | $256 | $149,635 | Multi-tenant | 1987 |
| 4200 N 27th St, Phoenix, AZ 85016 public record | Jun 2026 | Sale | 20969 | 20 | $4,750,000 | $227 | $237,500 | Multi-tenant | 1962 |
| 4848 E Roosevelt St, Phoenix, AZ 85008 public record | Dec 2025 | Sale | 400625 | 368 | $88,000,000 | $220 | $239,130 | Multi-tenant | 2002 |
| 749 E Maryland Ave, Phoenix, AZ 85014 estimate | Sep 2025 | Sale | 44064 | 78 | $10,700,000 | $243 | $137,179 | Multi-tenant | 1967 |
| 11025 S 51st St, Phoenix, AZ 85044 public record | Aug 2025 | Sale | 149906 | 183 | $39,750,000 | $265 | $217,213 | Multi-tenant | 1985 |
| 600 N 53rd St, Phoenix, AZ 85008 public record | Aug 2025 | Sale | 86963 | 49 | $18,250,000 | $210 | $372,449 | Multi-tenant | 2023 |
| Median of 7 recent sales · $227/SF | $227 | ||||||||
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Figures are automated estimates derived from public listings, records, and brokerage announcements for Phoenix, AZ, not an appraisal or a broker opinion of value. Verify independently before relying on them. CompNinja connects owners with licensed local brokers; it is not a brokerage.