Courtyard on Mill — Sale in Tempe, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Tempe, AZ 85282

Photos

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Investment Figures

Cap rate
6.75%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

No active small multifamily listing in Tempe is both renovated and gated. Courtyard on Mill delivers a 2026 roof, stucco, ACs and fully remodeled interiors, smartlock gated entry, assigned covered parking, private patios on the ground floor and a new laundry room — a specification otherwise found only in South Scottsdale at $281,000–$325,000 per unit. Investment Highlights: • 6.47% cap rate - no where in the Phoenix valley will an investor find a property at this price point and quality. • Every unit renovated and leased on new 12 month terms. • Low expenses due to quality of renovations put in place.

Market Context

This multifamily in Tempe, AZ is listed for sale. It is offered at an approximate 6.8% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Tempe, AZ — view the full market.

As of Q1 2026, the Phoenix multifamily market showed a 12.1% vacancy rate, average asking rents near $1561.50/unit/mo, rents up 2.9% year over year, and cap rates around 5.9%. Source: multiple brokerage reports, Q1 2026.

Its 6.8% asking cap rate is above the Phoenix multifamily market average of about 5.9%, implying a higher yield (and typically more risk or upside) than 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 multiple brokerage reports.
Is the Phoenix multifamily market tightening or softening?
Vacancy is around 12.1%, with asking rents rising year over year (Q1 2026).

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