East Fillmore — Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Phoenix, AZ 85008

Photos

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Investment Figures

Cap rate
6.84%

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

Ideally positioned just south of Central Phoenix's largest major employment corridor, East Fillmore (“the property”) is a 41-unit multifamily community located west of 32nd Street on Fillmore Street. The property sits minutes from the desirable Midtown submarket, surrounded by the growing lifestyle opportunities the immediate area offers. The Property’s nearby proximity to some of the valley's major transportation arteries, Loop 202 and Interstate 10, affords residents direct access and simple passage to nearly any destination across The Valley. Some of those nearby destinations include a number of the most prominent employment and entertainment corridors in the state. Located a short drive from the property sits Biltmore’s Shops at Town & Country and Camelback Colonnade, offering residents convenient access to ±1.51M square feet of retail showcasing retailers such as Whole Foods, Trader Joe’s, Best Buy and Nordstrom Rack. The Camelback Employment Corridor, where names such as Cisco , Charles Schwab, Accenture, and Humana are stationed is home to ±46,000 employees and ±1,200 employers. also offers numerous dining and entertainment amenities. Additionally, Midtown is home to the Innovation Employment Corridor, which runs down Central Avenue, presenting employment opportunities from some of the most prolific companies in Arizona such as Banner Health and IBM. Together, the Camelback and Innovation Corridors showcase over ±117,000 employees and ±3,300 employers. Completed in 1986, East Fillmore is comprised of 41 two-bedroom (100%) floorplans, offering an average of ±700 square feet per unit. All units have been fully renovated with new countertops, cabinets, 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 dual pane windows, landscaping, exterior paint, common area, and roof. Future ownership will have the opportunity to receive enhanced operation

Market Context

This multifamily in Phoenix, 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 Phoenix, 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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