Willetta — 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
6.40%

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 situated in the vibrant heart of Central Phoenix, Willetta (“the property") benefits from a central location amidst the dynamic live, work, and play the area has to offer. Conveniently positioned along 35th Street and McDowell Road, the property boasts a remarkably brief commute to major employment hubs and ease of access to primary thoroughfares to reach any destinations across the valley. In addition, Willetta benefits from the short drive to Phoenix Sky Harbor International Airport, which currently supports ±1,200 daily arrivals and departures with an annual economic impact of ±$38 billion. The 44th Street Gateway Corridor and Phoenix Sky Harbor International Airport Area are both within a mere two and a half miles, while the Innovation Corridor along Central Avenue and the influential Biltmore Employment Corridor, where names such as Cisco and Charles Schwab are stationed. Together, the Innovation and Biltmore Corridors showcase over ±117,000 employees and ±3,300 employers. Originally developed in 1960, the property's unit mix features a desirable blend of one studio (±4%) and spacious one-bedroom (±35%) and two-bedroom (±61%) floorplans covering an average of ±728 square feet. Future ownership will have the opportunity to implement an interior renovation program to upgrade the remaining classic units and capitalize on the associated interior renovation premium already proven in the immediate area. Investment Highlights: • Rare Mid-Size Multifamily Community • Prime Central Phoenix Location • Minutes from Phoenix Sky Harbor Airport

Market Context

This multifamily in Phoenix, AZ is listed for sale. It is offered at an approximate 6.4% 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 6.4% 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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