Waterside — Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Phoenix, AZ 85014

Photos

Waterside — Sale in Phoenix, AZ, photo 1 of 3
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Investment Figures

Cap rate
6.33%

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

Waterside (“the property”) is a fully renovated 12-unit multifamily community in Central Phoenix, offering investors a rare opportunity to acquire a well-positioned 1987-vintage asset comprised entirely of large two-bedroom, two-bathroom floorplans. The property’s late-1980s construction profile provides a distinct advantage within the surrounding submarket, combining more modern building characteristics with a comprehensive renovation program completed across both unit interiors and major exterior components. Interior improvements include upgraded flooring, cabinetry, doors, windows, countertops, and in-unit washers and dryers, creating a modernized living environment throughout the property. Ownership has also completed substantial exterior and common-area improvements, including a new swimming pool, new roofs, refreshed landscaping, and a fully redone parking lot. Together, these upgrades materially enhance the property’s competitive positioning while reducing near-term capital expenditure requirements for new ownership. Located less than one mile from the Innovation Employment Corridor and less than ±2 miles from the lifestyle amenities of the Biltmore area, headlined by Biltmore Fashion Park, Waterside offers residents immediate access to some of Central Phoenix’s strongest employment, retail, dining, and entertainment destinations. The surrounding competitive environment is further supported by limited new supply, with only one multifamily development containing more than 50 units currently under construction within a three-mile radius. Combined with its fully renovated condition, desirable two-bedroom unit mix, and central location, Waterside is positioned to benefit from sustained renter demand and limited near-term competitive pressure. Investment Highlights: • Unique 1987 construction, comprehensive interior renovations, and extensive recent capital improvements—including new roofs, landscaping, a refinished parking lot, and a new pool—create an attractiv

Market Context

This multifamily in Phoenix, AZ is listed for sale. It is offered at an approximate 6.3% 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 6.3% 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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