Issue #148April 17, 2026
Phoenix multifamily: when 6% cap is actually a steal.
A lower headline cap rate that hides a stronger real return than the 8% deals next to it.
Multifamily
Cap rate is a starting point, not a verdict.
In Phoenix, a 6% headline cap on a well-located multifamily beat the 8% caps in rougher submarkets once you factored in rent growth, vacancy, and exit. We show the side-by-side that makes the case.
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