Mesa, Arizona Multi-Family Homes for Sale

Gearing up to buy or sell a home soon in Mesa? Call Us at (602) 842-5050. Your Multi-Family Homes Mesa realty team is here to help navigate the Mesa real estate market.

What is a Multi-family Home? 

A multi-family property is a residential home that contains more than one unit. Duplexes, triplexes, fourplexes, apartment buildings, and condos are considered multi-family properties. The configuration of the units does not need to meet specific criteria to be considered a multi-family home. 

Mesa’s Multi-family Home Real Estate Market

Multi-family homes are a popular option for many Mesa homeowners. They are available in many incredible communities around the city. Mesa is home to many master-planned communities located next to great schools, parks, and community centers. The city is known for having welcoming and friendly people, with a great atmosphere, so most of the neighborhoods are an excellent choice for families, young professionals, and retirees. When purchasing a multi-family home, interested buyers can purchase one unit or the entire building, which range in price from $330,000 to over $6.1 million. There’s something for all budgets and needs. 

Multi-family Homes Throughout Mesa, Arizona

Mesa is a small part of the Phoenix Metropolitan Area. The housing options are not as diverse as the big city. Many of the multi-family homes are located on the western side of the city. Communities that have ample multi-family properties include East Mark, W Brown Rd / Center St, E Broadway Rd / S Gilbert Rd, and Mulberry. 

Why Buy a Multi-family Home? 

Depending on individual circumstances, there are plenty of reasons why someone would be interested in a multi-family property. Larger properties, like apartments and condos, are usually purchased by companies or large real estate firms, but they are available to everyone. Smaller multi-family homes, like duplexes, triplexes, and fourplexes, are typically purchased as investment properties, where the owner can reside in one of the units and rent out the others. Whether you’re looking for a primary home, partial rental income, or solely rental income, multi-family homes can be a fantastic investment. 

Financing a Multi-family Home

Purchasing your multi-family home is an exciting endeavor and great for your financial health. It’s a wonderful way to build equity, provide investment income, and build your real estate portfolio. If you don’t have a lot of cash on hand, you’ll likely be financing your new home. There are plenty of things to know about financing when it comes to multi-family properties. The first thing to consider is the size of your new property. If you’re purchasing an apartment building or condo building, your lender may consider it a commercial property, and you’ll fall under a different qualification process. If you’re sticking to a duplex, triplex, or fourplex, you’ll likely be under a residential mortgage. The more units a building has, the more likely it’ll be considered a commercial property. If you intend to live in one of the units and rent out the others, you’ll likely qualify for an owner-occupant mortgage, which is different than a traditional mortgage. Choosing a lender with substantial experience with multi-family properties is essential because there are very important small details, and mistakes can cost you a lot of money. The difference between an owner-occupant mortgage and a traditional mortgage lies in the downpayment amount, requirements, and interest rates. There are three popular options when it comes to financing your new multi-family home. 

An FHA, or Federal Housing Administration loan is a great option for those purchasing a multi-family home and living in the property. The requirements to qualify are less strict than a traditional mortgage, and they often have lower down payments and lower interest rates for buyers. 

A conventional mortgage through a bank is a second option for financing your new home. If you’re looking to purchase a multi-family home strictly as an investment and don’t plan to keep a unit for yourself, you will be required to go the traditional route. The requirements are stricter for investment properties, as the risk is higher for banks. Buyers will need a higher downpayment, an excellent credit score, and other requirements based on the lender. Investors can use the rental income they’ll be generating towards the loan qualification process. 

A VA, or Veterans Affairs Loan, is specifically for current and former members of the U.S. Military. As long as the buyer is keeping a unit for themselves, a VA loan does not require a downpayment, private mortgage insurance, and the buyer doesn’t need an excellent credit score. 

Choosing the best option for financing depends on your situation and future plans with the property, but there are plenty of options for your future mortgage. Working with the best professionals doesn’t have to be a difficult choice. 

Why Buy & Sell Multi-Family Homes With GetMultiFamily.com

The GetMultiFamily.com is the best option when buying or selling your multi-family home in Mesa, Arizona. We’ve helped many happy clients get into their dream homes, and we love what we do. We take our partnerships very seriously, and we always recommend the Cap Core Real Estate Group, which specializes in duplexes, triplexes, fourplexes, and other multi-family homes. The impressive Patrick O’Sullivan leads this incredible group of agents. As the former real estate advisor for U-Haul, Patrick has created an amazing team of dedicated individuals who are always up for the most challenging jobs. With an admirable career in real estate and awards like Agent of the year and CCMI (Certified Commercial Investment Member) designation, Patrick is capable and motivated to have the best team around. You won’t find a better team of experts to help you through your real estate journey.

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