Tempe, AZ Multi-Family Homes for Sale

Gearing up to buy or sell a home soon in Tempe? Call Group DiNenna at 843-560-9310. Your Multi-Family Homes Tempe realty team is here to help navigate the Tempe real estate market.

What is a Multi-family Home?

A multi-family home is a property that has more than one private unit for living. Multi-family homes include duplexes, triplexes, fourplexes, condos, and apartments. There are no specific criteria for the layout for the home to be grouped into the definition. 

Tempe’s Multi-family Home Real Estate Market

Multi-family homes are not the most popular housing type in Tempe, but there are plenty of available options for those looking to purchase one of these properties. Multi-family homes in Tempe range from duplexes to buildings with twenty units, and they can cost between $400,000 up to $7 million. 

Multi-family Homes Throughout Tempe, Arizona

Tempe has plenty of unique communities that are close to amenities like schools, shopping, and transit-friendly areas. Multi-family properties are available around the city, but the most popular neighborhoods include Escalante, Maple-Ash, and Jen Tilly. Many of the buildings are located close to the University, as they are ideal for student housing options. Maple-Ash and Jen Tilly are considered some of the best communities to live in around North Tempe. 

Why Buy a Multi-family Home?

There are plenty of great reasons to purchase a multi-family property. Depending on your circumstances, you may be looking to add ‘real estate investor’ to your resume. Purchasing a multi-family property is an excellent addition to any portfolio. It’s an excellent way to generate passive income, as long as you’re ready to take on the responsibility of being a landlord. You may want to purchase a multi-family home to live in one unit and rent out the other units. Doing this can help you live rent-free, as most of the time, the rental income for the other properties covers your costs. A third reason would be purchasing a multi-family home if you have a lot of extended family members. For those who want a stable place for their parents, aunts, uncles, siblings, or cousins to live and to be close to, purchasing multiple units is a great idea, and their rent covers the costs of the bills. No matter what your reasoning is, a multi-family home is an excellent investment. 

Financing a Multi-family Home

When you’ve decided to purchase your new multi-family home, unless you have cash on hand, you’ll need to know your financing options. There are a few different avenues you can take, depending on your circumstances, and it’s essential to know how they differ. Working with a team of people who are well-versed in multi-family properties is crucial to a seamless transaction. Most likely, your home will be considered a residential property, but depending on the number of units, you could be looking at a commercial property. For residential properties, there are three standard options for financing. 

A traditional mortgage through your bank or financial institution is the first option. If you’re purchasing a multi-family property solely as an investment property and you don’t plan on residing in one of the units, this is the way to go. The qualification requirements are strict, but that’s because these types of properties are riskier for banks. However, you can use your rental income towards the loan approval process. Applicants will need an excellent credit score, substantial down payment, and any other requirements based on your bank. 

Another option is an FHA loan. The Federal Housing Administration offers a loan for those who are purchasing a multi-family home while residing in one of the units. There are significant benefits to this loan, like a lower down payment amount, the requirements are less strict, and there are lower interest rates typically. 

The last option is specifically for those who have served or are currently serving in the U.S. Military. The Veterans Affairs (or VA) loan is available for the U.S. Military members who are looking to purchase a home. In the case of multi-family properties, interested buyers must live in the property and rent out the other units. This is an incredible option for those who have served because it requires no down payment, no private mortgage insurance, and doesn’t require an excellent credit score. 

Working with a team of people who have your best interest at heart and have experience with multi-family home lending is the key to getting an outstanding mortgage that you qualify for. While the differences between the loan options seem small, they add up to a lot of money over time. 

Why Buy & Sell Multi-family Homes With getMULTIfamily.com 

GetMultiFamily.com is an incredible service to buy and sell your multi-family property in Tempe, Arizona. Our team of professionals will help make your experience seamless and stress-free. We specialize in duplexes, triplexes, fourplexes, and other multi-family properties. Our long list of happy clients can attest that we are dedicated to providing the best service we can. In doing so, we always recommend The Cap Core Real Estate Group to every single one of our clients because they are miles above other real estate groups in the area. Cap Core is led by Patrick O’Sullivan, who is the former real estate advisor at U-Haul. Patrick has had an impressive career in real estate, earning himself accolades like Agent of the Year and the CCMI (Certified Commercial Investment Member) designation. When it comes to your Tempe home, Cap Core is the best team for the job, and they’ll do everything they can to make your real estate goals and dreams become a reality.

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