Maricopa County · Tempe
Sell Your Commercial Property In Tempe, AZ
Skyline Capital Investments buys commercial apartment buildings of 5+ units in Tempe and across Maricopa County — listed or off-market, stabilized or value-add. Get clear feedback on your deal, typically within 48 hours.
- Clear feedback on your deal, typically within 48 hours
- 5 to 100+ units, stabilized or distressed, listed or off-market
- Owners, agents, and brokers welcome — every conversation is confidential
We buy:Tired landlordsEstate & trust sales1031 exchangesDeferred maintenanceHigh vacancyPartnership splits
Tempe Submarkets: Downtown Tempe · Tempe Town Lake · Apache Boulevard corridor · South Tempe — Maricopa County, AZ
Local Demand
Our View On Tempe
Tempe is a renter's city. Of the roughly 78,300 occupied homes here, about 58% are rented, according to the Census Bureau’s 2020–2024 American Community Survey. Arizona State University drives much of it. ASU expects about 51,200 students on the Tempe campus this fall, per ASU News, and the city’s median age is 30.5, per ACS 2024 1-year data.
The renter base goes well beyond students. Marina Heights on Tempe Town Lake is a regional hub for State Farm, and Tempe was the first Valley city to get a modern streetcar. The ACS puts the city’s median gross rent at $1,743, and about 42% of Tempe’s housing units sit in buildings with five or more apartments. Owners of smaller buildings now compete with new high-rise student towers near campus. They need to know how that competition and Arizona’s tax rules affect what a building will sell for.
ASU’s Tempe campus enrollment
ASU projects about 51,200 students on the Tempe campus for fall 2026, though overall campus enrollment is expected to dip about 1% because fewer international students are arriving.Office hub at Tempe Town Lake
Marina Heights, on the south shore of Tempe Town Lake, was planned with 2 million square feet of office space and acts as a regional hub for State Farm.Streetcar and light rail access
The three-mile Tempe Streetcar opened in May 2022 with 14 stops and links to Valley Metro Rail at two points, serving downtown, Marina Heights and ASU.Our Buy Box
What We Buy In Tempe
Asset Type
Multifamily, 5+ Units
Apartment buildings and income-producing residential.
Size
5 – 100+ Units
Sweet spot: 15–25 units.
Condition
Stabilized To Distressed
Value-add, mismanaged, and high-vacancy properties welcome.
Deal Types
Listed Or Off-Market
Direct-to-owner, pocket listings, portfolios.
Local Market Data
Tempe Apartment Market
Figures gathered October 2026 from public market data.
Who rents in Tempe
The 2020–2024 ACS counts 188,065 residents and 45,152 renter households in Tempe, which is 57.7% of occupied homes. The median household income is $79,663. Tempe’s renters are younger and move more often than renters elsewhere in the region. The city’s median age is 30.5, and 24.9% of residents moved in the past year, nearly twice the metro rate, according to the ACS 2024 1-year estimates. That much turnover keeps leasing busy every year, and pre-leasing for the August move-in season matters a great deal for buildings close to campus.
ASU is the main reason. The university expects about 51,200 students on the Tempe campus in fall 2026, according to ASU News. ASU also projects overall campus enrollment to slip about 1% because of visa delays for international students. That is worth watching for owners whose buildings lease mainly to graduate students.
Rents and affordability
Tempe’s median gross rent is $1,743. About half of renter households (49.8%) spend 30% or more of their income on rent, and 24.3% spend at least half. HUD sets Fair Market Rents by ZIP code in the Phoenix metro, and Housing Choice Vouchers here use these Small Area FMRs. That gives Tempe owners a ZIP-level rent benchmark:
| FY2026 HUD Small Area FMR | Studio | 1BR | 2BR | 3BR |
|---|---|---|---|---|
| 85281 (ASU, downtown, north Tempe) | $1,590 | $1,730 | $2,010 | $2,680 |
| 85282 (west-central Tempe) | $1,590 | $1,730 | $2,010 | $2,680 |
| 85283 (south-central Tempe) | $1,650 | $1,790 | $2,080 | $2,770 |
| 85284 (south Tempe) | $2,020 | $2,200 | $2,550 | $3,400 |
| Phoenix-Mesa-Chandler metro | $1,457 | $1,583 | $1,839 | $2,452 |
The metro-wide two-bedroom FMR fell from $1,950 in FY2025 to $1,839 in FY2026. That is a 5.7% drop in HUD’s regional benchmark.
The apartment stock
Apartment buildings are a large part of Tempe’s housing. Of 86,182 housing units, 41.8% are in buildings with five or more units, and 18.8% are in complexes with 50 or more. Another 15,275 units are in buildings of 5 to 19 apartments, the smaller end of the 5+ unit market. The median home in Tempe was built in 1984. Some of the stock is much older; Tempe Gateway, for example, will replace a complex built in the early 1970s. Most new apartment construction in Downtown Tempe and near campus, by contrast, is high-rise.
New supply and zoning
Most new supply is high-rise student housing. In October 2025, Core Spaces and Wexford started building Hub on Campus Tempe, a 30-story tower with 1,957 beds. It is scheduled to open in summer 2028. In a single 2024 round of approvals, the city moved more than 1,700 units forward, according to the Tempe Tribune. They include Sterling Tempe (256 units on Terrace Road), the 277-unit Vale student project on Rural Road, and Tempe Gateway, which will replace a 487-unit complex from the early 1970s with 910 units. Not every project gets approved. A 21-story student tower at Apache and Rural was withdrawn after the council would not amend the voter-approved 2050 General Plan, which limits that site to 65 units per acre. Older buildings near Apache Boulevard now compete with new towers that offer more amenities. These same density limits make it hard to build new projects on many smaller infill lots.
Property taxes on apartment buildings in Maricopa County
Arizona puts residential rentals in class four, which is taxed at an assessment ratio of 10%. According to the Assessor, taxes are generally based on Limited Property Value (LPV), not market value. Under A.R.S. 42-13301, LPV can rise at most 5% a year and can never exceed full cash value. New construction, a change in use or a parcel split recalculates LPV under Rule B. To get the bill, the Assessor divides assessed value by 100 and multiplies by the combined rate. On the 2025 county rate sheet, the area served by Tempe Elementary #3 and the Tempe high school district shows a primary rate of 6.3268 and a secondary rate of 5.6592. The Kyrene area is 6.3099 primary and 4.5943 secondary. Class 4.2 rentals do not get the State Aid credit, according to the Assessor. One more change helps owners. Since January 1, 2025, Arizona cities can no longer charge transaction privilege tax on long-term residential rent, so Tempe’s former rental tax is gone.
Landlord rules and local compliance
- No rent control. A.R.S. 33-1329 preempts rent control in all Arizona cities.
- Rental registration. Owners must register rental property with the Maricopa County Assessor under A.R.S. 33-1902. Cities may fine owners $150 a day for failing to register. Out-of-state owners must name an Arizona statutory agent.
- Source of income. Tempe’s anti-discrimination ordinance makes it illegal to turn away an applicant because they pay with a Housing Choice Voucher or other lawful income.
What this means if you own a building here
Buyers will compare an older Tempe building with the new towers going up near campus. They will look at the actual rent roll against ZIP-level FMRs and check whether the building still leans on student demand. Remove the old city rental tax from your expense history before you calculate NOI. Then use our cap rate calculator to test pricing. If you plan to buy another property with the proceeds, the 1031 exchange calculator can help you plan the timing. Arizona’s state-level rules are summarized on our rent control and property tax by state page. Skyline buys 5+ unit buildings in Tempe, from stabilized to distressed. Our seller page explains how we make offers.
Local Knowledge
What Shapes A Tempe Offer
If you want to sell commercial property in Tempe, AZ, these points drive how we price the building.
More about selling in Arizona →Investing in Tempe? See apartment syndications in Tempe →
- Maricopa County taxes rental apartments (legal class 4) on 10% of Limited Property Value, which rises at most 5% a year unless new construction, a split or a use change triggers recalculation.
- Tempe cannot cap rents because A.R.S. 33-1329 preempts local rent control. However, Tempe’s city code bars landlords from turning away applicants because of their source of income, such as a Housing Choice Voucher.
- Arizona cities stopped taxing long-term residential rent on January 1, 2025. Pro formas from earlier years that list a city rental sales tax line now overstate a Tempe building’s expenses.
- Supply near ASU keeps growing. The 1,957-bed Hub on Campus tower is set to open in summer 2028, so buyers will look closely at older buildings that compete for student renters.
Seller Guides
Your Situation, Handled — Tempe
Learn More
Taxes & Rules For Tempe Property
The Arizona rules that shape any deal in Tempe: what a sale costs in tax, how buildings are taxed, what landlords must follow, and how to defer gains.
Tempe Seller FAQ
What is the average rent in Tempe, AZ?
The Census Bureau’s 2020–2024 American Community Survey puts Tempe’s median gross rent, which includes utilities, at $1,743 a month. For FY2026, HUD set Small Area Fair Market Rents for central Tempe ZIP codes 85281 and 85282 at $1,730 for a one-bedroom and $2,010 for a two-bedroom. HUD’s two-bedroom figure is higher in ZIP 85284 in south Tempe, at $2,550.
How are apartment buildings taxed in Tempe?
Maricopa County classifies rental residential property as legal class 4. Tax is charged on 10% of the Limited Property Value, which generally can rise no more than 5% a year. On Maricopa County’s 2025 rate sheet, the area served by Tempe Elementary #3 and the Tempe high school district shows a primary rate of 6.3268 and a secondary rate of 5.6592 per $100 of assessed value. Rates differ by school district within the city.
Does Tempe have rent control?
No. Under A.R.S. 33-1329, the state preempts rent control, and cities and towns, including charter cities, cannot regulate rents on private housing. The law does not cover housing owned, financed, insured or subsidized by state or city agencies. Tempe does ban housing discrimination based on source of income, so landlords cannot reject an applicant just because they use a Housing Choice Voucher.
What share of Tempe residents rent?
The 2020–2024 ACS counts 45,152 renter-occupied homes out of 78,279 occupied homes in Tempe, which is about 58%. About 50% of renter households spend 30% or more of their income on rent, and about 24% spend half or more. That is a deep renter pool, but one with limited room for rent increases.
Is now a good time to sell an apartment building in Tempe?
It depends on the building and where it sits. HUD lowered the metro two-bedroom Fair Market Rent from $1,950 in FY2025 to $1,839 in FY2026, and large student towers are still being built near ASU. About half of renters already spend 30% or more of income on rent, which limits how far rents can rise. The best approach is to price the building on its actual rent roll and expenses.
Will you buy a Tempe property that needs work or has high vacancy?
Yes. We regularly evaluate value-add, mismanaged, and distressed multifamily properties and underwrite them as they are today — no repairs or lease-up required before selling.
Do you work with Tempe brokers and agents?
We do. Agents can bring us listed or pocket-listing deals in Tempe, and we keep every conversation confidential.
Is it possible to sell rental property in Tempe without evicting tenants?
It is. We buy apartment buildings occupied, and tenants stay on their current leases. Skyline Capital Investments is a commercial real estate buyer of 5+ unit buildings, so occupied properties are the norm for us.
What do I need to sell my apartment building in Tempe?
An address and unit count are enough to start. A current rent roll and trailing twelve-month statement let us move to a written offer faster.
Submit A Deal
Tell Us About Your Property In Tempe
To sell commercial property in Tempe, AZ without listing it, share a few details below.
Send the address, unit count, and asking price if you have one. We keep every conversation confidential.
