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Downtown Tempe Multifamily Homes & Duplexes for Sale

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    $1,175,000

    1440 S Stanley Place, Tempe, AZ 85281

    Prime dirt location on the doorstep to ASU, the 5th largest university in the US. This six unit complex has a lot to offer. All 1 bedroom unit mix with $1398 rents & a 7/28/2025 lease exp.Located in an opportunity zone with 1000's of new units in process. 6.6+ with room to raise rents. Very low expenses w/ separate, tenant-paid electric/gas. Available individually or as part of a package of

    James Stephens Better Homes & Gardens Real Estate SJ Fowler

    1440 S Stanley Place, Tempe, AZ 85281
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    $775,000

    1424 S Stanley Place, Tempe, AZ 85281

    Prime dirt location on the doorstep to ASU, the 5th largest university in the US. Sought after four unit complex. All 1 bedroom unit mix with $1299 rents & a 7/28/2025 lease exp. Located in an opportunity zone with 1000's of new units in process. Strong 6.65 CAP +/-. Very low expenses w/ separate, tenant-paid electric/gas. Twin adjacent property is 1428 S Stanley (MLS 6855518). Sold together as

    James Stephens Better Homes & Gardens Real Estate SJ Fowler

    1424 S Stanley Place, Tempe, AZ 85281
  • /35

    $775,000

    1428 S Stanley Place, Tempe, AZ 85281

    Prime dirt location on the doorstep to ASU, the 5th largest university in the US. Sought after four unit complex. All 1 bedroom unit mix with $1299 rents & a 7/28/2025 lease exp. Located in an opportunity zone with 1000's of new units in process. Strong 6.65+/- CAP. Very low expenses w/ separate, tenant-paid electric/gas. Twin adjacent property is 1424 S Stanley (MLS 6855520). Available as a

    James Stephens Better Homes & Gardens Real Estate SJ Fowler

    1428 S Stanley Place, Tempe, AZ 85281
  • /58

    $3,425,000

    1424 S Stanley Place, Tempe, AZ 85281

    This ''ASU OZ 15'' is located in an ''A'' location on the doorstep to ASU, the 5th largest U in the US. 6.6+ CAP w/ current rents. R-4. Opportunity Zone. Lots: 32,500 sf (up to 40,000 sf). Value-add. Package includes: 1424, 1428, 1432, 1440 & 1446 S Stanley Pl. All 1 bed units are 506-525 sf , except 1432 (2450 sf 5 bed house). 9759 total sf. Assemblage price-$3,425,000. Or sold individually:

    James Stephens Better Homes & Gardens Real Estate SJ Fowler

    1424 S Stanley Place, Tempe, AZ 85281
  • /48

    $790,000

    1413 S Jentilly Ln, Tempe, AZ 85281

    BOTH UNITS are occupied w/lease for 1 year w/Tenant paying for utilities. Great Investment Property in the heart of Tempe! Walking distance to ASU and quick 202 freeway access. TRUE DUPLEX!! Two 2 bed, 1 bath units, individually metered; completely and beautifully updated. New Sewer lines all the way to the street. New Plumbing, New AC, & New Tankless Water Heaters. All New Windows and Doors.

    Fabiola Felix HomeSmart

    1413 S Jentilly Ln, Tempe, AZ 85281

Why Live in Downtown Tempe

Downtown Tempe, centered around University Drive and Mill Avenue, is a lively neighborhood with a mix of students, retirees, and long-term residents. Arizona State University is a major influence, leading to many rental properties available for students. Major employers like Honeywell and Carvana offer job opportunities, and the light rail system makes commuting easy. The neighborhood offers a variety of things to do, including outdoor activities at Tempe Town Lake and “A” Mountain, as well as cultural experiences at the Tempe Center for the Arts and the ASU Art Museum. Mill Avenue is a hub of entertainment with venues like the Valley Art Theater and the Low Key Piano Bar. Dining options include breakfast at Snooze and craft beers at Four Peaks Brewing Company. Residential streets feature single-family ranch-style homes, condos with Pueblo and Spanish eclectic elements, and luxury high-rise units with river views. Traffic can be heavy due to ASU's growth, but the light rail provides an efficient alternative. Sky Harbor International Airport is just four miles away. Despite the typical challenges of city living, the neighborhood's amenities and vibrant atmosphere attract a diverse range of residents.

Home Trends in Downtown Tempe, AZ

Housing Trends

Median Sale Price
$493,700
Median Single Family Sale Price
$565,000
Median Townhouse Sale Price
$550,000
Median 2 Bedroom Sale Price
$622,500
Median 1 Bedroom Sale Price
$354,900
Average Price Per Sq Ft
$400
Number of Homes for Sale
24
Last 12 months Home Sales
56
Months of Supply
5.10
Median List Price
$532,000
Median Change From 1st List Price
4%
Median Home Sale Price YoY Change
4%
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