
Gas Station · Q1 2026
6.40%cap
Underwrote a corporate-guaranteed fuel center in the Deer Valley corridor. 14 years remaining, double-walled tank system, clean Phase I.

Actively acquiring in Maricopa County
We buy commercial real estate across Maricopa County, as-is, for cash. Direct principal, no listing, no commission.
Phoenix at a glance
We buy in Phoenix
50 property types across Maricopa County
Nearby markets
Data current as of
Market conditions
Our read
Phoenix is several markets at once. The north Valley is being reshaped by TSMC's semiconductor campus and the suppliers following it, including Amkor, which is building a packaging plant in Peoria. The southwest Valley is big-box distribution. Scottsdale and the East Valley are office, flex, medical and retail.
For an industrial seller, the practical point is that a vacant or short-term-leased building competes with newer product a buyer could lease up instead, and gets priced against it. A leased building with real term remaining is a different conversation, because the buyer is paying for an income stream rather than for lease-up risk.
Office is the product type we underwrite most conservatively here, on what the space will actually re-lease for rather than on in-place rent. We publish vacancy and cap-rate figures only when we have a source we can cite, so you will not find one here that we cannot back up.

Our read · Phoenix
“Phoenix is several markets at once.”
Photo: Tyke Jones
Valuation
How we price it
The honest version: your building is worth its net operating income divided by the cap rate a buyer will accept, and almost everything else is a negotiation about that second number.
What moves you within the range is the lease: how much term is left, who stands behind it, whether the rent is above or below what the space would lease for today, and whether the escalations are real. A short lease with a franchisee guarantee prices at the wide end. A long corporate-guaranteed lease with meaningful bumps prices at the tight end, and if that is what you own, you should argue for it and we will listen.
Arizona helps on the expense side. A sale does not reset taxable value, so your buyer's tax line looks like yours. We show you the NOI we used and the cap rate we applied, so you can see exactly where we landed and why.
Capital markets today
Sources: FRED DGS10, 2026-10-01 · FRED SOFR, 2026-10-01 · FRED MORTGAGE30US, 2026-10-01 · FRED DRCRELEXFACBS, 2026-04-01 · FRED COMREPUSQ159N, 2026-01-01
Arizona tax & legal
Phoenix property tax vs. the 50 states
Effective property tax rate
0.44%
Lower than 48 of 50 states
Effective rates as cited on each state's page; every state's sources include Tax Foundation.
| State | Effective property tax rate |
|---|---|
| Metro Phoenix | 0.44% |
| Arizona | 0.48% |
| Texas | 1.40% |
| Florida | 0.78% |
| Alabama | 0.37% |
| Alaska | 0.94% |
| Arkansas | 0.56% |
| California | 0.70% |
| Colorado | 0.50% |
| Connecticut | 1.54% |
| Delaware | 0.54% |
| Georgia | 0.79% |
| Hawaii | 0.29% |
| Idaho | 0.50% |
| Illinois | 1.88% |
| Indiana | 0.76% |
| Iowa | 1.33% |
| Kansas | 1.21% |
| Kentucky | 0.74% |
| Louisiana | 0.55% |
| Maine | 0.98% |
| Maryland | 0.92% |
| Massachusetts | 1.00% |
| Michigan | 1.19% |
| Minnesota | 1.00% |
| Mississippi | 0.58% |
| Missouri | 0.89% |
| Montana | 0.61% |
| Nebraska | 1.44% |
| Nevada | 0.50% |
| New Hampshire | 1.50% |
| New Jersey | 1.88% |
| New Mexico | 0.63% |
| New York | 1.30% |
| North Carolina | 0.66% |
| North Dakota | 0.92% |
| Ohio | 1.36% |
| Oklahoma | 0.79% |
| Oregon | 0.81% |
| Pennsylvania | 1.26% |
| Rhode Island | 1.12% |
| South Carolina | 0.49% |
| South Dakota | 1.00% |
| Tennessee | 0.52% |
| Utah | 0.48% |
| Vermont | 1.51% |
| Virginia | 0.78% |
| Washington | 0.75% |
| West Virginia | 0.51% |
| Wisconsin | 1.32% |
| Wyoming | 0.53% |
Statutes
Arizona is one of the friendliest states in the country to sell commercial property in, and most sellers do not realize it.
There is no real estate transfer tax, and the state constitution bars new ones (art. IX, § 24). The only transfer charge is a $2 fee per deed under A.R.S. § 11-1132, which is included in the county recording fee. For comparison, Florida's documentary stamp tax of 0.70% would cost $28,000 on a $4M sale.
Arizona also does not reassess to market value on sale. Property is taxed on its limited property value, which can rise no more than 5% a year (A.R.S. § 42-13301), and a sale is not one of the events that resets it. That matters less to you than to your buyer, but it matters to your price: a buyer underwriting a California asset has to model a property tax step-up, and a buyer underwriting yours does not. Maricopa County's effective property tax rate is 0.44%.
Arizona conforms to federal 1031 treatment, so a properly structured exchange defers state tax as well as federal.
Sources: Arizona Constitution & Revised Statutes; Florida Dept. of Revenue; Tax Foundation (Maricopa County), October 2026 · azleg.gov · 24 · azleg.gov · 01132 · azleg.gov · 01133 · azleg.gov · 13301 · azleg.gov · 13302 · azleg.gov · 00105 · azleg.gov · 1 · azleg.gov · 00813 · floridarevenue.com · doc_stamp.aspx · taxfoundation.org · property-taxes-by-state-county
What this means
Arizona charges no real estate transfer tax, so the largest single closing-cost line in many states does not apply here. On a multimillion-dollar sale that is real money staying with you.
A title or escrow company handles closing, title insurance, and recording. That usually means a faster close and one less party to coordinate.
Arizona conforms to federal like-kind exchange treatment, so a properly structured 1031 defers both. You must have a qualified intermediary in place before closing — it cannot be arranged afterward.
No. Arizona taxes property on its limited property value, which can rise no more than 5% a year (A.R.S. § 42-13301). A sale is not one of the events that resets it; a change in use, major new construction, or a parcel split or combination is (A.R.S. § 42-13302).
Demand drivers
Population
5.2M
Pop. growth
+1.1%
Job growth
+0.9%
Unemployment
4.9%
Net domestic migration
+22,256
Housing permits YTD
23,023
Permits vs last year
-9%
Median household income
$90K
How Metro Phoenix compares
Job growth, year over year
+0.9%
Higher than 39 of 50 states
Population growth
+1.1%
Higher than 46 of 50 states
Unemployment rate
4.9%
Higher than 44 of 50 states
Median household income
$90K
Higher than 38 of 50 states
| State | Job growth, year over year | Population growth | Unemployment rate | Median household income |
|---|---|---|---|---|
| Metro Phoenix | +0.9% | +1.1% | 4.9% | $90K |
| Arizona | +0.6% | +0.9% | 4.9% | $81K |
| Texas | +1.1% | +1.3% | 4.4% | $80K |
| Florida | +0.6% | +0.8% | 4.5% | $78K |
| Alabama | +1.1% | +0.6% | 3.4% | $67K |
| Alaska | +1.3% | +0.1% | 4.3% | $96K |
| Arkansas | +0.6% | +0.6% | 3.9% | $62K |
| California | +0.8% | -0.0% | 5.1% | $100K |
| Colorado | +0.2% | +0.4% | 4.0% | $97K |
| Connecticut | +0.9% | +0.4% | 5.1% | $96K |
| Delaware | +0.1% | +0.9% | 4.7% | $88K |
| Georgia | -0.1% | +0.9% | 3.2% | $80K |
| Hawaii | +0.2% | -0.1% | 2.7% | $101K |
| Idaho | +0.9% | +1.4% | 3.6% | $81K |
| Illinois | +0.2% | +0.1% | 4.7% | $83K |
| Indiana | -0.5% | +0.6% | 3.3% | $72K |
| Iowa | +0.0% | +0.3% | 3.2% | $76K |
| Kansas | +0.5% | +0.4% | 3.8% | $76K |
| Kentucky | -0.1% | +0.5% | 4.7% | $65K |
| Louisiana | +1.6% | +0.1% | 4.2% | $61K |
| Maine | -0.1% | +0.5% | 3.2% | $76K |
| Maryland | -0.2% | +0.3% | 4.1% | $103K |
| Massachusetts | +0.2% | +0.2% | 4.3% | $105K |
| Michigan | +0.2% | +0.3% | 5.0% | $72K |
| Minnesota | +1.4% | +0.6% | 4.4% | $87K |
| Mississippi | +0.4% | +0.1% | 3.4% | $59K |
| Missouri | +1.1% | +0.4% | 3.5% | $72K |
| Montana | -0.9% | +0.6% | 3.2% | $75K |
| Nebraska | +0.2% | +0.6% | 2.9% | $76K |
| Nevada | +1.3% | +0.9% | 4.8% | $81K |
| New Hampshire | +0.2% | +0.5% | 2.8% | $100K |
| New Jersey | -0.2% | +0.4% | 4.3% | $104K |
| New Mexico | +1.6% | -0.1% | 4.7% | $68K |
| New York | -0.0% | +0.0% | 4.3% | $86K |
| North Carolina | +1.3% | +1.3% | 3.5% | $74K |
| North Dakota | +0.5% | +0.8% | 2.2% | $78K |
| Ohio | +0.2% | +0.3% | 3.3% | $72K |
| Oklahoma | +0.7% | +0.6% | 4.3% | $66K |
| Oregon | -0.8% | +0.2% | 5.1% | $85K |
| Pennsylvania | +0.6% | +0.1% | 3.7% | $78K |
| Rhode Island | +0.1% | +0.4% | 3.7% | $84K |
| South Carolina | +1.6% | +1.5% | 4.1% | $72K |
| South Dakota | +0.2% | +0.9% | 2.0% | $77K |
| Tennessee | +0.5% | +0.9% | 3.4% | $72K |
| Utah | +1.0% | +1.0% | 3.5% | $97K |
| Vermont | -0.3% | -0.3% | 2.6% | $83K |
| Virginia | -0.9% | +0.7% | 3.6% | $92K |
| Washington | +0.4% | +0.9% | 4.9% | $99K |
| West Virginia | -0.3% | -0.1% | 4.0% | $61K |
| Wisconsin | +0.6% | +0.3% | 3.2% | $77K |
| Wyoming | +0.8% | +0.3% | 3.0% | $76K |
Greater Phoenix has about 5.2 million residents and is growing 1.1% a year. Over the latest year it gained a net 22,256 residents from other states, and median household income is $90,133.
The composition of the growth matters more than the pace. TSMC's north Phoenix campus and Intel's Chandler fabs have pulled a semiconductor supply chain into the metro, and that tenant needs different real estate from the call centers and back-office users Phoenix has long attracted: high-power industrial, clean flex, and technical office.
Banner Health is the largest employer in Maricopa County, which underwrites a deep medical office market. Amazon, Walmart and Arizona State University round out the top of the list.
The labor market is steady rather than tight: unemployment is 4.9%, and the metro added jobs at 0.9% over the past year. On the residential side, residential permits are down 9.0% year to date.
Largest employers
Industries driving demand
Semiconductors
Healthcare
Logistics
Financial services
Sources: U.S. Census Bureau, Population Estimates Program, Vintage 2025 · U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics, August 2026 · U.S. Bureau of Labor Statistics, Current Employment Statistics (total nonfarm, YoY), August 2026 · U.S. Census Bureau, Building Permits Survey (residential units, year to date), January–August 2026 · U.S. Census Bureau, American Community Survey 1-Year Estimates, 2024
Submarkets
North Phoenix industrial corridor along I-17, the established industrial area closest to TSMC's campus.
Big-box distribution along the Loop 303 and I-10 corridors.
Employment center around Scottsdale Airport with office, flex, retail and medical office.
East Valley office and flex, including the tech corridor around Intel's Chandler campus.
Recent activity
Anonymized from our own pipeline. These are cap rates we actually underwrote, not survey averages.

Gas Station · Q1 2026
6.40%cap
Underwrote a corporate-guaranteed fuel center in the Deer Valley corridor. 14 years remaining, double-walled tank system, clean Phase I.

Warehouse · Q2 2026
6.15%cap
Acquired a 92,000 SF distribution building off Loop 303. 32-foot clear, in-place rent roughly 12% below market at close.

Car Wash · Q4 2025
6.90%cap
Sale-leaseback with a regional express operator. Two-site portfolio, 20-year absolute NNN, 10% bumps every five years.
Property types
Each property type has its own underwriting playbook: how we value it, what we check in diligence, and who it backfills to.



Retail18
Industrial03
Office & healthcare06
Hospitality & residential04
Specialty17
Process
Day 0
01Address, asset type, and the lease if there is one. That is enough for us to start.
Our underwriting runs the income against current Phoenix market pricing and the cost of capital. No lowball anchor.
10 minutes
03In 10 minutes, with the math shown. You will know exactly how we got there.
As fast as 30 days
04As fast as 30 days, or as slow as you need. We are the principal, so the date is yours.
FAQ
No. Arizona does not levy a real estate transfer tax, and its constitution bars new ones (art. IX, § 24). The only transfer charge is a $2 fee per deed under A.R.S. § 11-1132, included in the recording fee. There is no percentage-based tax the way there is in Florida or New York.
We start from the lease, not from a market average. Remaining term, tenant credit and guarantee, rent relative to what the space would lease for today, and the escalation schedule decide where a building lands. In Arizona the buyer's tax line follows your limited property value rather than the sale price, so the income we capitalize is close to the income you actually produce. We show you the NOI and the cap rate we used, line by line.
Not because of the sale. Arizona taxes on limited property value, which can rise no more than 5% a year under A.R.S. § 42-13301, and a sale is not one of the events in § 42-13302 that resets it. That matters to your buyer's underwriting and therefore to your price.
No. We buy directly and we will pay a broker if you have one. Selling without one saves the commission but you should understand what you are giving up in price discovery.
Yes. Arizona conforms to Section 1031, so a properly structured exchange defers state income tax on the gain as well as federal. The 45-day identification and 180-day closing deadlines are federal and apply the same way.
Arizona is a title state: a title or escrow company typically runs the closing, with attorneys optional. We open title with a national underwriter as soon as terms are agreed.
Phoenix's population is growing 1.1% a year and over the latest year it gained a net 22,256 residents from other states. Employers added jobs at 0.9% over the past year, with unemployment at 4.9%, and residential permits are down 9.0% year to date. Those are the inputs behind tenant demand; what they mean for your property depends on its submarket and lease, which is what we underwrite.
You get a firm written offer within 10 minutes of sending us the property. If you accept, you can close in as little as 30 days — most of that is title work and your own timeline. There is no listing period, no marketing, and no waiting on a buyer's financing contingency.
Yes. We are the buyer, so there is no lender requiring repairs and no inspection contingency to renegotiate against you. Deferred maintenance, a failing roof, an aging tank system — we price it into the offer rather than asking you to fix it first.
Yes, and in most cases a tenant makes the property more valuable to us, not less. We will ask for the lease, a rent roll, and any estoppel certificates. You do not need to deliver the property vacant.
Short remaining term is one of the main reasons owners come to us. A conventional buyer needs lease term to get financing, which is why short-dated assets sit on the market. We underwrite the real estate and the backfill prospects rather than the remaining term alone.
We buy vacant assets. Pricing shifts from an income approach to what the building and land are worth to the next user, which is a different calculation — but it is one we do routinely rather than one that disqualifies the property.
The address and the lease are enough to start. To finalize, we will want the rent roll, the last two years of operating statements, the title commitment, any existing survey, and any environmental reports you already have. You do not need an appraisal or a broker package.
We underwrite in-place income against what the space would re-lease for, adjust for capital needs and any environmental tail, and apply a cap rate supported by comparable transactions. We show you the inputs. If you disagree with an assumption, we would rather argue about the assumption than about the number.
Title and escrow fees, any transfer or recording tax owed in your state, prorated property taxes, and payoff of any existing debt. Because we are the buyer, there is no commission and no marketing cost. Transfer tax varies significantly by state and is often the largest single line.
Usually yes, on the gain above your adjusted basis, and depreciation recapture is taxed separately from appreciation. State treatment varies. This is a question for your CPA before you sign, not after — the structure of the sale can change the answer.
Yes. A 1031 exchange lets you defer federal capital gains by reinvesting in like-kind property, subject to a 45-day identification window and a 180-day closing window from the date you sell. You must have a qualified intermediary in place before closing — it cannot be arranged afterward. Most states conform to federal treatment, but a few do not.
Yes, and speed is the reason to move early rather than late. We can close on a defined date, which is what a lender or a receiver generally needs to see. Send us the payoff figure and any notices you have received.
Yes. Probate sales take longer because the court timeline governs, not ours, and multiple heirs need to agree on the price before anything can close. We are used to working around both. Inherited property also generally receives a stepped-up basis, which can change the tax math substantially.
Send it anyway. Environmental history is one of the most common reasons a conventional sale falls apart, and it is one of the reasons owners call us. We price the remediation and the residual liability into the offer rather than walking away at the Phase II.
None. There is no fee, no listing agreement, and no obligation to accept. If our number does not work for you, you keep the underwriting we showed you and we part ways.
10-minute offer
Send us the address and the lease. You'll have a firm offer, with the math shown, in 10 minutes.