1234 E Spence Ave, Tempe, AZ 85281

Multifamily · Tempe · Phoenix metro, AZ

One of 858 reachable multifamily buildings in Tempe. Larger than 41% of multifamily buildings in Tempe (median 2,752 SF), derived from assessor records.

County gross building area
2,413 SF, Maricopa County Assessor
Lot size
9,172 SF, Maricopa County Assessor
Year built
1986, Maricopa County Assessor
Stories
2, Maricopa County Assessor
Predominant use
Apartments 5 - 24 Units 2 Story, Maricopa County Assessor
Assessed value
$741,600, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$307.34/SF, derived from assessor records
Building area / lot
0.26, derived from assessor records
Vintage
1980s vintage
County use code
APARTMENTS 5 - 24 UNITS 2 STORY

Nearby comparable buildings

Same building type, by distance. Assessor facts only; not an opinion of value.

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Sale history and market context

MakeMe Estimate: $936K (estimated market value), with a likely range of $748K to $1.11M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $741,600 times a 1.26 market ratio, measured from 3891 verified arm's-length sale prices vs county values (multifamily sales across the county, through 2026-06-29). Not an appraisal. How this estimate works.

lower confidence: 35 comparable sales within 3 miles; nearest 0.2 mi. This property type carries wider measured error; treat the estimate as a starting point.

Comparable sales used as evidence

Recorded arm's-length sales of similar buildings nearby; nearer and more recent sales rank first. The strongest 5 of 35 nearby verified sales are shown. Buyer and seller names are withheld. Get this data via API.

Market context: Multifamily in Tempe

median verified sale $299.64/SF over the trailing 24 months; median $269,663 per unit; 20 sales in the last 12 months and 39 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.88x to 1.73x their county full cash value, median 1.17x (39 sales with usable county values).

  • 2022: $338.50/SF median (26 sales)
  • 2023: $311.92/SF median (15 sales)
  • 2024: $371.84/SF median (14 sales)
  • 2025: $306.75/SF median (27 sales)
  • 2026 YTD: $259.95/SF median (4 sales)

This estimate sits at 1.26x county full cash value, the 64th percentile of those recent sale premiums.

Computed from 239 verified arm's-length sales in Maricopa County public records (39 in the trailing 24 months). Free public records. Not an appraisal.

Value over time

$0$500K$1M$1.5M20262027$936K$742KCounty assessed valueMakeMe Estimate range

Dark line: county assessed value per Maricopa County tax rolls. Blue line: our estimate; dashed years are a modeled backcast built from recorded arm's-length sales in the building's segment, not estimates published at the time, and years without enough sales stay unmodeled. The shaded range is the model's measured error band; about half of verified sales in the segment land inside it. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $838,200 (2026) to $741,600 (2027), down 12% over 1 years, per county tax rolls. The 2027 roll splits $741,600 into $148,300 land and $593,300 improvements.