1249 E Spence Ave, Tempe, AZ 85281

Multifamily · Tempe · Phoenix metro, AZ

One of 858 reachable multifamily buildings in Tempe. Larger than 87% of multifamily buildings in Tempe (median 2,752 SF), derived from assessor records.

County gross building area
94,810 SF, Maricopa County Assessor
Lot size
229,692 SF, Maricopa County Assessor
Year built
1986, Maricopa County Assessor
Stories
2, Maricopa County Assessor
Buildings on parcel
7, Maricopa County Assessor
Predominant use
Apartments 100+ Units 2 Story, Maricopa County Assessor
Units
112, Maricopa County Assessor
Assessed value
$18,446,600, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$194.56/SF, derived from assessor records
Building area / lot
0.41, derived from assessor records
Vintage
1980s vintage
County use code
APARTMENTS 100+ 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: $23.3M (estimated market value), with a likely range of $18.6M to $27.6M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $18,446,600 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. About $208K per unit at the midpoint (112 units).

lower confidence: 12 comparable sales within 3 miles; nearest 0.6 mi. This property type carries wider measured error; treat the estimate as a starting point. Recent sale check: this building sold for $18,000,000 in 2024; the estimate is about 29% apart. Treat the recorded trade as strong evidence alongside the model.

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 12 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.

Last sold: 2024-09-01 for $18,000,000 (recorded arm's-length sale).

Current ownership dates to 2024 (about 2 years) per recorded transfers.

Source: Maricopa County recorded sales extract; buyer and seller shown only when a company or organization. Individual names are withheld.

Value over time

$0$10M$20M$30M20262027$23.3M$18.4MCounty 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. Diamonds: recorded arm's-length sales. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $18,612,100 (2026) to $18,446,600 (2027), down 1% over 1 years, per county tax rolls. The 2027 roll splits $18,446,600 into $3,689,300 land and $14,757,300 improvements.