1940 W University Dr, Mesa, AZ 85201

Multifamily · Mesa · Phoenix metro, AZ

One of 2,495 reachable multifamily buildings in Mesa. Larger than 94% of multifamily buildings in Mesa (median 3,038 SF), derived from assessor records.

County gross building area
85,330 SF, Maricopa County Assessor
Lot size
151,110 SF, Maricopa County Assessor
Year built
1971, Maricopa County Assessor
Stories
2, Maricopa County Assessor
Buildings on parcel
13, Maricopa County Assessor
Predominant use
Apartments 100+ Units 2 Story, Maricopa County Assessor
Units
157, Maricopa County Assessor
Assessed value
$14,628,100, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$171.43/SF, derived from assessor records
Building area / lot
0.56, derived from assessor records
Vintage
1970s 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: $18.5M (estimated market value), with a likely range of $14.8M to $21.9M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $14,628,100 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 $118K per unit at the midpoint (157 units).

lower confidence: 5 comparable sales within 3 miles; nearest 0.8 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. Buyer and seller names are withheld. Get this data via API.

Market context: Multifamily in Mesa

median verified sale $217.26/SF over the trailing 24 months; median $177,554 per unit; 62 sales in the last 12 months and 109 in 24 (newest verified sale 2026-04); the middle 80% of recent sales traded at 1.04x to 1.57x their county full cash value, median 1.27x (109 sales with usable county values).

  • 2022: $245.11/SF median (63 sales)
  • 2023: $220.76/SF median (40 sales)
  • 2024: $227.89/SF median (41 sales)
  • 2025: $222.32/SF median (60 sales)
  • 2026 YTD: $187.76/SF median (22 sales)

This estimate sits at 1.26x county full cash value, the 47th percentile of those recent sale premiums.

Computed from 818 verified arm's-length sales in Maricopa County public records (109 in the trailing 24 months). Free public records. Not an appraisal.

Last sold: 2010-04-01 for $3,250,000 (recorded arm's-length sale).

Current ownership dates to 2010 (about 16 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$18.5M$14.6MCounty 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 $17,339,800 (2026) to $14,628,100 (2027), down 16% over 1 years, per county tax rolls. The 2027 roll splits $14,628,100 into $2,925,600 land and $11,702,500 improvements.