2928 S 38th St, Phoenix, AZ 85040

Small-Bay Industrial · Phoenix · Phoenix metro, AZ

One of 1,890 reachable small-bay industrial buildings in Phoenix. Larger than 58% of small-bay industrial buildings in Phoenix (median 19,196 SF), derived from assessor records.

County gross building area
21,899 SF, Maricopa County Assessor
Lot size
116,520 SF, Maricopa County Assessor
Year built
1986, Maricopa County Assessor
Stories
2, Maricopa County Assessor
Buildings on parcel
5, Maricopa County Assessor
Predominant use
Office/Retail Warehouse, Maricopa County Assessor
Assessed value
$3,168,800, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$144.70/SF, derived from assessor records
Building area / lot
0.19, derived from assessor records
Vintage
1980s vintage
County use code
OFFICE/RETAIL WAREHOUSE

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: $3.62M (estimated market value), with a likely range of $2.89M to $4.29M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $3,168,800 times a 1.14 market ratio, measured from 3891 verified arm's-length sale prices vs county values (small-bay industrial sales in Phoenix, through 2026-06-29). Not an appraisal. How this estimate works.

lower confidence: 15 comparable sales within 3 miles; nearest 0.2 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 38% below the $265.84/SF median of the shown comparable sales.

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 15 nearby verified sales are shown. Buyer and seller names are withheld. Get this data via API.

Market context: Industrial in Phoenix

median verified sale $195.35/SF over the trailing 24 months; 94 sales in the last 12 months and 180 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.95x to 1.67x their county full cash value, median 1.25x (179 sales with usable county values).

  • 2022: $183.33/SF median (113 sales)
  • 2023: $189.80/SF median (95 sales)
  • 2024: $179.49/SF median (106 sales)
  • 2025: $195.35/SF median (108 sales)
  • 2026 YTD: $260.46/SF median (21 sales)

This estimate sits at 1.14x county full cash value, the 31st percentile of those recent sale premiums.

Computed from 1,588 verified arm's-length sales in Maricopa County public records (180 in the trailing 24 months). Free public records. Not an appraisal.

Value over time

$0$2M$4M$6M20262027$3.62M$3.17MCounty 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 $3,714,400 (2026) to $3,168,800 (2027), down 15% over 1 years, per county tax rolls. The 2027 roll splits $3,168,800 into $1,572,000 land and $1,596,800 improvements.