398 S Mill Ave, Tempe, AZ 85281

Office · Tempe · Phoenix metro, AZ

One of 885 reachable office buildings in Tempe. Larger than 78% of office buildings in Tempe (median 6,941 SF), derived from assessor records.

County gross building area
21,234 SF, Maricopa County Assessor
Lot size
4,539 SF, Maricopa County Assessor
Year built
1899, Maricopa County Assessor
Stories
3, Maricopa County Assessor
Predominant use
Office Building 3 Story, Maricopa County Assessor
Assessed value
$2,747,009, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$129.37/SF, derived from assessor records
Building area / lot
4.68, derived from assessor records
Vintage
pre-war vintage
County use code
OFFICE BUILDING 3 STORY

Nearby comparable buildings

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

Want to talk to the owner? makeme1031 delivers a private letter directly to the owner of record. We never publish the owner's identity or address.

Own this building?

Claim privately

Claiming is for you. Your mailing address is never shown; no offer reaches you unless you opt in.

Claimed owners can confirm facts, watch the estimate, and decide whether to reply.

Received a letter about this building? It came from a real buyer through makeme1031; claiming is how you reply privately, on your terms.

Claimed owners also get Portfolio Pulse: a monthly email tracking this building's value.

Claim or manage this building

Sale history and market context

MakeMe Estimate: $3.31M (estimated market value), with a likely range of $2.64M to $3.93M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $2,747,009 times a 1.21 market ratio, measured from 3891 verified arm's-length sale prices vs county values (office sales in Tempe, through 2026-06-29). Not an appraisal. How this estimate works.

lower confidence: 8 comparable sales within 3 miles; nearest 1.3 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 39% below the $254.09/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 8 nearby verified sales are shown. Buyer and seller names are withheld. Get this data via API.

Market context: Office in Tempe

median verified sale $207.20/SF over the trailing 24 months; 25 sales in the last 12 months and 44 in 24 (newest verified sale 2026-03); the middle 80% of recent sales traded at 0.73x to 1.61x their county full cash value, median 1.30x (44 sales with usable county values).

  • 2022: $147.06/SF median (26 sales)
  • 2023: $152.01/SF median (14 sales)
  • 2024: $241.84/SF median (26 sales)
  • 2025: $242.52/SF median (22 sales)
  • 2026 YTD: $165.68/SF median (4 sales)

This estimate sits at 1.21x county full cash value, the 43rd percentile of those recent sale premiums.

Computed from 279 verified arm's-length sales in Maricopa County public records (44 in the trailing 24 months). Free public records. Not an appraisal.

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

Value over time

$0$1M$2M$3M$4M20262027$3.31M$2.75MCounty assessed value

Dark line: county assessed value per Maricopa County tax rolls.

Land, site, and value history

Assessed value moved from $1,462,200 (2026) to $2,747,009 (2027), up 88% over 1 years, per county tax rolls. The 2027 roll splits $2,747,009 into $477,709 land and $2,269,300 improvements.