401-40 S Mill Ave, Tempe, AZ 85281

Retail · Tempe · Phoenix metro, AZ

One of 765 reachable retail buildings in Tempe. Larger than 64% of retail buildings in Tempe (median 5,529 SF), derived from assessor records.

County gross building area
9,162 SF, Maricopa County Assessor
Lot size
9,435 SF, Maricopa County Assessor
Year built
1900, Maricopa County Assessor
Stories
2, Maricopa County Assessor
Predominant use
Store & Office Or Store & Apt Combo, Maricopa County Assessor
Assessed value
$2,152,772, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$234.97/SF, derived from assessor records
Building area / lot
0.97, derived from assessor records
Vintage
pre-war vintage
County use code
STORE & OFFICE OR STORE & APT COMBO

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: $2.72M (estimated market value), with a likely range of $2.17M to $3.22M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $2,152,772 times a 1.26 market ratio, measured from 3891 verified arm's-length sale prices vs county values (retail sales in Tempe, through 2026-06-29). Not an appraisal. How this estimate works.

lower confidence: 8 comparable sales within 3 miles; nearest 0.4 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 8 nearby verified sales are shown. Buyer and seller names are withheld. Get this data via API.

Market context: Retail in Tempe

median verified sale $366.39/SF over the trailing 24 months; 20 sales in the last 12 months and 36 in 24 (newest verified sale 2026-01); the middle 80% of recent sales traded at 0.71x to 2.31x their county full cash value, median 1.41x (36 sales with usable county values).

  • 2022: $420.83/SF median (16 sales)
  • 2023: $212.10/SF median (13 sales)
  • 2024: $294.12/SF median (14 sales)
  • 2025: $449.30/SF median (14 sales)

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

Computed from 265 verified arm's-length sales in Maricopa County public records (36 in the trailing 24 months). Free public records. Not an appraisal.

Value over time

$0$1M$2M$3M$4M20262027$2.72M$2.15MCounty assessed value

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

Land, site, and value history

Assessed value moved from $2,113,838 (2026) to $2,152,773 (2027), up 2% over 1 years, per county tax rolls. The 2027 roll splits $2,152,773 into $954,600 land and $1,198,172 improvements.