4221 E Ray Rd, Phoenix, AZ 85044

Multifamily · Phoenix · Phoenix metro, AZ

One of 6,219 reachable multifamily buildings in Phoenix. Larger than 97% of multifamily buildings in Phoenix (median 2,816 SF), derived from assessor records.

County gross building area
224,742 SF, Maricopa County Assessor
Lot size
416,602 SF, Maricopa County Assessor
Year built
1994, Maricopa County Assessor
Stories
2, Maricopa County Assessor
Buildings on parcel
19, Maricopa County Assessor
Predominant use
Apartments 100+ Units 2 Story, Maricopa County Assessor
Units
240, Maricopa County Assessor
Assessed value
$54,081,000, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$240.64/SF, derived from assessor records
Building area / lot
0.54, derived from assessor records
Vintage
1990s 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.

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: $68.1M (estimated market value), with a likely range of $54.4M to $80.8M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $54,081,000 times a 1.26 market ratio, measured from 3891 verified arm's-length sale prices vs county values (multifamily sales in Phoenix, through 2026-06-29). Not an appraisal. How this estimate works. About $284K per unit at the midpoint (240 units).

lower confidence: 0 comparable sales within 3 miles; nearest 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. Buyer and seller names are withheld. Get this data via API.

Market context: Multifamily in Phoenix

median verified sale $232.26/SF over the trailing 24 months; median $170,000 per unit; 162 sales in the last 12 months and 333 in 24 (newest verified sale 2026-04); the middle 80% of recent sales traded at 0.83x to 1.60x their county full cash value, median 1.21x (333 sales with usable county values).

  • 2022: $287.23/SF median (185 sales)
  • 2023: $243.32/SF median (121 sales)
  • 2024: $251.02/SF median (148 sales)
  • 2025: $232.52/SF median (183 sales)
  • 2026 YTD: $218.37/SF median (42 sales)

This estimate sits at 1.26x county full cash value, the 60th percentile of those recent sale premiums.

Computed from 2,059 verified arm's-length sales in Maricopa County public records (333 in the trailing 24 months). Free public records. Not an appraisal.

Current ownership dates to 2022 (about 4 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$25M$50M$75M$100M20262027$68.1M$54.1MCounty 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 $52,632,000 (2026) to $54,081,000 (2027), up 3% over 1 years, per county tax rolls. The 2027 roll splits $54,081,000 into $8,655,100 land and $45,425,900 improvements.