505 W Southern Ave, Tempe, AZ 85282

Multifamily · Tempe · Phoenix metro, AZ

One of 858 reachable multifamily buildings in Tempe. Larger than 74% of multifamily buildings in Tempe (median 2,752 SF), derived from assessor records.

County gross building area
11,462 SF, Maricopa County Assessor
Lot size
12,450 SF, Maricopa County Assessor
Year built
1963, Maricopa County Assessor
Stories
1, Maricopa County Assessor
Buildings on parcel
5, Maricopa County Assessor
Predominant use
Apartments 5 - 24 Units Model Homes, Maricopa County Assessor
Units
15, Maricopa County Assessor
Assessed value
$1,721,300, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$150.17/SF, derived from assessor records
Building area / lot
0.92, derived from assessor records
Vintage
1960s vintage
County use code
APARTMENTS 5 - 24 UNITS MODEL HOMES

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: $2.17M (estimated market value), with a likely range of $1.74M to $2.58M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $1,721,300 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 $145K per unit at the midpoint (15 units).

lower confidence: 6 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 27% below the $259.95/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 6 nearby verified sales are shown. Buyer and seller names are withheld. Get this data via API.

Market context: Multifamily in Tempe

median verified sale $299.64/SF over the trailing 24 months; median $269,663 per unit; 20 sales in the last 12 months and 39 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.88x to 1.73x their county full cash value, median 1.17x (39 sales with usable county values).

  • 2022: $338.50/SF median (26 sales)
  • 2023: $311.92/SF median (15 sales)
  • 2024: $371.84/SF median (14 sales)
  • 2025: $306.75/SF median (27 sales)
  • 2026 YTD: $259.95/SF median (4 sales)

This estimate sits at 1.26x county full cash value, the 64th percentile of those recent sale premiums.

Computed from 239 verified arm's-length sales in Maricopa County public records (39 in the trailing 24 months). Free public records. Not an appraisal.

Value over time

$0$1M$2M$3M20262027$2.17M$1.72MCounty assessed value

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

Land, site, and value history

Assessed value moved from $1,523,800 (2026) to $1,721,300 (2027), up 13% over 1 years, per county tax rolls. The 2027 roll splits $1,721,300 into $191,200 land and $1,530,100 improvements.