505 W University Dr, Tempe, AZ 85281

Retail · Tempe · Phoenix metro, AZ

One of 765 reachable retail buildings in Tempe. Larger than 11% of retail buildings in Tempe (median 5,529 SF), derived from assessor records.

County gross building area
1,985 SF, Maricopa County Assessor
Lot size
11,512 SF, Maricopa County Assessor
Year built
2019, Maricopa County Assessor
Stories
1, Maricopa County Assessor
Predominant use
Restaurant Sit Down, Maricopa County Assessor
Assessed value
$1,156,740, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$582.74/SF, derived from assessor records
Building area / lot
0.17, derived from assessor records
Vintage
2010s vintage
County use code
RESTAURANT SIT DOWN

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: $1.46M (estimated market value), with a likely range of $1.17M to $1.73M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $1,156,740 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: 7 comparable sales within 3 miles; nearest 0.2 mi. This property type carries wider measured error; treat the estimate as a starting point. Recent sale check: this building sold for $2,653,300 in 2025; the estimate is about 45% apart. Treat the recorded trade as strong evidence alongside the model. Comparable-sale caveat: the estimate is well above (more than double apart from) the $366.39/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 7 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.

Last sold: 2025-02-01 for $2,653,300 (recorded arm's-length sale).

Current ownership dates to 2025 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$500K$1M$1.5M$2M20262027$1.46M$1.16MCounty 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. Diamonds: recorded arm's-length sales. Not an appraisal. How this estimate works.

Land, site, and value history

Assessed value moved from $1,145,469 (2026) to $1,156,740 (2027), up 1% over 1 years, per county tax rolls. The 2027 roll splits $1,156,740 into $766,400 land and $390,340 improvements.