506 N 40th Ave, Phoenix, AZ 85009

Multifamily · Phoenix · Phoenix metro, AZ

One of 6,219 reachable multifamily buildings in Phoenix. Larger than 44% of multifamily buildings in Phoenix (median 2,816 SF), derived from assessor records.

County gross building area
2,610 SF, Maricopa County Assessor
Lot size
10,019 SF, Maricopa County Assessor
Year built
1975, Maricopa County Assessor
Stories
1, Maricopa County Assessor
Buildings on parcel
2, Maricopa County Assessor
Predominant use
Apartments 5 - 24 Units Model Homes, Maricopa County Assessor
Units
45, Maricopa County Assessor
Assessed value
$452,700, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$173.45/SF, derived from assessor records
Building area / lot
0.26, derived from assessor records
Vintage
1970s 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: $570K (estimated market value), with a likely range of $456K to $676K (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $452,700 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 $13K per unit at the midpoint (45 units).

lower confidence: 33 comparable sales within 3 miles; nearest 0.5 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 33 nearby verified sales are shown. 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 2021 (about 5 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$200K$400K$600K$800K20262027$570K$453KCounty 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 $395,100 (2026) to $452,700 (2027), up 15% over 1 years, per county tax rolls. The 2027 roll splits $452,700 into $82,000 land and $370,700 improvements.