51 E Lexington Ave, Phoenix, AZ 85012

Office · Phoenix · Phoenix metro, AZ

One of 3,438 reachable office buildings in Phoenix. Larger than 10% of office buildings in Phoenix (median 7,437 SF), derived from assessor records.

County gross building area
1,973 SF, Maricopa County Assessor
Lot size
9,653 SF, Maricopa County Assessor
Year built
1961, Maricopa County Assessor
Stories
1, Maricopa County Assessor
Predominant use
Office Building 1 Story, Maricopa County Assessor
Assessed value
$691,568, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$350.52/SF, derived from assessor records
Building area / lot
0.2, derived from assessor records
Vintage
1960s vintage
County use code
OFFICE BUILDING 1 STORY

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: $773K (estimated market value), with a likely range of $618K to $917K (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $691,568 times a 1.12 market ratio, measured from 3891 verified arm's-length sale prices vs county values (office sales in Phoenix, through 2026-06-29). Not an appraisal. How this estimate works.

lower confidence: 53 comparable sales within 3 miles; nearest 0 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 28% above the $306.60/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 53 nearby verified sales are shown. Buyer and seller names are withheld. Get this data via API.

Market context: Office in Phoenix

median verified sale $217.33/SF over the trailing 24 months; 111 sales in the last 12 months and 225 in 24 (newest verified sale 2026-05); the middle 80% of recent sales traded at 0.73x to 1.73x their county full cash value, median 1.16x (224 sales with usable county values).

  • 2022: $166.43/SF median (93 sales)
  • 2023: $175/SF median (78 sales)
  • 2024: $220.98/SF median (105 sales)
  • 2025: $223.09/SF median (128 sales)
  • 2026 YTD: $192.75/SF median (25 sales)

This estimate sits at 1.12x county full cash value, the 45th percentile of those recent sale premiums.

Computed from 1,330 verified arm's-length sales in Maricopa County public records (225 in the trailing 24 months). Free public records. Not an appraisal.

Value over time

$0$250K$500K$750K$1M20262027$773K$692KCounty assessed value

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

Land, site, and value history

Assessed value moved from $806,433 (2026) to $691,568 (2027), down 14% over 1 years, per county tax rolls. The 2027 roll splits $691,568 into $536,900 land and $154,668 improvements.