637 S 48th St, Tempe, AZ 85281

Office · Tempe · Phoenix metro, AZ

One of 885 reachable office buildings in Tempe. Larger than 97% of office buildings in Tempe (median 6,941 SF), derived from assessor records.

County gross building area
171,466 SF, Maricopa County Assessor
Lot size
556,392 SF, Maricopa County Assessor
Year built
1998, Maricopa County Assessor
Stories
2, Maricopa County Assessor
Buildings on parcel
15, Maricopa County Assessor
Predominant use
Office Building 2 Story, Maricopa County Assessor
Assessed value
$13,933,732, per the Maricopa County Assessor (not a market appraisal)
Assessed value per building SF
$81.26/SF, derived from assessor records
Building area / lot
0.31, derived from assessor records
Vintage
1990s vintage
County use code
OFFICE BUILDING 2 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: $16.8M (estimated market value), with a likely range of $13.4M to $19.9M (half of recent verified sales in this segment landed inside that range). Computed as the county's full cash value of $13,933,732 times a 1.21 market ratio, measured from 3891 verified arm's-length sale prices vs county values (office sales in Tempe, through 2026-06-29). Not an appraisal. How this estimate works.

lower confidence: 3 comparable sales within 3 miles; nearest 0.7 mi. This property type carries wider measured error; treat the estimate as a starting point. Comparable-sale caveat: the estimate is 41% below the $165.35/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. Buyer and seller names are withheld. Get this data via API.

Market context: Office in Tempe

median verified sale $207.20/SF over the trailing 24 months; 25 sales in the last 12 months and 44 in 24 (newest verified sale 2026-03); the middle 80% of recent sales traded at 0.73x to 1.61x their county full cash value, median 1.30x (44 sales with usable county values).

  • 2022: $147.06/SF median (26 sales)
  • 2023: $152.01/SF median (14 sales)
  • 2024: $241.84/SF median (26 sales)
  • 2025: $242.52/SF median (22 sales)
  • 2026 YTD: $165.68/SF median (4 sales)

This estimate sits at 1.21x county full cash value, the 43rd percentile of those recent sale premiums.

Computed from 279 verified arm's-length sales in Maricopa County public records (44 in the trailing 24 months). Free public records. Not an appraisal.

Value over time

$0$10M$20M$30M20262027$16.8M$13.9MCounty 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 $14,580,082 (2026) to $13,933,732 (2027), down 4% over 1 years, per county tax rolls. The 2027 roll splits $13,933,732 into $7,925,800 land and $6,007,932 improvements.