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To provide a high quality valuation service, inclusive to all types of businesses, organizations, agencies, and people; in an unbiased manner, delivered on time, with great customer service, and in a format tailored to the client.

Who We Are

Ajay S. Madhvani is owner of AM Valuation Services, PLLC and has been a commercial real estate appraiser since 2004. Ajay has experience in commercial property types including multi-family, industrial, retail, office, residential subdivisions, land, tribal land, self-storage, and several other types of commercial real estate. Ajay has also performed large project appraisals on tribal lands throughout the southwest United States.

His book of clients includes banks, governmental entities, attorneys, and private corporations. Ajay is an MAI, and a Certified General Appraiser in the States of Arizona, New Mexico, and Utah. Ajay is also a former Director on the Southern Arizona Chapter of the Appraisal Institute. He obtained his bachelor’s degree in Business Administration from the University of Arizona’s Eller College of Management, with majors in finance and business management.

Ajay has experience throughout the State of Arizona, with primary experience in Southern Arizona and also the Navajo Nation. Ajay is a designated member of the Appraisal Insitute (MAI) and is licensed as a Certified General Real Estate Appraiser in the States of Arizona, New Mexico, and Utah. Ajay has experience in apartments, student housing, vacant land, subdivisions, office buildings, retail buildings, service stations, industrial buildings, mobile home parks, self-storage facilities, business site leases, and special use properties. Ajay’s clients include private individuals, corporate organizations, banks, attorneys, and governmental agencies. Ajay has experience in preparation of reports for conventional lending, SBA, litigation work, eminent domain work, consultations and appraisal reviews.

State of Arizona Certified General Real Estate Appraiser, Certificate #31501
State of New Mexico Certified General Real Estate Appraiser, Certificate #02802-G
State of Utah Certified General Real Estate Appraiser, Certificate #6561803-CG00

Member of the Appraisal Institute (MAI)
Licensed Real Estate Agent, State of Arizona

2011 – Current AM Valuation Services, Owner
2004 – 2011 AXIA Real Estate Appraisers (formerly KB), as Commercial Staff Appraiser

Bachelor of Science in Business Administration with double major in Finance and Business Management, University of Arizona, Tucson, Arizona, 2003


Analyzing Operating Expenses by the Appraisal Institute


7-hour National USPAP by the Appraisal Institute
Online Appraising Convenience Stores by the Appraisal Institute


7-hour National USPAP by the Appraisal Institute
Managing Appraiser Liability by McKissock


 Appraisal of Assisted Living Facilities by McKissock
Uniform Appraisal Standards for Federal Land Acquisitions: Practical Applications by the Appraisal Institute


7-hour National USPAP by the Appraisal Institute
Business Practices and Ethics by the Appraisal Institute
Supervisor-Trainee Course by McKissock
Marshall & Swift Commercial Cost Approach Certification by CoreLogic

Significant Assignments

Antelope Point Marina, Page, AZ
Upscale Shopping Mall, Tucson, AZ – 83,809 SF
Class B Apartment, Tucson, AZ – 279 units
Student Housing Project, Tucson, AZ – 104 beds
Freestanding Flex Retail/Office, Tucson, AZ – 32,686 SF
Multi-tenant Industrial Buildings, Tucson, AZ – 35,460 SF
Cattle Ranch with Residences, Tombstone, AZ – 1,202 AC
Grocery Store Anchored Shopping Center, Pinetop, AZ – 110,354 SF

Clients Represented

Cobiz Financial
Commerce Bank
First Citizens Bank
Great Western Bank
Navajo Nation
Pima County
Pima Federal Credit Union
Resolution Copper Mining, LLC
Salt River Pima-Maricopa Indian Community
Tucson Old Pueblo Credit Union
Washington Federal
Vantage West Credit Union
Wells Fargo Bank, NA
Wildlife Corridors, LLC

Paul D. Cavanaugh has worked with Ajay at AM Valuation Services since July of 2018. He is currently a Registered Trainee in the State of Arizona and is working towards becoming a Certified General Appraiser. He has a B.A in Cinema from San Francisco State University and an A.A. in Film & Video Production from Santa Barbara City College. After obtaining his B.A., Paul spent two years as a US Peace Corps Volunteer in Grenada in the Eastern Caribbean as a Community/Youth Development Volunteer.

State of Arizona Registered Trainee #T0250

Professional Experience
2018 – Current AM Valuation Services, Valuation Analyst

Bachelor of Arts in Cinema, San Francisco State University, San Francisco, CA, 2006

Associate of Arts in Film & Video Production, Santa Barbara City College, Santa Barbara, CA, 2004

*Appraisal Subject Matter Electives by McKissock

*Statistics, Modelling and Finance by McKissock

*General Appraiser Sales Comparison Approach by McKissock

*15-hour National USPAP by Arizona School of Real Estate & Business

*Basic Appraisal Procedures by McKissock

*Supervisor-Trainee Course for Arizona by McKissock

*Basic Appraisal Principles by McKissock

Assisted in appraisal assignments in Pima, Maricopa, Santa Cruz, Pinal, Cochise, Graham, Navajo, Apache, and Coconino counties.