Ajay S. Madhvani, MAI is owner of AM Valuation Services, PLLC in Tucson, Arizona. 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 Licenses
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

2030 E. Speedway Boulevard
Suite 114
Tucson, AZ 85719

To learn more or get an estimate for services, please contact AM Valuation Services at 520-441-9030 or info@amvaluation.com.