MISSION STATEMENT

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

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.

Experience

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)
Realtor, 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

2026

7-hour National USPAP by the Appraisal Institute

2025

Eminent Domain and Condemnation by the Appraisal Institute
Fundamentals of the Uniform Appraisal Standards for Federal Land Acquisitions (UASFLA), also known as the “Yellow Book” by the Appraisal Institute
Valuation Bias: The Invisible Fence of Racial Discrimination by the Appraisal Institute
The Discounted Cash Flow Model: Concepts, Issues, and Applications by the Appraisal Institute

2024

7-hour National USPAP by the Appraisal Institute

2023

Appraising Condos, Co-ops, and PUDs by the Appraisal Institute
Introduction to Commercial Appraisal Review by McKissock, LLC
Complex Properties: The Odd Side of Appraisal by McKissock, LLC

2022

Cool Tools: New Technology for Real Estate Appraisers by the Appraisal Institute

2021

Excel Applications for Valuation by the Appraisal Institute
7-hour National USPAP by the Appraisal Institute
Business Practices and Ethics by the Appraisal Institute
Fundamentals of Apartment Appraising by the Appraisal Institute

2020

Analyzing Operating Expenses by the Appraisal Institute

2019

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

2018

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

2017

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

2016

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

Antelope Point Marina, Page, AZ
Upscale Shopping Mall, Tucson, AZ – 83,809 SF
Class B Apartment, Tucson, AZ – 310 units
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

Acquisition Sciences, Ltd
America First Credit Union
American Southwest Credit Union
Avenir Financial Federal Credit Union
City of Tucson
Consultant Engineering, Inc.
First Citizens Bank
Navajo Nation
OneAZ Credit Union
Pima County
Pima Federal Credit Union
Pima Unified School District
Resolution Copper Mining, LLC
Salt River Pima-Maricopa Indian Community
Sonoran Land Resources, LLC
Southwest Heritage Bank
Sunnyside Unified School District
Tierra Right of Way Services, Ltd.
Town of Marana
Washington Federal
Vantage West Credit Union
Wells Fargo Bank, NA

Jacob H. Smith

Jacob H. Smith is a Commercial Real Estate Analyst with AM Valuation Services, PLLC, in Tucson, Arizona. Jacob assists in researching public record information on market conditions and commercial real estate properties, and composing the initial drafts of narrative appraisal reports. Jacob is currently working toward his Appraiser Trainee License with plans to obtain his Certified General Real Estate Appraiser License.

State of Arizona Registered Trainee #RTA-2016325

Professional Experience

2025: Current AM Valuation Services, Commercial Real Estate Analyst

2022 – 2025: Funded Independent Futures Trader

2020 – 2022: Long Realty, Licensed Residential Real Estate Agent

2017 – 2019: Cushman & Wakefield PICOR, Brokerage Intern (Retail Division)

2017: NAI Horizon, Brokerage Intern

Bachelor of Science in Business Administration with a major in Marketing, University of Arizona, Tucson, Arizona, 2022

2026

Supervisory Appraiser/Trainee Appraiser Course
Valuation Bias and Fair Housing Laws and Regulations Course
Basic Appraisal Procedures Course

2025

Basic Appraisal Principles Course
2024 15-Hour Equivalent USPAP Course
A.CRE Real Estate Financial Modeling Accelerator

Jake Smith