Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Maricopa Land for Apartment Development Title is generated by Realmo AI

    20405 N Estrella Parkway, Maricopa, AZ 85139

    View on Map
    Claim this Listing
    For Sale
    $6,500,000

    LAND - Maricopa, AZ

    Lot size:
    10.19 Acres
    Added:
    Nov 28, 2022
    Days on Market:
    1270
    Last Refresh:
    May 21 at 11:06 am

    Property Features for 20405 N Estrella Parkway

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Apartments
    Standard status
    Active
    APN
    510-17-022
    Lot size
    10.19 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Description
    LOT 2 AMENDED FINAL PLAT OF ESTRELLA GIN BUSINESS PARK 2
    Tax Annual Amount
    24733

    Utilities

    Sewer type
    Public Sewer
    Water source
    Private

    We can help!

    Listing Contact
    Shane M. Cook
    Shane M. Cook

    Listing agent Shane M. Cook License #SA5857170000

    Listing office eXp Realty 3100 W Ray Rd Suite 201, Peoria, AZ

    Listing date Nov 28, 2022

    MLS# 6493642 Listing URL

    Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Nearly fully approved construction drawings for a 195‑unit apartment complex.
    • Completed rezoning for the development.
    • Includes 70+ rentable garage spaces.
    • Amenity package includes a pool, pet amenities, and a clubhouse.
    • Mix of unit types: 1, 2, and 3‑bedroom units.
    • High parking ratio with 399 total parking spaces.

    Overview

    This 10.19-acre land parcel in Maricopa, Arizona, is zoned for apartments and features completed rezoning. It has nearly fully approved construction drawings for a 195-unit garden-style apartment complex development. The proposed development includes 78 one-bedroom units, 99 two-bedroom units, and 18 three-bedroom units. Planned amenities include over 70 garages, a pool, pet amenities, and a clubhouse. The maximum density allowed is 20 units per acre, with a proposed density of 19.17 units per acre. There are 14 garage buildings planned, each with 5 spaces, providing 70 rentable garage spaces. The development plans include a total of 399 parking spaces. This project is nearly ready for construction.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Gym & Fitness Center Auto Parts Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Maricopa
    County
    Pinal
    State
    Arizona
    Longitude
    -112.05763
    Latitude
    33.063768

    Nearby Similar for Sale

    • $235,000

      Maricopa Horse Property with Views

      Two acre horse property with mountain views and grazing pasture.
      48217 W QUAIL RUN Way, Maricopa, AZ 85139
      View Details
    • $47,300

      Maricopa Land with Seller Financing

      2.5 acre lot in Maricopa, seller financing available.
      49458 W Ventada Road, Maricopa, AZ 85139
      View Details
    • $40,000

      Maricopa Land Parcel For Sale

      1.25-acre parcel zoned General Rural in Pinal County, Arizona.
      W Blue Jay Street, Maricopa, AZ 85139
      View Details
    • $69,990

      Maricopa Land with Shared Well

      1.26-acre lot with shared well and electric access.
      1229 N EMILY Lane, Maricopa, AZ 85139
      View Details
    • $129,000

      Maricopa Land with Mountain Views

      4.03 acres in Hidden Valley Hills near future regional park.
      54214 W WHIRLY BIRD Road, Maricopa, AZ 85139
      View Details
    • $19,990

      Maricopa Land Ready to Build

      0.36-acre lot with electricity at the property line.
      46586 W RAWLINGS Trail, Maricopa, AZ 85139
      View Details
    • $72,500

      Maricopa Land Parcel For Sale

      3.5 acre parcel in Pinal County near Maricopa, AZ.
      46XX N Ralston Road, Maricopa, AZ 85139
      View Details
    • $119,000

      Maricopa, AZ Land Available

      10 acre commercial land for sale in Maricopa, Arizona.
      W BARNES Road, Maricopa, AZ 85139
      View Details
    • $39,000

      Spacious Vacant Land in Maricopa

      Spacious vacant land parcel with mountain views and desert surroundings.
      51405 W Pampas Grass Road, Maricopa, AZ 85139
      View Details
    • $170,000

      Maricopa Vacant Land For Sale

      3.422 acres in Maricopa with city water and electric.
      14081 N Santa Rosa Ave, Maricopa, AZ 85138
      View Details
    • $44,900

      Maricopa Land with Mountain Views

      4.63 acres of desert land with mountain views.
      W White Wing Rd #29, Maricopa, AZ 85139
      View Details
    • $31,900

      Maricopa Land Parcel For Sale

      1.25-acre parcel in Maricopa, Arizona with paved road access.
      55912 W Barnes Road Lot B, Maricopa, AZ 85139
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land with approved plans for a 195-unit apartment complex.
    Where is this commercial land located?
    The property is located at 20405 N Estrella Parkway Maricopa, AZ.
    What is the asking price?
    The asking price for this property is $6,500,000.
    What are key features of this property?
    This property features: Nearly fully approved construction drawings for a 195‑unit apartment complex.; Completed rezoning for the development.; Includes 70+ rentable garage spaces.
    (480) 703-3316
    We can help!
    Listing Contact
    Shane M. Cook
    Shane M. Cook
    Real Estate License ID: SA5857170000
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    20405 N Estrella Parkway, Maricopa, AZ 85139
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!