Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    21627 S 156TH Street Gilbert, AZ 85298

    View on Map
    Pending
    $589,000

    LAND - Gilbert, AZ

    Lot size:
    1.20 Acres
    Added:
    Aug 2, 2025
    Days on Market:
    244
    Last Refresh:
    Apr 2 at 9:06 am

    Property Features for 21627 S 156TH Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R43
    Fencing
    Chain Link
    Standard status
    Pending
    APN
    304-71-099
    Lot size
    1.20 Acres

    Taxes and HOA fees

    TaxYear
    2024
    TaxDescription
    COM AT NW COR NW4 SW4 SE4 SEC 16 TH E 346.87F TO PT TH S 166.82F TO TPOB TH E 313.74F TO PT TH S 166
    TaxAnnualAmount
    1672

    Utilities

    Sewer type
    Septic Tank

    We can help!

    Listing Contact
    Amy Peterson

    Listing agent Amy Peterson License #SA694832000

    Listing office eXp Realty 6991 E Camelback Rd Suite D-300, Peoria, AZ

    Listing date Aug 2, 2025

    MLS# 6900694

    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.

    Overview

    Spacious 1.2-Acre Lot in Gilbert

    This 1.2-acre lot offers an opportunity to build a custom home. The property is located in Gilbert, AZ, and is zoned R43. The lot is a county island, offering a rural charm while being close to city conveniences. There is no HOA. The land allows for a custom estate, shop, guesthouse, or resort-style backyard. Applications are being submitted to the Town of Gilbert for an easement and access road, which will be located on the north side of the existing home. Utilities are nearby. The property is surrounded by custom homes and Arizona sunsets.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Gilbert
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.745064
    Latitude
    33.251481

    Nearby Similar for Sale

    • $100,000
      1,351 SF

      Established Ice Cream Shop Opportunity

      Turnkey ice cream shop with modern build-out and equipment.
      Power Rd, Gilbert, AZ 85295
      View Details
    • $1,250,000

      Gilbert Horse Property with Irrigated Land

      2.43 acres of irrigated horse property with updated manufactured home.
      23317 S 180th Street, Gilbert, AZ 85298
      View Details
    • $2,000,000

      Prime Homesite in Somerset, Gilbert

      Luxury gated community homesite with utilities in place, build-ready.
      2595 E BLUE SAGE Road unit: 101A, Gilbert, AZ 85297
      View Details
    • $1,398,000

      Prime Vacant Lot in Gilbert

      Large commercial lot in a prime Gilbert location.
      E Baseline Road, Gilbert, AZ 85234
      View Details
    • $995,000

      Acre Lot in Gilbert, AZ

      One-acre lot in Gilbert, Arizona, ideal for custom home.
      21xxxx S 145TH Street, Gilbert, AZ 85298
      View Details
    • $1,000,000

      Gilbert Multifamily Redevelopment Opportunity

      Multifamily property in Gilbert's Heritage District with redevelopment potential.
      229 N PALM Street unit: Trlr, Gilbert, AZ 85234
      View Details
    • $675,000

      Professional Office Condo For Sale

      Office condo near US-60 and Dana Park Village Square.
      1757 E Baseline Rd, Bldg 9, Ste 135, 136, Gilbert, AZ 85233
      View Details
    • $965,000

      Exclusive Gated Community Homesite

      1.3-acre vacant homesite in a distinguished Gilbert gated community.
      24926 S 182ND Place unit: 5, Gilbert, AZ 85298
      View Details
    • $6,651,924
      16,369 SF

      Gilbert Medical Office Investment Opportunity

      Single-tenant medical office building fully leased to Soar Autism Center.
      2314 S Val Vista Dr, Gilbert, AZ 85295
      View Details
    • $29

      Retail Space in Gilbert Center

      Retail space or build-to-suit opportunity in Gilbert, Arizona.
      4024 E Guadalupe Rd, Gilbert, AZ 85234
      View Details
    • $345,000

      Downtown Gilbert Ready-to-Build Lot

      Flat lot in Gilbert Heritage District, ideal for residence/rental.
      130 W PARK Avenue unit: 11, Gilbert, AZ 85233
      View Details
    • $6,651,924
      16,369 SF

      Gilbert Medical Office Investment Opportunity

      Single-tenant medical office building fully leased to Soar Autism Center.
      2314 S Val Vista Dr, Gilbert, AZ 85295
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - 1.2-acre lot for custom home with no HOA.
    Where is this residential land & home lot located?
    The property is located at 21627 S 156TH Street Gilbert, AZ.
    What is the asking price?
    The asking price for this property is $589,000.
    What are key features of this property?
    This property features: Large 1.2‑acre lot offers ample space and freedom for custom home design and lifestyle.; No HOA provides flexibility and control over property use and development.; Located minutes from Gilbert, combining rural charm with city convenience.
    (480) 389-7700
    We can help!
    Listing Contact
    Amy Peterson
    Real Estate License ID: SA694832000
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!