Building Details

Building Size 11,424 SF

Listing Agency: Levrose Commercial Real Estate

Listed By: Aaron Norwood · License #SA561466000 Show Phone

Source: Commercialcafe

Added: Jul 26 Changed: Sep 22 Last Checked: Oct 5 at 3:46PM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Levrose Commercial Real Estate

Investment Insights

Based on property information with market context.

This industrial flex warehouse includes an efficient office area with high ceilings and is built to allow for a demised second suite. The facility features two 12’ grade level doors and 16–18 ft clear height, along with heavy power support for industrial use. A fenced and gated yard provides secure outdoor space for operations.

The property is located at 105 N Pasadena St in Gilbert, Arizona. The seller offers a leaseback structure, with terms noted as up to five years and an initial one-year leaseback.

As provided, investment-related information includes an indicated cap rate of 5.89% in the public remarks.

Key Highlights

• 5.89% investment cap rate with seller leaseback of up to 5 years (one‑year leaseback)
• Flex warehouse with fenced/gated yard
• Two 12’ grade level doors

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$117,622

Cap Rate

3.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,352,440 $2.4M

Cap Rate 7%

$1,680,314 $1.7M

Cap Rate 9%

$1,306,911 $1.3M

Market Conditions

NOI Build-Up for 11,424 SF

Gross rent

$205.6K $18.00/SF

− Vacancy

−$24.7K −$2.16/SF

EGI

$181.0K $15.84/SF

− OpEx

−$63.3K −$5.54/SF

NOI

$117.6K $10.30/SF

Area

Gilbert, AZ

Vacancy

12.00%

Lease Rate

$18.00 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,352,440

Cap Rate 7%

$1,680,314

Cap Rate 9%

$1,306,911

Alternative Uses

Best Use

Flex RnD

$1.68M

$1.47M – $1.96M (±1% cap)

NOI $117,622 @ 7.0% cap · market cap 3.68%

Second Best

Industrial

$1.18M

$1.03M – $1.38M (±1% cap)

NOI $82,657 @ 7.0% cap · market cap 2.58%

Theoretical Best

Office A

$3.00M

$2.62M – $3.50M (±1% cap)

NOI $209,957 @ 7.0% cap · market cap 6.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

KELSEY JEWELL Pediatrician Stepwell Medical Production Facility Centrix Health Resources Home Health Care Service Sunrise Health & Hospice Home Health Care Service GAP Care Solutions Medical Clinic

Suggested Use

Top Pick Restaurant Pharmacy Real Estate Agency Law Firm Hotel & Motel Grocery & Convenience Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

18 ft

Clear height

2

Drive-in doors

Yes

Heavy power

Yes

Fenced yard

Location Intelligence

Trade Area within ½ mile

951

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 85233, AZ

39,006

Population

15,080

Households

2.6

Avg Household Size

37

Median Age

43%

College-Educated

95%

High-School Grad

9.6 sq mi

ZIP Area

4,063

Density / Sq Mi

$105,154

Median Household Income

$55,132

Median Earnings

$1,895

Median Rent

$468,600

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Flex warehouse offering fenced, gated yard, two 12’ grade level doors, and 16–18 ft clear height.

Where is this flex space located?

The property is located at 105 North Pasadena Street Gilbert, AZ.

What is the asking price?

The asking price for this property is $3,200,000.

What are key features of this property?

This property features: 5.89% investment cap rate with seller leaseback of up to 5 years (one‑year leaseback); Flex warehouse with fenced/gated yard; Two 12’ grade level doors