Leased Shopping
New
For Sale
$9,675,000
1166 South Gilbert Road, Gilbert, AZ 85296
Established retail center with prominent neighboring tenants and additional leasable space for future occupancy.
Property Size37,613 SF
Price / SF$257.22
Days on Market2
Property Features for 1166 South Gilbert Road
General Information
Standard status
Active
Size
37,613 SF
Property subtype
Retail
Occupancy
92%
Site & Location
Anchor Co-Tenants
Christ Church, Regal Cinema, Lucky Strike, Chipotle, Pei Wei, Cold Beers & Cheeseburgers
Traffic Count
58,000 vehicles/day
Additional Details
Cap Rate
7%
Building Details
Tenancy
Multi
Listing Agency:
Phoenix Commercial Advisors
Listed By:
John Schweikert · License #BR512679000
(602) 734-7218
Source:
Phoenixcommercialadvisors
Added: Sep 19
Last Checked: Sep 20 at 7:47AM
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 Phoenix Commercial Advisors
Investment Insights
Based on property information with market context.
Shops at Gilbert Town Square is a 37,613 SF shopping center that is 92% leased, with approximately 9,000 SF available for lease-up. The property includes three Christ Church suites totaling nearly 6,000 SF, measuring 3,129 SF, 1,400 SF, and 1,610 SF. Each suite carries a 5-year lease term with a landlord option, providing control over future re-tenanting timing.
The center is positioned at Gilbert Road and Warner Road in Gilbert, with a combined intersection traffic count of nearly 58,000 VPD. More than 366,000 residents live within 5 miles, while nearly 1,000 multifamily units are adjacent across Town Commons, Keller at Town Square, Cadia Crossing, The Reserve, The Wyatt, and The Carson. Neighboring tenants include Christ Church, Regal Cinema, Lucky Strike, Chipotle, Pei Wei, and Cold Beers & Cheeseburgers. The property carries a 7.00 cap rate.
The center is positioned at Gilbert Road and Warner Road in Gilbert, with a combined intersection traffic count of nearly 58,000 VPD. More than 366,000 residents live within 5 miles, while nearly 1,000 multifamily units are adjacent across Town Commons, Keller at Town Square, Cadia Crossing, The Reserve, The Wyatt, and The Carson. Neighboring tenants include Christ Church, Regal Cinema, Lucky Strike, Chipotle, Pei Wei, and Cold Beers & Cheeseburgers. The property carries a 7.00 cap rate.
Key Highlights
- 37,613 SF shopping center with 92% leased occupancy
- Approximately ±9,000 SF of leasable space available
- Three Christ Church suites total nearly 6,000 SF: 3,129 SF, 1,400 SF, and 1,610 SF
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$414,999
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,299,980
$8.3M
Cap Rate 7%
$5,928,557
$5.9M
Cap Rate 9%
$4,611,100
$4.6M
Market Conditions
NOI Build-Up for 37,613 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$640.9K $17.04/SF
− Vacancy
−$48.1K −$1.28/SF
EGI
$592.9K $15.76/SF
− OpEx
−$177.9K −$4.73/SF
NOI
$415.0K $11.03/SF
Area
Gilbert, AZ
Vacancy
7.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,299,980
Cap Rate 7%
$5,928,557
Cap Rate 9%
$4,611,100
Alternative Uses
Best Use
Retail
$5.93M
$5.19M – $6.92M
NOI $414,999 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.88M
$8.64M – $11.52M
NOI $691,275 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
58,000 VPD
Traffic count
92%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
44k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Leisure 29%
Beauty & Spa 5%
Buffalo Wild Wings
Dining
16,340 visits/mo
0.3 miles
Regal Cinemas Gilbert 14
Leisure
12,656 visits/mo
0.1 miles
Chipotle Mexican Grill
Dining
7,310 visits/mo
0.4 miles
Pei Wei Asian Express
Dining
4,916 visits/mo
0.3 miles
Sport Clips
Beauty & Spa
2,379 visits/mo
0.3 miles
Demographics for 85296, AZ
50,418
Population
18,065
Households
2.8
Avg Household Size
34
Median Age
49%
College-Educated
96%
High-School Grad
11.7 sq mi
ZIP Area
4,309
Density / Sq Mi
$117,120
Median Household Income
$61,282
Median Earnings
$2,141
Median Rent
$496,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Established retail center with prominent neighboring tenants and additional leasable space for future occupancy.
Where is this shopping center located?
The property is located at 1166 South Gilbert Road Gilbert, AZ.
What is the asking price?
The asking price for this property is $9,675,000.
What are key features of this property?
This property features: 37,613 SF shopping center with 92% leased occupancy; Approximately ±9,000 SF of leasable space available; Three Christ Church suites total nearly 6,000 SF: 3,129 SF, 1,400 SF, and 1,610 SF
