Icons Sports Grill
New
For Sale
$1,620,000
1475 W Elliot Rd, Gilbert, AZ 85233
Freestanding restaurant space includes a covered patio and a complete second-generation bar and restaurant buildout.
Property Size6,105 SF
Lot Size1.14 Acres
Price / SF$265.36
Days on Market4
Property Features for 1475 W Elliot Rd
General Information
Standard status
Active
Size
6,105 SF
Lot size
1.14 Acres
Property subtype
Retail
Additional Details
Cap Rate
6%
Traffic Count
17,242 vehicles/day
Patio
Yes
Building Details
Buildings
1
Listing Agency:
Phoenix Commercial Advisors
Listed By:
Isaiah Clayton · License #SA713655000
(602) 342-9931
Source:
Phoenixcommercialadvisors
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 11 at 4:18AM
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.
Icons Sports Grill is a freestanding bar and restaurant with 6,105 square feet of interior space on approximately 1.14 acres. The property includes a covered patio and a full second-generation restaurant buildout. The net lease has a primary term expiring in June 2034, with two five-year renewal options. Scheduled rent increases are 3% annually during the primary term, and landlord responsibilities are limited to the roof and structure.
The property is on Elliot Road, just east of the signalized McQueen Road intersection. Elliot Road carries approximately 17,242 vehicles per day, while McQueen Road carries approximately 27,000–32,000 vehicles per day, according to ADOT 2023. The site is in a hard-corner retail center alongside Chevron, Andy’s Frozen Custard, Sidewinder Subs and Pima Federal Credit Union. Northrop Grumman is across McQueen Road, and the property is approximately 2.5 miles from US-60 and 4 miles from Loop 101.
The property is on Elliot Road, just east of the signalized McQueen Road intersection. Elliot Road carries approximately 17,242 vehicles per day, while McQueen Road carries approximately 27,000–32,000 vehicles per day, according to ADOT 2023. The site is in a hard-corner retail center alongside Chevron, Andy’s Frozen Custard, Sidewinder Subs and Pima Federal Credit Union. Northrop Grumman is across McQueen Road, and the property is approximately 2.5 miles from US-60 and 4 miles from Loop 101.
Key Highlights
- 6.00 cap rate
- Primary lease term expires June 2034; includes 2 x 5‑year renewal options
- 3% annual scheduled rent increases during the primary term
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$83,077
Cap Rate
5.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,661,540
$1.7M
Cap Rate 7%
$1,186,814
$1.2M
Cap Rate 9%
$923,078
$923.1K
Market Conditions
NOI Build-Up for 6,105 SF
Gross rent
$117.2K $19.20/SF
− Vacancy
−$6.4K −$1.06/SF
EGI
$110.8K $18.14/SF
− OpEx
−$27.7K −$4.54/SF
NOI
$83.1K $13.61/SF
Area
Gilbert, AZ
Vacancy
5.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,661,540
Cap Rate 7%
$1,186,814
Cap Rate 9%
$923,078
Alternative Uses
Best Use
Specialty Retail
$1.19M
$1.04M – $1.38M
NOI $83,077 @ 7.0% cap · market cap 5.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,201 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
17,242 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
805
Businesses Nearby
26k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 82%
Dining 18%
ARCO
Shops & Services
10,375 visits/mo
0.1 miles
Chevron
Shops & Services
9,465 visits/mo
0.1 miles
Filiberto's Mexican Food
Dining
4,672 visits/mo
0.0 miles
Public Storage
Shops & Services
1,010 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Catching Flights Bar and Grille — 1475 W Elliot Rd, Gilbert, AZ 85233
Frequently Asked Questions
What type of property is this?
Bar & Pub - Freestanding restaurant space includes a covered patio and a complete second-generation bar and restaurant buildout.
Where is this bar & pub located?
The property is located at 1475 W Elliot Rd Gilbert, AZ.
What is the asking price?
The asking price for this property is $1,620,000.
What are key features of this property?
This property features: 6.00 cap rate; Primary lease term expires June 2034; includes 2 x 5‑year renewal options; 3% annual scheduled rent increases during the primary term
