Office Unit with Paved
For Sale
$819,000
Pending
428 S GILBERT Road 116, Gilbert, AZ 85296
Office unit with electric service, a refrigerator, microwave, and access to a paved parking lot.
Property Size1,800 SF
Days on Market105
Property Features for 428 S GILBERT Road 116
General Information
Standard status
Pending
Size
1,800 SF
Total Parking Spaces
13
Zoning
GC
Taxes and HOA fees
Annual Taxes
$3,519
Amenities
Conference Room, Reception Room, Kitchen, Other (See Remarks)
Electric
Refrigerator, Microwave
Parking Lot, Other, Paved
Building Details
Year Built
2000
Buildings
1
Stories
1
Listing Agency:
Realty ONE Group
(480) 266-7656
Listed By:
Lindsay A Mozena · License #SA658766000
(480) 266-7656
Source:
Evrealestate
Added: May 19
Changed: Aug 30
Last Checked: Aug 30 at 6:43PM
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 Realty ONE Group
Investment Insights
Based on property information with market context.
This office unit in Building 5 was constructed in 2000 and measures 1,800 square feet. Interior features include electric service, a refrigerator, and a microwave. The property also includes access to a paved parking lot.
The unit is located at 428 S Gilbert Road in Gilbert, on the west side of Gilbert Road north of Warner Road. San Tan Loop 202 is approximately 4 miles away. The property is in Maricopa County and carries GC zoning.
The unit is located at 428 S Gilbert Road in Gilbert, on the west side of Gilbert Road north of Warner Road. San Tan Loop 202 is approximately 4 miles away. The property is in Maricopa County and carries GC zoning.
Key Highlights
- 1,800‑square‑foot office unit in Building 5
- Constructed in 2000
- GC zoning
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
$26,245
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
3.20%
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%
$524,900
$524.9K
Cap Rate 7%
$374,929
$374.9K
Cap Rate 9%
$291,611
$291.6K
Market Conditions
NOI Build-Up for 1,800 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
$43.4K $24.12/SF
− Vacancy
−$8.4K −$4.68/SF
EGI
$35.0K $19.44/SF
− OpEx
−$8.7K −$4.86/SF
NOI
$26.2K $14.58/SF
Area
Gilbert, AZ
Vacancy
19.40%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
25.00%
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%
$524,900
Cap Rate 7%
$374,929
Cap Rate 9%
$291,611
Alternative Uses
Best Use
Office B
$374.9K
$328.1K – $437.4K
NOI $26,245 @ 7.0% cap · market cap 3.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$472.6K
$413.5K – $551.4K
NOI $33,082 @ 7.0% cap · market cap 4.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
737
Businesses Nearby
Explore this area
Business Placement
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Office unit with electric service, a refrigerator, microwave, and access to a paved parking lot.
Where is this office units located?
The property is located at 428 S GILBERT Road 116 Gilbert, AZ.
What is the asking price?
The asking price for this property is $819,000.
What are key features of this property?
This property features: 1,800‑square‑foot office unit in Building 5; Constructed in 2000; GC zoning
