Three-Tenant Shopping
For Sale
Contact for pricing
868 N Gilbert Rd, Gilbert, AZ 85234
Three-tenant retail center built in 2001, continuously updated, 100% leased with long-term leases.
Property Size45,019 SF
Price / SF$250.78
Days on Market142
Property Features for 868 N Gilbert Rd
General Information
Standard status
Active
Size
45,019 SF
Property subtype
RETAIL
Occupancy
100%
Building Details
Year Built
2001
Tenancy
Multi
Listing Agency:
LevRose Commercial Real Estate
(480) 216-7363
Listed By:
Michael Waxman · License #BR540293000
(480) 216-7363
Source:
Moodyscre
Added: Mar 26
Changed: Jul 26
Last Checked: Jul 26 at 1:54AM
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 three-tenant shopping center totals 45,019 square feet and is 100% leased to recreation-focused retail tenants. Constructed in 2001 and continually updated, the property has had new HVAC units and roof work over time. Tenants are described as high-quality and successful, with long-term leases in place.
The center includes Chase Bank and Walgreens as co-tenants and is located about a half mile north of Downtown Gilbert, where the remarks note more than 30 restaurants. The surrounding area is described as a dense daytime employment environment with office and retail uses. The property is situated at a busy intersection and is locally professionally managed.
Additional stated economics include very low owner expenses under $4,000 per year and very low tenant NNN expenses. Parking is noted at a 4/1,000 ratio, and the offering is fee simple.
The center includes Chase Bank and Walgreens as co-tenants and is located about a half mile north of Downtown Gilbert, where the remarks note more than 30 restaurants. The surrounding area is described as a dense daytime employment environment with office and retail uses. The property is situated at a busy intersection and is locally professionally managed.
Additional stated economics include very low owner expenses under $4,000 per year and very low tenant NNN expenses. Parking is noted at a 4/1,000 ratio, and the offering is fee simple.
Key Highlights
- Three‑tenant retail shopping center totaling 45,019 SF
- 100% leased to recreation‑focused tenants with long‑term leases
- Built in 2001 and continually updated with new HVAC units and roof
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
$612,619
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
5.43%
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%
$12,252,380
$12.3M
Cap Rate 7%
$8,751,700
$8.8M
Cap Rate 9%
$6,806,878
$6.8M
Market Conditions
NOI Build-Up for 45,019 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
$864.4K $19.20/SF
− Vacancy
−$47.5K −$1.06/SF
EGI
$816.8K $18.14/SF
− OpEx
−$204.2K −$4.54/SF
NOI
$612.6K $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 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%
$12,252,380
Cap Rate 7%
$8,751,700
Cap Rate 9%
$6,806,878
Alternative Uses
Best Use
Specialty Retail
$8.75M
$7.66M – $10.21M
NOI $612,619 @ 7.0% cap · market cap 5.43%
Second Best
Retail
$7.10M
$6.21M – $8.28M
NOI $496,713 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$11.82M
$10.34M – $13.79M
NOI $827,387 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,223
Businesses Nearby
337k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 38%
Shops & Services 35%
Dining 15%
Groceries 11%
Sam's Club
Superstores
128,942 visits/mo
0.5 miles
Sam's Club Gas Station
Shops & Services
58,013 visits/mo
0.4 miles
Smart & Final
Groceries
37,228 visits/mo
0.2 miles
Starbucks
Dining
15,184 visits/mo
0.2 miles
SONIC Drive In
Dining
13,910 visits/mo
0.1 miles
Demographics for 85234, AZ
51,051
Population
17,488
Households
2.9
Avg Household Size
36
Median Age
46%
College-Educated
96%
High-School Grad
11.9 sq mi
ZIP Area
4,290
Density / Sq Mi
$118,012
Median Household Income
$54,080
Median Earnings
$1,971
Median Rent
$488,600
Median Home Value
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
- Village Center Shopping Center — Gilbert, AZ 85234
- Coinstar Kiosk | Bitcoin ATM — 750 N Gilbert Rd, Gilbert, AZ 85234
- Encore Plaza — 1515 N Gilbert Rd, Gilbert, AZ 85234
- Gilbert Encinas Plaza — 1044 N Gilbert Rd, Gilbert, AZ 85234
Frequently Asked Questions
What type of property is this?
Shopping center - Three-tenant retail center built in 2001, continuously updated, 100% leased with long-term leases.
Where is this shopping center located?
The property is located at 868 N Gilbert Rd Gilbert, AZ.
What is the asking price?
The asking price for this property is $11,290,000.
What are key features of this property?
This property features: Three‑tenant retail shopping center totaling 45,019 SF; 100% leased to recreation‑focused tenants with long‑term leases; Built in 2001 and continually updated with new HVAC units and roof
