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Property profile & analytics
OFF-MARKET
Estimated value
$2,710,000
Office buildings
1400 Gilbert Rd Gilbert, AZ 85234-2328
Entity Owned
Free & Clear
Property ID
US07-0406682
Property summary
AI-generated overview
This exceptional Class B medical office building, Gilbert Cove, offers 27,492 square feet of space in the desirable Superstition Corridor of Gilbert, Arizona. Located at 1400 N Gilbert Rd, zip code 85234, this multi-tenant property boasts a generous parking ratio of 5.21 spaces per 1,000 square feet. Currently, there is 2,738 square feet of vacant space available, perfect for a medical practice seeking expansion or a new business looking for a well-established location. Built in 1983, the building is zoned C-1, allowing for a variety of medical uses. The property is situated in Maricopa County and benefits from its prime location within the thriving Superstition Corridor submarket. This presents a unique opportunity to establish or expand a medical practice in a high-demand area with ample parking and convenient access. The available space is ready for immediate occupancy and offers the potential for customization to meet specific needs. Interested parties should inquire about lease terms and availability. This is a rare opportunity to secure space in a well-maintained and strategically located medical office building.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1983
Construction
CONCRETE
Total area
8,516 SF
Lot
1.29 ac (56,149 SF)
Zoning code
GO
APN
304-10-963
UPID
US07-0406682
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Arthur Kerle Medical Clinic
-
Dr. Robert Austin Dental Office
-
Dr. Alan Petersen Dental Office
-
Matthew Fletcher Physician
-
Dr. Gregory Manning Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.71M
Blend (final)
Blend
$2.71M
Owner & transaction history
Gilbert Cove Arizona LLC
Gilbert Cove Arizona LLC
since 2025
7 recorded transactions
Zoning & alternative use
GO · Gilbert, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$3.8M
+104.8%
Retail stores
$3.1M
+69.4%
Neighborhood: shopping center
$3.1M
+67.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Gilbert submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Gilbert submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$1,845,000
Current use
AUTO REPAIR, GARAGE
$3,780,000
Change: +105% · Conversion: Difficult
RETAIL STORES
$3,125,000
Change: +69% · Conversion: Moderate
NEIGHBORHOOD: SHOPPING CENTER
$3,100,000
Change: +68% · Conversion: Difficult
MEDICAL BUILDING
$2,175,000
Change: +18% · Conversion: Easy
Blend value · Realmo final
$2.71M
Range $2.44M – $2.98M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$318 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$17,029
Tax year 2023
Assessed value
$296,720
Assessed 2024
Previous assessed
$409,105
-27.5% YoY
Effective rate
5.74%
On assessed value
Land market value
$739,100
Improvement market value
$1,059,200
Total market value
$1,798,300
Applied tax rate
410,600.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1983
Construction
CONCRETE
Heating
HEAT PUMP
Buildings
3
Stories
2
Units
3
Total area
8,516 SF
Lot
1.29 ac (56,149 SF)
Zoning code
GO
APN
304-10-963
UPID
US07-0406682
Jurisdiction
MARICOPA
Zoning & alternative use
GO · Gilbert, AZ
Zoning GO · permitted uses
GO · Gilbert, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Gilbert. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$1.8M
AUTO REPAIR, GARAGE
Est. value
$3.8M
RETAIL STORES
Est. value
$3.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.1M
MEDICAL BUILDING
Est. value
$2.2M
OFFICE BUILDING Current
AUTO REPAIR, GARAGE
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1983
Construction
CONCRETE
Heating
HEAT PUMP
Stories
2
Buildings
3
Units
3
Lot
1.29 ac
Current owner
From public records · entity-resolved
Gilbert Cove Arizona LLC
Entity
Free & Clear · 0 yrs held
Mailing address
4343 MARKET ST, RIVERSIDE, CA 92501-3500
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
12 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 26, 2025
—
Gilbert Cove Arizona LLC
Community Investments LLC
Warranty Deed
—
Jun 16, 2016
—
Community Investments LLC
—
Deed
related
$1,000,000 · Private Individual
Jun 15, 2016
$3,220,000
Community Investments LLC
Gilbert Cove Props LLC
Grant Deed
$1,000,000 · 4d Market Street LLC
Jul 23, 2010
—
Gilbert Cove Properties LLC
—
Deed Of Trust
related
$1,596,000 · Wells Fargo Bank
Oct 30, 2003
$2,840,000
Gilbert Cove Properties LLC
Rampart Apartments LLC
Grant Deed
—
Jun 6, 2003
$2,840,000
Rampart Apartments LLC
Day,david M & Shanna
Grant Deed
—
Apr 18, 2002
$2,100,000
David M Day
Olson-arizona Investments LLC
Grant Deed
$1,575,000 · Tierone Bank
Aug 18, 1998
—
Olson-arizona Investments LLC
Gilbert Road Investors Ltd
Grant Deed
$1,500,000 · Standard Mortgage Investors
Jun 28, 1993
—
Keith B Faber
Faber
Quit Claim Deed
related
—
Apr 30, 1993
—
Keith B Faber
Faber
Quit Claim Deed
related
—
Apr 2, 1993
—
Keith B Faber
Faber
Quit Claim Deed
related
—
Mar 9, 1993
—
Greenway Environmental Services
Gilbert Rd Inves
Grant Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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