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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1420 Greenfield Rd Gilbert, AZ 85234

    • Office buildings
    • 16,494 SF
    • 1.44 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Feb 15, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-3475935
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Reveal 3D/4D Ultrasound / Medical Clinic
    • Anne Crozier, LPC / Counselor
    • Arizona's Children Association / Association Or Organization
    • Electrolysis & Co. - Permanent Hair Removal & TED Hair Restoration / Spa & Massage Center / Alternative Medicine Practice
    • Coates Irrigation Consultants, Inc. / Big Box & Wholesale Store / Discount Store

    Property Details for 1420 Greenfield Rd

    Year built
    1998
    Construction
    CONCRETE
    Lot size
    1.44 lot acres
    Property size
    16,494 SF
    Zone code
    NO
    Property type
    Office buildings
    APN
    304-98-947
    APU
    30498947

    Description

    This exceptional Class B office space, located at 1420 N Greenfield Rd in Gilbert, Arizona (zip code 85234), offers a total of 11,941 square feet, currently entirely vacant and ready for immediate occupancy. The property is categorized as an Executive Office building with multiple tenancy options. Flexible space is available, with a minimum divisible unit of 3,851 square feet and a maximum contiguous space of 8,090 square feet, catering to a variety of business needs and sizes. The building is situated in Maricopa County and provides a strategic location for businesses seeking a presence in the thriving Gilbert market. This is an excellent opportunity for companies looking for high-quality office space in a convenient and accessible location. The property's address is easily accessible from major roadways, offering convenient commutes for employees and clients alike. The entire 11,941 square feet is currently available for lease, presenting a unique chance to secure a significant footprint in a desirable area. This presents a rare opportunity to customize the space to perfectly fit your company's requirements. Contact us today to schedule a viewing and explore the possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,247,000
      Market price range: $799k - $5.25M
      AI Estimate
      $5,247,000
      Market price range: $799k - $5.25M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,575,000
      Current use
      AUTO REPAIR, GARAGE
      $7,325,000
      Change: +105% Conversion: Difficult
      RETAIL STORES
      $6,055,000
      Change: +69% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $6,000,000
      Change: +68% Conversion: Difficult
      MEDICAL BUILDING
      $4,215,000
      Change: +18% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Gilbert
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.74
    Latitude
    33.3771
    CBSA code
    38060
    CBSA name
    PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $23,255
    $0.00
    $0.00
    $421,031
    -
    $1,275,200
    $1,276,500
    $2,551,700

    Comparable in this City

    • Value Estimation
      $885,000
      5,112 SF

      2915 Baseline Rd Ste, Unit 113

      OFFICE BUILDING • 5,112 SF
      2915 Baseline Rd Ste, Gilbert, AZ 85234-2427
      View Details
    • Value Estimation
      $920,000
      3,600 SF

      3303 Baseline Rd Ste, Unit 113

      OFFICE BUILDING • 3,600 SF
      3303 Baseline Rd Ste, Gilbert, AZ 85234-2740
      View Details
    • Value Estimation
      $780,000
      5,112 SF

      2915 Baseline Rd Ste, Unit 125

      OFFICE BUILDING • 5,112 SF
      2915 Baseline Rd Ste, Gilbert, AZ 85234-2475
      View Details
    • Value Estimation
      $1,105,000
      5,112 SF

      2915 Baseline Rd Ste, Unit 126

      OFFICE BUILDING • 5,112 SF
      2915 Baseline Rd Ste, Gilbert, AZ 85234-2475
      View Details
    • Value Estimation
      $2,185,000
      6,870 SF

      119 Gilbert Rd

      OFFICE BUILDING • 6,870 SF
      119 Gilbert Rd, Gilbert, AZ 85234-5769
      View Details
    • Value Estimation
      $1,535,000
      23,627 SF

      207 Gilbert Rd Ste, Unit 103

      OFFICE BUILDING • 23,627 SF
      207 Gilbert Rd Ste, Gilbert, AZ 85234-5817
      View Details

    Similar Nearby for Sale

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      Land parcel in Gilbert, ideal for retail or restaurants.
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      Retail space for sale, lease, or build-to-suit with drive-thru.
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      Land parcel in booming Gilbert, attractive demographics, strong transportation network.
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    Similar Nearby for Lease

    • $26 SF/Yr
      76,979 SF

      Class A Gilbert Business Park

      Class A office complex in high-growth Gilbert, close to US-60.
      971 N Gilbert Rd, Gilbert, AZ 85234
      View Details
    • $35 SF/Yr
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      Gilbert Medical Office Space

      2,698 SF Medical Office Suite Available
      875 Greenfield Rd, Gilbert, AZ 85234
      View Details
    • $20 SF/Yr
      11,941 SF

      Gilbert Executive Office Space

      Prime Gilbert Office, 3,851-8,090 SF Available
      1420 Greenfield Rd, Gilbert, AZ 85234
      View Details
    • $23 SF/Yr
      100,000 SF

      Medical Office Build-to-Suit Opportunity

      Medical office space for rent with easy highway access.
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    • $26 SF/Yr
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      Gilbert Office Space Available

      Office space featuring six offices and a bull pen.
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      View Details
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    1420 Greenfield Rd
    Gilbert, AZ 85234
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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