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Property profile & analytics
FOR SALE
Commercial land

15312 E Melrose St Gilbert, AZ 85297

1,930 SF 2.36 ac lot Built 1983
Entity Owned 1-yr Hold Absentee Owner Free & Clear
Property ID
US07-3118017
Property summary
AI-generated overview

This exceptional 2.5-acre site in Gilbert, Arizona, offers a prime opportunity for a 4-story hotel or assisted living development. The property boasts 60,735 square feet and is zoned Business Park (BP), ensuring a streamlined development process. Utilities are conveniently located at the lot line, minimizing infrastructure costs. Situated just one block south of the Loop 202 San Tan Freeway, this location provides unparalleled accessibility and visibility. The area is known for its thriving healthcare sector, with numerous medical facilities nearby, including Mercy Gilbert Medical Center and others. Enjoy scenic mountain views and a location within a well-established, high-growth community. The site is ready for immediate development, offering flexible delivery options to suit your project timeline. This is a rare opportunity to build a high-impact development in a highly desirable location. The property includes 122 keys, making it an ideal investment for a large-scale hospitality project. Contact us today to learn more about this exceptional development opportunity. The property is improved with utilities to the lot line.

Property profile
Verified
Property type Commercial land
Use group VACANT COMMERCIAL LAND
Year built 1983
Total area 1,930 SF
Lot 2.36 ac (102,988 SF)
Zoning code C-BP
APN 304-53-342
UPID US07-3118017
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
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
by Request
Blend (final) Blend
$2.66M
Owner & transaction history
Melrose Projects LLC · 1 yrs held
Melrose Projects LLC
since 2025
7 recorded transactions
2025
$2.1M
2020
Price N/A
2006
$1.3M
2004
Price N/A
2004
$430,000
2002
Price N/A
2000
Price N/A
Zoning & alternative use
C-BP · Gilbert, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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