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

    1534 E Ray Rd Gilbert, AZ 85296

    • Strip malls
    • 24,208 SF
    • 2.95 lot acres
    For Lease
    View listing
    Last Sale
    Aug 09, 2021
    $6,100,000
    Value Estimations
    $5,750,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0104975
    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

    • Tyler Castleton / Physician
    • Craig Blankinship / Physician
    • Dr. Brett Quackenbush / Dental Office
    • Dr. Morris Oswald / Dental Office
    • Quantum Physiques Personal Training and Nutrition / Gym & Fitness Center

    Property Details for 1534 E Ray Rd

    Year built
    2002
    Construction
    STEEL FRAME
    Lot size
    2.95 lot acres
    Property size
    24,208 SF
    Zone code
    NC
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    304-25-915
    APU
    30425915

    Description

    Western Skies Village Center, located at 1534 E Ray Rd, Gilbert, AZ 85296 (NWC Ray Road & Val Vista Drive), offers exceptional retail and restaurant opportunities in the thriving Gilbert Submarket of Maricopa County. This Class B shopping center, built in 2002, boasts a total of 24,128 square feet. Two spaces are currently available, ideal for a variety of uses. The spaces are divisible, with a minimum leasable area of 3,124 square feet and a maximum contiguous space of 3,403 square feet. The property's versatile design accommodates various business types, including storefront retail, shopping center tenants, religious/church organizations, and restaurants. The location benefits from high visibility and accessibility, situated in an affluent Gilbert neighborhood. This presents a unique chance to establish or expand a business within a well-established and successful commercial center. The property's multiple tenancy structure provides a vibrant and diverse environment for businesses. Interested parties should inquire about the specific details and availability of the two spaces. The property is conveniently located in the Gilbert Submarket of Maricopa County, Arizona.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,975,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,490,000
      6.5%
      $5,070,000
      7%
      $4,705,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,746,000
      Market price range: $5.36M - $13.6M
      AI Estimate
      $5,746,000
      Market price range: $5.36M - $13.6M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $8,810,000
      Current use
      RETAIL STORES
      $8,885,000
      Change: +1% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gilbert
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.757
    Latitude
    33.3224
    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
    $39,867
    $0.00
    $0.00
    $708,528
    -
    $1,636,200
    $2,657,909
    $4,294,109

    Comparable in this City

    • Value Estimation
      $4,240,000
      19,132 SF

      754 Val Vis Dr

      SHOPPING CENTER, STRIP CENTER • 19,132 SF
      754 Val Vis Dr, Gilbert, AZ 85296-3157
      View Details
    • Value Estimation
      $4,310,000
      8,800 SF

      1150 Gilbert Rd

      SHOPPING CENTER, STRIP CENTER • 8,800 SF
      1150 Gilbert Rd, Gilbert, AZ 85296-3472
      View Details
    • Value Estimation
      $4,600,000
      9,800 SF

      756 Gilbert Rd

      SHOPPING CENTER, STRIP CENTER • 9,800 SF
      756 Gilbert Rd, Gilbert, AZ 85296-2832
      View Details
    • Value Estimation
      $5,315,000
      9,460 SF

      1084 Gilbert Rd

      SHOPPING CENTER, STRIP CENTER • 9,460 SF
      1084 Gilbert Rd, Gilbert, AZ 85296-3464
      View Details
    • Value Estimation
      $1,275,000
      4,988 SF

      120 Val Vis Dr

      SHOPPING CENTER, STRIP CENTER • 4,988 SF
      120 Val Vis Dr, Gilbert, AZ 85296-1370
      View Details
    • Value Estimation
      $1,105,000
      4,988 SF

      130 Val Vis Dr

      SHOPPING CENTER, STRIP CENTER • 4,988 SF
      130 Val Vis Dr, Gilbert, AZ 85296-1370
      View Details

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      Retail Space in Gilbert, Arizona

      Retail space available in high-traffic Gilbert location.
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      Gilbert Retail Space For Lease

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      Retail Space in Gilbert Center

      Retail space available in high-traffic Gilbert shopping center.
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      View Details
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      Retail Space in Morrison Ranch

      Retail and drive-thru spaces for lease in Gilbert, Arizona.
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    1534 E Ray Rd
    Gilbert, AZ 85296
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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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