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Property profile & analytics
OFF-MARKET
Estimated value
$23,400,000
Medical Office Space
1675 Melrose St 101 Gilbert, AZ 85297-1001
Entity Owned
Free & Clear
Property ID
US07-0399644
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2018
Construction
STEEL FRAME
Total area
50,513 SF
Lot
4.73 ac (205,920 SF)
Zoning code
BP
APN
313-06-959
UPID
US07-0399644
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
-
OrthoArizona - South Gilbert Medical Clinic
-
Spencer Stanbury, M.D. Physician
-
Christopher D. Bryce, M.D. Physician
-
Jeffrey T. Abildgaard, MD Physician
-
Jamie Pozniak Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$18.54M
Blend (final)
Blend
$23.40M
Owner & transaction history
Mmof IV Gilbert Az LLC
Mmof IV Gilbert Az LLC
since 2026
Last sale
$23.6M
7 recorded transactions
Zoning & alternative use
BP · Gilbert, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
This district permits integrated campus style office development serving high technology, research and development, office, service and light industrial uses. Limited business service uses serving the development may be permitted. Development will include buildings of quality design in a landscaped setting.
Zone name
Business Park
General category
INDUSTRIAL
Zone area
637.49 ac
Source
Realmo
Top alternative use upside
Restaurant
$27.7M
+114.9%
Auto repair, garage
$22.4M
+73.7%
Retail stores
$18.5M
+43.6%
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
$32,625,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$27,745,000
Change: +115% · Conversion: Difficult
AUTO REPAIR, GARAGE
$22,430,000
Change: +74% · Conversion: Difficult
RETAIL STORES
$18,545,000
Change: +44% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$18,385,000
Change: +42% · Conversion: Difficult
OFFICE BUILDING
$15,540,000
Change: +20% · Conversion: Easy
Blend value · Realmo final
$23.40M
Range $21.06M – $25.74M · ±10% · vs last sale $23.65M (Feb 16 2021)
Last sale anchor
$23.65M
Feb 16 2021
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
$463 / 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
$147,169
Tax year 2023
Assessed value
$2,657,312
Assessed 2024
Previous assessed
$2,343,195
+13.4% YoY
Effective rate
5.54%
On assessed value
Land market value
$2,649,600
Improvement market value
$13,455,324
Total market value
$16,104,924
Applied tax rate
410,609.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2018
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
REFRIGERATOR
Stories
1
Rooms
7
Total area
50,513 SF
Lot
4.73 ac (205,920 SF)
Zoning code
BP
APN
313-06-959
UPID
US07-0399644
Jurisdiction
MARICOPA
Zoning & alternative use
BP · Gilbert, AZZoning BP · permitted uses
BP · Gilbert, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
This district permits integrated campus style office development serving high technology, research and development, office, service and light industrial uses. Limited business service uses serving the development may be permitted. Development will include buildings of quality design in a landscaped setting.
Zone name
Business Park
General category
INDUSTRIAL
Zone area
637.49 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$27.7M
AUTO REPAIR, GARAGE
Est. value
$22.4M
RETAIL STORES
Est. value
$18.5M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$18.4M
OFFICE BUILDING
Est. value
$15.5M
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
NEIGHBORHOOD: SHOPPING CENTER
OFFICE 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
2018
Construction
STEEL FRAME
Heating
FORCED AIR
Cooling
Yes
Stories
1
Rooms
7
Lot
4.73 ac
Current owner
From public records · entity-resolved
Mmof IV Gilbert Az LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2 S BISCAYNE BLVD STE #2000, MIAMI, FL 33131-1827
Ownership since
2026
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
Apr 16, 2026
—
Mmof IV Gilbert Az LLC
—
Deed
related
$33,476,250 · Regions Bank
Mar 24, 2026
$25,125,000
Mmof IV Gilbert Az LLC
Trea Orthoaz LLC
Special Warranty Deed
—
Feb 16, 2021
$23,646,000
Trea Orthoaz LLC
Orthoarizona Mob South Gilbert LLC
Special Warranty Deed
$14,900,000 · Siemens Financial Services INC
Feb 28, 2018
—
Orthoarizona Mob South Gilbert
Victoria Lund Foundation
Correction Deed
related
—
Dec 15, 2017
—
Orthoarizona Mob South Gilbert
Victoria Lund Foundation
Correction Deed
related
$12,400,000 · Arizona Busn Bk
Nov 9, 2017
$2,111,898
Orthoarizona Mob South Gilb
Victoria Lund Foundation
Grant Deed
—
Oct 13, 2011
$4,000,000
Victoria Lund Foundation
Fnbn Properties Arizona LLC
Grant Deed
—
Apr 30, 2007
$734,792
Double G Ranch LLC
Huston Marietta B Trust
Correction Deed
—
Apr 13, 2007
$734,792
Double G Ranch LLC
Huston Marietta B Trust
Correction Deed
—
Apr 3, 2007
$734,792
Double G Ranch LLC
Huston Marietta B Trust
Grant Deed
—
—
—
Val Vista Melrose LLC
—
Deed Of Trust
related
$200,000 · Sharon Waterman
—
—
Orthoarizona Mob South Gilbert
—
Deed Of Trust
related
$12,400,000 · Arizona Busn Bk
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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