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Property profile & analytics
OFF-MARKET
Estimated value
$99,150,000
Showrooms
396 William Dillard Dr Gilbert, AZ 85233-4510
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US07-1160225
Property profile
Verified
Property type
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Year built
1991
Construction
CONCRETE
Total area
235,573 SF
Lot
23.54 ac (1,025,238 SF)
Zoning code
LI
APN
302-23-063
UPID
US07-1160225
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
-
Dillard's Distribution Center Distribution Center Logistics Company
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$136.84M
Blend (final)
Blend
$99.15M
Owner & transaction history
Higbee Louisiana LLC · 1 yrs held
Higbee Louisiana LLC
since 2025
1 recorded transaction
Zoning & alternative use
LI · Gilbert, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The intent of the Light Industrial zoning district is to provide for wholesale and warehousing uses as well as those manufacturing uses that include fabrication, manufacturing, assembly or processing of materials that are in refined form.
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
1,647.98 ac
Source
Realmo
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
Blend value · Realmo final
$99.15M
Range $89.24M – $109.07M · ±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
$421 / 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
$218,467
Tax year 2023
Assessed value
$6,854,213
Assessed 2024
Previous assessed
$5,661,203
+21.1% YoY
Effective rate
3.19%
On assessed value
Land market value
$6,491,300
Improvement market value
$35,132,000
Total market value
$41,623,300
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
Showrooms
Use group
SHOW ROOM, WAREHOUSE
Status
Off-Market
Year built
1991
Construction
CONCRETE
Heating
PACKAGE
Cooling
YES
Buildings
3
Stories
1
Units
3
Total area
235,573 SF
Lot
23.54 ac (1,025,238 SF)
Zoning code
LI
APN
302-23-063
UPID
US07-1160225
Jurisdiction
MARICOPA
Zoning & alternative use
LI · Gilbert, AZZoning LI · permitted uses
LI · Gilbert, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The intent of the Light Industrial zoning district is to provide for wholesale and warehousing uses as well as those manufacturing uses that include fabrication, manufacturing, assembly or processing of materials that are in refined form.
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
1,647.98 ac
Source
Realmo
Building & site characteristics
From public records
Year built
1991
Construction
CONCRETE
Heating
PACKAGE
Cooling
Yes
Stories
1
Buildings
3
Units
3
Lot
23.54 ac
Current owner
From public records · entity-resolved
Higbee Louisiana LLC
Entity
Free & Clear · 1 yrs held
Mailing address
4501 N BCH ST, FORT WORTH, TX 76137-3218
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 24, 2025
—
Higbee Louisiana LLC
Dillard Store Services INC
Special Warranty Deed
—
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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