New search
Property profile & analytics
OFF-MARKET
Estimated value
$1,040,000
Flex space
623 Commerce Ave Gilbert, AZ 85233-4307
Entity Owned
~
Est. High Equity
Property ID
US07-1254177
Property profile
Verified
Property type
Flex space
Use group
LIGHT INDUSTRIAL
Year built
1980
Construction
STEEL FRAME
Total area
5,860 SF
Lot
0.73 ac (31,809 SF)
Zoning code
LI
APN
302-15-024
UPID
US07-1254177
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
-
April Air Conditioning Hardware & Home Improvement HVAC Service
-
All Tech Automotive Auto & Diesel Repair Auto Repair Shop
-
3-D Automotive Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.11M
Blend (final)
Blend
$1.04M
Owner & transaction history
623 Properties LLC
623 Properties LLC
since 2026
Last sale
$1.0M
7 recorded transactions
Zoning & alternative use
LI · Gilbert, AZ
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.5M
+66.5%
Office building
$1.3M
+44.9%
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
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$900,000
Current use
MEDICAL BUILDING
$1,500,000
Change: +66% · Conversion: Difficult
OFFICE BUILDING
$1,305,000
Change: +45% · Conversion: Difficult
Blend value · Realmo final
$1.04M
Range $936k – $1.14M · ±10% · vs last sale $1.00M (Mar 3 2026)
Last sale anchor
$1.00M
Mar 3 2026
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
$177 / 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
$6,021
Tax year 2023
Assessed value
$153,879
Assessed 2024
Previous assessed
$127,925
+20.3% YoY
Effective rate
3.91%
On assessed value
Land market value
$250,600
Improvement market value
$682,000
Total market value
$932,600
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
Flex space
Use group
LIGHT INDUSTRIAL
Status
Off-Market
Year built
1980
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
YES
Stories
1
Total area
5,860 SF
Lot
0.73 ac (31,809 SF)
Zoning code
LI
APN
302-15-024
UPID
US07-1254177
Jurisdiction
MARICOPA
Zoning & alternative use
LI · Gilbert, AZ
Zoning LI · permitted uses
LI · Gilbert, AZ
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Gilbert. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$900,000
MEDICAL BUILDING
Est. value
$1.5M
OFFICE BUILDING
Est. value
$1.3M
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
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
1980
Construction
STEEL FRAME
Heating
PACKAGE
Cooling
Yes
Stories
1
Lot
0.73 ac
Current owner
From public records · entity-resolved
623 Properties LLC
Entity
Mailing address
3042 S NOCHE DE PAZ, MESA, AZ 85202-7828
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
15 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 3, 2026
$1,000,000
623 Properties LLC
Hipke Properties LLC
Warranty Deed
$509,300 · First Fidelity Bank
Mar 3, 2026
—
623 Properties LLC
—
Deed
related
$423,000 · Arizona Capital Source
May 14, 2020
—
Hipke Properties LLC
—
Deed
related
$225,750 · Oneaz Cu
Dec 20, 2018
—
Hipke Properties LLC
—
Deed
related
$110,000 · Oneaz Cu
Mar 24, 2004
—
Hipke Properties LLC
Hipke,larry H & Glenis A
Quit Claim Deed
related
—
Aug 18, 1987
$280,000
Hipke Larry H
Garsi
Grant Deed
$275,000
—
—
Hipke Properties LLC
—
Deed Of Trust
related
$110,000 · Oneaz Cu
—
—
Hipke Properties LLC
—
Loan Modification
related
—
—
—
Hipke Properties LLC
—
Deed Of Trust
related
$225,750 · Oneaz Cu
—
—
Hipke Properties LLC
—
Deed Of Trust
related
—
—
—
Larry H Hipke
—
Deed Of Trust
related
$210,000 · Community Bank Arizona
—
—
Larry H Hipke
—
Deed Of Trust
related
$50,000 · Community Bank Arizona
—
—
Hipke Properties LLC
—
Deed Of Trust
related
$100,000 · Meridian Bank
—
—
Hipke Properties LLC
—
Deed Of Trust
related
$100,000 · Meridian Bank
—
—
Hipke Properties LLC
—
Deed Of Trust
related
$224,911 · Meridian Bank
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 623 Commerce Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
