885 Warner Rd Gilbert, AZ 85296-3075
- Retail space
- 8,494 SF
- 1.14 lot acres
Current Use by Public Records
- Taco Bell / Mexican Restaurant / Breakfast Restaurant
- Michael Cullens Collins Chiro / Chiropractor
- Banner Physical Therapy - Gilbert - Warner / Physical Therapy Clinic / Medical Clinic
- Collins Chiropractic / Chiropractor
- Mobility City / Mobility Equipment Supplier / Motor Scooter Dealer
Property Details for 885 Warner Rd
- Year built
- 2008
- Construction
- STEEL FRAME
- Lot size
- 1.14 lot acres
- Property size
- 8,494 SF
- Zone code
- SC
- Property type
- Retail space
- APN
- 304-25-921
- APU
- 30425921
Description
This exceptional 8,500 square foot shopping center in Gilbert, Arizona, presents a compelling investment opportunity. Priced at $2,750,000, it boasts a 6.08% cap rate and a substantial net operating income (NOI) of $167,144. Currently 100% occupied by four tenants in a triple-net (NNN) lease structure, the property offers immediate value-add potential. Two tenants are significantly below market rent, averaging $19.66 per square foot, while the submarket average is approximately $27.00 per square foot. One tenant's lease expires in April 2025, presenting an immediate opportunity to increase rental income. Built in 2008 on a 1.14-acre lot, the center benefits from its location on Warner Road, a high-traffic corridor with over 49,500 vehicles per day, providing excellent visibility. The property is strategically positioned near major retailers including Target, Lifetime Fitness, and Home Depot, serving a dense population with high average household incomes exceeding $128,134 within a 5-mile radius and $141,768 within 3 miles. The property is anchored by an Albertsons grocery store, which recently completed over $1.5 million in renovations, demonstrating a long-term commitment to the location. Rent bumps are included in the lease agreements.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $1,630,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $1,610,000
- 6.5%
- $1,465,000
- 7%
- $1,435,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $1,810,000
- Geo Method
- $1,710,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $1,710,000
- Retail
- $1,805,000
- Mixed-Use
- $1,425,000
- Hospitality
- $1,430,000
- Educational
- $1,720,000
- Residential Income
- $1,540,000
- Energy
- $1,425,000
- Income-Based Land
- $1,855,000
- Food Service
- $1,505,000
Location Insight
- Map
- Local Demand
- City
- Gilbert
- County
- Maricopa
- State
- Arizona
- Longitude
- -111.771
- Latitude
- 33.335
- CBSA code
- 38060
- CBSA name
- PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA
