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    Property profile & analytics

    890 Elliot Rd Gilbert, AZ 85233

    • Office buildings
    • 50,374 SF
    • 5.32 lot acres
    For Lease
    View listing
    $4 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US07-0028623
    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

    • Sold by Val Real Estate, RE/MAX Alliance Group / Real Estate Agency
    • Jeffrey Flack / Physician
    • Regus / Real Estate Agency
    • Stonecreek Roofing / Roofing Company / General Contractor
    • Robert Terrian Farmers Insurance / Insurance Agency

    Property Details for 890 Elliot Rd

    Year built
    2004
    Construction
    STEEL FRAME
    Lot size
    5.32 lot acres
    Property size
    50,374 SF
    Zone code
    CC
    Property type
    Office buildings
    APN
    302-21-951
    APU
    30221951

    Description

    This exceptional Class A office space, located in the desirable Chandler submarket of Maricopa County, offers a unique opportunity for businesses seeking a sophisticated and functional workspace. The Villa Siena building boasts a total of 50,499 square feet, with 5,125 square feet currently available for lease. This expansive space is ideal for a variety of business needs and configurations. The layout includes thirteen large executive offices, providing ample room for individual work and private meetings. A formal reception area ensures a professional first impression for clients and visitors. A dedicated conference room facilitates collaborative efforts and presentations. The property also features a private courtyard, offering a tranquil outdoor space for employees to relax and recharge. Furthermore, a spacious bullpen area provides a collaborative environment for teams. The building's multiple tenancy structure allows for flexibility and adaptability to suit various business sizes and requirements. This prime location in Chandler offers easy access to major transportation routes, amenities, and a thriving business community. Don't miss this chance to secure a prestigious and well-appointed office space in a highly sought-after location. The property is available for lease immediately.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $18,500,000
      Market price range: $6.12M - $18.5M
      AI Estimate
      $18,500,000
      Market price range: $6.38M - $18.5M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,205,000
      Current use
      RESTAURANT
      $27,670,000
      Change: +147% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $22,365,000
      Change: +100% Conversion: Difficult
      RETAIL STORES
      $18,495,000
      Change: +65% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $18,330,000
      Change: +64% Conversion: Difficult
      MEDICAL BUILDING
      $12,875,000
      Change: +15% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gilbert
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.809
    Latitude
    33.3509
    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
    $110,245
    $0.00
    $0.00
    $1,485,743
    -
    $2,642,700
    $6,361,800
    $9,004,500

    Comparable in this City

    • Value Estimation
      $1,115,000
      4,244 SF

      1757 Baseline Rd Ste, Unit 115

      OFFICE BUILDING • 4,244 SF
      1757 Baseline Rd Ste, Gilbert, AZ 85233-1533
      View Details
    • Value Estimation
      $680,000
      5,482 SF

      2325 Guadalupe Rd Ste, Unit 117

      OFFICE BUILDING • 5,482 SF
      2325 Guadalupe Rd Ste, Gilbert, AZ 85233-2811
      View Details
    • Value Estimation
      $905,000
      4,784 SF

      1410 Guadalupe Rd Ste, Unit 125

      OFFICE BUILDING • 4,784 SF
      1410 Guadalupe Rd Ste, Gilbert, AZ 85233-3041
      View Details
    • Value Estimation
      $905,000
      4,784 SF

      1410 Guadalupe Rd Ste, Unit 129

      OFFICE BUILDING • 4,784 SF
      1410 Guadalupe Rd Ste, Gilbert, AZ 85233-3041
      View Details
    • Value Estimation
      $720,000
      5,140 SF

      1757 Baseline Rd Ste, Unit 135

      OFFICE BUILDING • 5,140 SF
      1757 Baseline Rd Ste, Gilbert, AZ 85233-1535
      View Details
    • Value Estimation
      $1,080,000
      7,492 SF

      720 Cooper Rd Ste, Unit 101

      OFFICE BUILDING • 7,492 SF
      720 Cooper Rd Ste, Gilbert, AZ 85233-3789
      View Details

    Similar Nearby for Sale

    • $1,635,410
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      East Valley Commercial Property

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      Office Suites in Gilbert, Arizona

      Two office suites, one vacant, one occupied, built in 2005.
      1425 W Elliot Rd, Gilbert, AZ 85233
      View Details
    • Contact for pricing

      8.38 Acres Land Available

      Land available for sale or ground lease in Gilbert, Arizona.
      15225 E Riggs Rd, Gilbert, AZ 85233
      View Details
    • $650,000
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      Newer construction auto shop with an existing NNN lease.
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    Similar Nearby for Lease

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    • $19 SF/Yr
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    890 Elliot Rd
    Gilbert, AZ 85233
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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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