1,563 Transactions in 2019

1337 S Gilbert Road, Mesa AZ 85204

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Sold $5,000,000
Retail
Description

Tableland Village II Retail Center

Retail Sold - AZ

OFFERING SUMMARY

  • 1337 S Gilbert Rd., Mesa AZ 85204
  • Year Built: 1985
  • Building Size: 39,401 sq ft
  • Property Name: Tableland Village II
  • Sold Price: $5,000,000.00
  • Price PSF: $126.90
  • Sold Date: 7/3/2019
  • Cap Rate: 5.6%
  • NOI: $280,000.00
  • Land Size: 3.50 acres
  • Property Type: Multi-Tenant Retail Building
  • Lease Type: Absolute Net
  • Type: Investment
  • Zoning:  C2
  • Role: Buyer Rep
  • Parking Ratio:  5.00/1,000 SF

Value added multi-tenant retail center for sale. Tableland Village II at southeast corner of Gilbert Road & Southern Avenue at a signalized intersection. Close proximity to US 60.

The center is constructed of block with a decorative brick facade. The walkway is covered by an attractive copper colored metal roof and features a decorative bronze fascia on the underside. The property has relatively good visibility from Gilbert Rd. and features a multi-tenant monument sign on Gilbert Rd. 43,111 VPD on Gilbert Rd.

There are 23 suites although some tenants occupy more than one suite. Currently 51% leased, great value added potential with current 49% vacancy. Current capitalization rate of 5.9% at 51% occupancy; potential capitalization rate of 11.7% at 93% occupancy.

Attractive 39,618 SF Multi-Tenant Retail Building on a 3.33 Acre Parcel. Constructed in 1986. Suites can be used for Retail, Office, or Medical. It is in the opinion of the listing brokers that a medical office would be a great use for the property.



BROKERS

Tom Semancik
Kyle Davis
Phill Tomlinson



Property Features
  • Retail

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