1337 S Gilbert Road, Mesa AZ 85204
Tableland Village II Retail Center
Retail Sold - AZ
- 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.