1337 S Gilbert Road, Mesa AZ 85204

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.