1660 Higley RdGilbert, AZ 85234

Property Details for 1660 Higley Rd

Year built

2007

Construction

STEEL FRAME

Lot size

1.07 AC

Property size (Sq ft)

7,560 SF

Zone code

R-3

Property type

Strip malls

Property subtype

Neighborhood centers

APN

140-69-009A

APU

14069009A

Description

This exceptional 7,500 square foot retail center in Gilbert, Arizona, presents a compelling investment opportunity. Boasting a 6.00% cap rate and 100% occupancy, the property generates a substantial net operating income (NOI) of $284,574. The center is strategically located on Higley Road, a high-traffic area with over 54,000 vehicles daily, and benefits from its shadow-anchoring by Sprouts Farmers Market. Approximately 87% of the gross leasable area (GLA) is occupied by Banner Urgent Care and Woolf Eye Care, providing stability and income growth through rent increases built into tenant leases. The property features 52 parking spaces and sits on a 1.07-acre lot (APN: 140-69-009A). Its prime location is further enhanced by proximity to major retailers such as Safeway, Fry's, McDonald's, Chick-fil-A, and Starbucks, ensuring high visibility and foot traffic. Significant future growth potential is fueled by the planned expansion of Banner Health directly north, a new Hilton Garden Inn, and the addition of 261 multifamily units (Higley Apartments). The property's location across from the 286-bed Banner Gateway Medical Center (1,990 employees) and its proximity to the US 60 freeway (over 249,000 vehicles daily) further solidify its strong investment potential. The average household income within a one-mile radius exceeds $116,000, indicating a robust consumer base. This is a rare opportunity to acquire a high-performing retail asset in a rapidly growing market. The asking price is $4,743,000.

• CAP approach

  CAP return

  Valuation

  6%

  $3,523,017

  6.5%

  $3,252,016

  7%

  $3,019,729

• Comparable approach

  Method

  Valuation

  Relative Method

  $4,297,570

  Geo Method

  $4,297,570

• Alternative Use

  Use

  Valuation

  Residential

  $2,743,197

  Hospitality

  $2,512,754

  Educational

  $2,090,582

  Medical

  $2,162,480

  Retail

  $3,252,016

Location Insight

City

Gilbert

County

Maricopa

State

Arizona

Latitude

33.3805

Longitude

-111.723

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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