885 Warner RdGilbert, AZ 85296

Property Details for 885 Warner Rd

Year built

2008

Construction

STEEL FRAME

Lot size

1.14 AC

Property size (Sq ft)

8,494 SF

Zone code

SC

Property type

Retail space

APN

304-25-921

APU

30425921

Description

This exceptional 8,500 square foot shopping center in Gilbert, Arizona, presents a compelling investment opportunity. Priced at $2,750,000, it boasts a 6.08% cap rate and a substantial net operating income (NOI) of $167,144. Currently 100% occupied by four tenants in a triple-net (NNN) lease structure, the property offers immediate value-add potential. Two tenants are significantly below market rent, averaging $19.66 per square foot, while the submarket average is approximately $27.00 per square foot. One tenant's lease expires in April 2025, presenting an immediate opportunity to increase rental income. Built in 2008 on a 1.14-acre lot, the center benefits from its location on Warner Road, a high-traffic corridor with over 49,500 vehicles per day, providing excellent visibility. The property is strategically positioned near major retailers including Target, Lifetime Fitness, and Home Depot, serving a dense population with high average household incomes exceeding $128,134 within a 5-mile radius and $141,768 within 3 miles. The property is anchored by an Albertsons grocery store, which recently completed over $1.5 million in renovations, demonstrating a long-term commitment to the location. Rent bumps are included in the lease agreements.

Location Insight

City

Gilbert

County

Maricopa

State

Arizona

Latitude

33.335

Longitude

-111.771

CBSA code

38060

CBSA name

PHOENIX-MESA-SCOTTSDALE, AZ METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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