$1,000,000
Gilbert, AZ 85234
MLS# 6993986
Status: Closed
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Property Description
Developer / Investor Opportunity - Located in the Heritage District in Downtown Gilbert... This unique property features a single-family residence at the front & center of a long-standing trailer park, offering a rare opportunity for redevelopment or income potential. The main house includes 4 bedrooms. In addition, the property includes multiple trailer units consisting of one 2-bedroom trailer and 4 single-bedroom units. This property presents an excellent opportunity for developers, investors, or buyers seeking a value-add project. Whether you choose to renovate the existing structures, reposition the property as a rental portfolio, or explore redevelopment options, the possibilities are significant.
Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $1,000,000
Sold Price: $1,000,000
Status: Closed
List Date: 2026-02-05
Location, Tax & Legal
Unit #: TRLR
Assessor's Map #: 11
Legal Description (Abbrev): N 90' OF S 290' OF N 686.90' OF TR IN SW4 DESC AS FOL BEG AT INTERSEC OF E LI PALM ST & S LI 2ND ST
Assessor's Parcel #: 159
Add'l Parcels: No
Tax Municipality: Maricopa - COUNTY
Taxes: 2835
Legal: N 90' OF S 290' OF N 686.90' OF TR IN SW4 DESC AS FOL BEG AT INTERSEC OF E LI PALM ST & S LI 2ND ST OF GILBERT TOWNS
Marketing Name: None
House Number: 229
Compass: N
Street Name: PALM
St Suffix: Street
City/Town Code: Gilbert
State/Province: AZ
Zip Code: 85234
Zip4: 5797
County Code: Maricopa
Assessor Number: 304-11-159
Tax Year: 2025
General Property Description
# of Buildings: 8
Uncvrd Parking Spcs: 10
Lot Size Dimensions: 90x255
Total # of Units: 8
Elementary School District: Gilbert Unified District
High School District: Gilbert Unified District
Elementary School: Gilbert Elementary School
High School: Gilbert High School
Year Built: 1960
Zoning: Multi-family/Lo
Project Type
5 - 12 Units: 1
Other Type
House + Rental Units: 1
Construction
Wood Frame: 1
Const - Finish
Painted: 1
Stucco: 1
Other (See Remarks): 1
Roofing
Composition: 1
Rolled: 1
Floors
Laminate: 1
Vinyl: 1
Carpet: 1
Sale Includes
Land & Building: 1
Personal Property: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 2500
Annual Land Lse Exp: 0
Annual Landscape Exp: 1200
Annual Legal & Acctg: 0
Annual Maint Exp: 0
Annual Mgmt Exp: 6300
Annual Trash Exp: 2856
Annual Wtr/Swr Exp: 8644
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 200
Operating Exp: 24535
Other Income: 350
Vacancy Allowance: 0.05
Adjusted Gross Inc: 75485.1
Pmt & Rate Info
Cap Rate: 4.94
Down Payment: 0
Equity: 1000000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Assessment Balance: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Text: 1
Email: 1
Phone Call: 1
Lockbox Type
None: 1
Community Features
No Pool: 1
Heating
Electric: 1
Central: 1
Cooling
Ceiling Fan(s): 1
Central Air: 1
Exterior Amenities
Desert Landscaping: 1
Partially Fenced: 1
Curb(s) & Gutter(s): 1
Separate Storage: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Cable TV: 1
Other (See Remarks): 1
Appliances Included
Disposal: 1
Refrigerator: 1
Free-Standing Range: 1
W/D Hookup: 1
Road Access Type
Dedicated Street: 1
Road Surface Type
Dirt: 1
Gravel: 1
Source of Fincl Data
Owner: 1
Water Source
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Add'l Parking Avail: 1
Electric
APS: 1
Gas
None: 1
Owner Pays
Water: 1
Trash Collection: 1
New Financing
Cash: 1
Conventional: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Terms
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
None: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
# Efficiency Units: 7
Avg Rent: 1155
Avg SqFt: 600
# Baths: 1
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 1022.25
Avg SqFt: 500
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 1
Avg Rent: 1149
Avg SqFt: 650
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
# 4 Bedroom Units: 1
Avg Rent: 1700
Avg SqFt: 1500
# Baths: 4
Sold Info
Loan Type: Other
Closing Cost Split: Normal - N
Payment Type: Other
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Gilbert and Elliott
Directions: North on Gilbert Rd, East on Cullumber, North on Palm to property on the right.
Geo Lat: 33.354753
Geo Lon: -111.786226
Status Change Info
Off Market Date: 2026-03-25
Under Contract Date: 2026-03-24
Close of Escrow Date: 2026-04-17
Sold Price: $1,000,000
Legal Info
Lot Number: N/A
Income Expenses
Gross Annual Sch Inc: 79108
Net Operating Income: 49440
Property Features
Project Type: 5 - 12 Units
Other Type: House + Rental Units
Construction: Wood Frame
Const - Finish: Painted; Stucco; Other (See Remarks)
Roofing: Composition; Rolled
Floors: Laminate; Vinyl; Carpet
Sale Includes: Land & Building; Personal Property
Community Features: No Pool
Exterior Amenities: Desert Landscaping; Partially Fenced; Curb(s) & Gutter(s); Separate Storage
Interior Features: Unfurnished; Fire/Smoke Alarm(s)
Appliances Included: Free-Standing Range; Refrigerator; Disposal; W/D Hookup
Heating: Central
Cooling: Ceiling Fan(s); Central Air
Water Source: Master Meter
Sewer: Sewer - Public
Electric: APS
Gas: None
Parking Features: 1 Space/Unit; Add'l Parking Avail
Road Access Type: Dedicated Street
Road Surface Type: Gravel; Dirt
Owner Pays: Water; Trash Collection
Tenant Pays: Electricity; Cable TV; Other (See Remarks)
Source of Fincl Data: Owner
Showing Notification Methods: Text; Email; Phone Call
Lockbox Type: None
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Terms: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Cash; Conventional
Environmental: None
Supplements
Buyer to verify zoning, usage, and redevelopment opportunities with the appropriate municipality.
Listing Office: On Q Property Management
Last Updated: April - 18 - 2026
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