NOT LISTED FOR SALE

685 S Gilbert Rd Gilbert, AZ 85296

Heritage District Neighborhood

Estimated Value: $2,348,873

-- Bed
-- Bath
14,791 Sq Ft
$159/Sq Ft Est. Value

Last Sold June 01, 2023

Last sale price $2,565,000 $173 Per Sq Ft

Est. 8% decrease in value since last sale

Current estimated payment $13,632/month

24 Days on Market

Highlights

  • 2.49 Acre Lot
  • Stone Flooring
  • Heating Available
  • Gilbert Elementary School Rated A-
  • Central Air

About This Home

As of June 2023

Great Location. Renovated retail/ warehouse buildings on 2.49 acres with frontage on Gilbert Road.

Building 1 consists of an office/ retail/warehouse. The interior is configured with retail area up front, restrooms and warehouse areas, mezzanine, and a large kitchen. Building 2 is warehouse space.

Four large grade level doors, 18' ceiling height, mezzanine space

This property offers great visibility on a major road. Located within close proximity to business, retail amenities, including Quick Trip, Lowe's and less than a mile south of Downtown Gilbert.

Last Agent to Sell the Property

Don Mortensen

LRA Real Estate Group, LLC License #BR529840000 Listed on: 12/06/2022

Last Buyer's Agent

Non-MLS Agent

Non-MLS Office

Property Details

Property Type

  • Other

Est. Annual Taxes

  • $15,125

Year Built

  • Built in 1976

Lot Details

  • 2.49 Acre Lot
  • Block Wall Fence
  • Property is zoned GC

Home Design

  • 14,791 Sq Ft Home
  • Composition Roof
  • Metal Siding

Flooring

  • Stone
  • Concrete

Parking

  • 42 Open Parking Spaces
  • 42 Parking Spaces

Utilities

  • Central Air
  • Heating Available

Community Details

  • 2 Buildings

Listing and Financial Details

  • Assessor Parcel Number 304-23-021-B

Property Details

Property Type

Other

Est. Annual Taxes

$15,125

Year Built

Built in 1976

Lot Details

0

Listing Details

  • Cross Street: Gilbert Road and Warner
  • Legal Info Range: 6E
  • Property Type: Comm/Industry Sale
  • Zoning: GC
  • Current Use: Retail, Warehouse, Bar
  • Number Of Buildings: 2
  • Year Built: 1976
  • Tax Year: 2022
  • Directions: North on Gilbert Road to southeast Corner of Gilbert Road and Palomino Drive
  • Lot Size Acres: 2.49
  • Structure Type: Commercial, Distribution/Warehse
  • Tax Parcel Letter: B
  • Special Features: None
  • Property Sub Type: Other

Interior Features

  • Flooring: Stone, Concrete

Exterior Features

  • Fencing: Block
  • Construction Type: Metal Siding
  • Roof: Composition, Other, See Remarks
  • Construction:Metal: Yes

Garage/Parking

  • Open Parking Spaces: 42.0
  • Total Parking Spaces: 42.0
  • General Property Description:Uncvrd Parking Spcs: 42.0
  • General Property Description:Total Parking Spcs: 42.0
  • Parking:Free: Yes
  • Parking:Private Parking: Yes
  • Parking:Fenced: Yes

Utilities

  • Electric: SRP
  • Cooling: Central A/C
  • Heating: Electric
  • Water Source: City Franchise
  • Heating:Electric: Yes
  • Heating:Warehouse Heated: Yes

Lot Info

  • Lot Size Sq Ft: 108464.0
  • Additional Parcels: No
  • Parcel #: 304-23-021-B
  • ResoLotSizeUnits: SquareFeet

Tax Info

  • Tax Annual Amount: 15125.0
  • Tax Book Number: 304.00
  • Tax Lot: --
  • Tax Map Number: 23.00

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
Sep 8, 2025
Sold by
Pacific Oakmark Gilbert Llc
Bought by
Gfm Cre Llc
Current Estimated Value
$2,348,873

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$5,000,000
Outstanding Balance
$5,000,000
Interest Rate
6.72%
Mortgage Type
New Conventional
Estimated Equity
-$2,651,127

Purchase Details

Listed on
Dec 6, 2022
Closed on
Jun 1, 2023
Sold by
Hamser Hill Llc
Bought by
Pacific Oakmark Gilbert Llc
Seller's Agent
Don Mortensen
LRA Real Estate Group, LLC
Buyer's Agent
Non-MLS Agent
Non-MLS Office
List Price
$2,495,000
Sold Price
$2,565,000
Premium/Discount to List
$70,000
2.81%
Views
3

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-3.60%

Purchase Details

Listed on
Mar 17, 2020
Closed on
Aug 21, 2020
Sold by
Butler Hovde Llc
Bought by
Hamser Hill Llc
Seller's Agent
Tanner Milne
The Menlo Group Commercial Real Estate
Buyer's Agent
Don Mortensen
LRA Real Estate Group, LLC
List Price
$1,900,000
Sold Price
$1,630,000
Premium/Discount to List
-$270,000
-14.21%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
18.14%
Original Mortgage
$825,000
Interest Rate
2.9%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 28, 2008
Sold by
Butler Hovde Farms
Bought by
Butler Hovde Llc

Purchase Details

Closed on
Jun 30, 1994
Sold by
Hovde Barbara Lynn
Bought by
Hovde C Bruce
Source: Public Records

Range of Values:

Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area

Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Gfm Cre Llc $3,800,000 Chicago Title Agency
Pacific Oakmark Gilbert Llc $2,565,000 Old Republic Title Agency
Hamser Hill Llc $1,630,000 Old Republic Title Agency
Butler Hovde Llc $45,549 None Available
Hovde C Bruce -- --
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Gfm Cre Llc $5,000,000
Previous Owner Hamser Hill Llc $825,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
06/01/2023 06/01/23 Sold $2,565,000 +2.8% $173 / Sq Ft
04/30/2023 04/30/23 Price Changed $2,495,000 0.0% $169 / Sq Ft
03/04/2023 03/04/23 Price Changed $2,495,000 0.0% $169 / Sq Ft
01/26/2023 01/26/23 Price Changed $2,495,000 0.0% $169 / Sq Ft
12/29/2022 12/29/22 Pending -- -- --
12/28/2022 12/28/22 Pending -- -- --
12/05/2022 12/05/22 For Sale $2,495,000 +53.1% $169 / Sq Ft
09/11/2020 09/11/20 Sold $1,630,000 -14.2% $142 / Sq Ft View Prior Sale
05/01/2020 05/01/20 Pending -- -- --
03/17/2020 03/17/20 For Sale $1,900,000 -- $165 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $14,588 $161,768 -- --
2024 $15,108 $158,879 -- --
2023 $15,108 $269,263 $204,867 $64,396
2022 $15,125 $228,445 $121,135 $107,310
2021 $16,091 $234,018 $124,596 $109,422
2020 $15,853 $220,032 $112,680 $107,352
2019 $14,728 $200,952 $104,112 $96,840
2018 $14,322 $187,704 $106,524 $81,180
2017 $13,853 $175,986 $98,640 $77,346
2016 $14,203 $143,496 $88,074 $55,422
2015 $13,311 $139,453 $83,990 $55,463
Source: Public Records

Agents Affiliated with this Home

  • Don Mortensen

    Seller's Agent in 2023

    Don Mortensen

    LRA Real Estate Group, LLC

    (480) 526-5644

    2 in this area

    119 Total Sales

    Don Mortensen
    Section Image

  • N

    Buyer's Agent in 2023

    Non-MLS Agent

    Non-MLS Office

  • T

    Seller's Agent in 2020

    Tanner Milne

    The Menlo Group Commercial Real Estate

    Section Image
See All Agents

Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 6495949

Arizona Regional Multiple Listing Service (ARMLS)

APN: 304-23-021B

Arizona Maricopa County Gilbert 85296 Heritage District

685 S Gilbert Rd, Gilbert, AZ

This home is located at 685 S Gilbert Rd, Gilbert, AZ 85296 since 06 December 2022 and is currently estimated at $2,348,873, approximately $158 per square foot. This property was built in 1976. 685 S Gilbert Rd is a home located in Maricopa County with nearby schools including Gilbert Elementary School, Mesquite Junior High School, and Gilbert Arts Academy.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Arizona Regional Multiple Listing Service (ARMLS) All information should be verified by the recipient and none is guaranteed as accurate by ARMLS

Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

Nearby Homes