129 N ELM Street, Gilbert, AZ 85234 (MLS# 7089046)

129 N ELM Street, Gilbert, AZ 85234

$873,000

Property Type: Multiple Dwellings Bedrooms: 4 Baths: 2 Status: Active

Current Price: $873,000 Last Modified: 10/04/2026

Overview

Description

Wow! Fantastic Duplex sitting in the sought after Heritage District in downtown Gilbert. Essentially in the middle of the restaurants, entertainment and nightlife. This Twin Home has 2 units that are 2-BDRM 1 bath both with separate laundry. Both units are fully leased with long term tenants . RARE DOWNTOWN GILBERT DUPLEX - 8,799 SQ FT LOT -- MF/L ZONING - REMODELED UNIT - $3,095/MONTH CURRENT RENTS -PRIVATE YARDS -- 633 SQ FT GARAGE. Unit A has been fully remodeled and is approximately 756 Sq. Ft.! Unit B s approximately 1021 Sq. Ft.. The additional value in is the location, this is a rare downtown Gilbert land/property holding that produces $37,140/year in rents with long-term redevelopment potential. See Document Tab for additional property information. Do not Disturb Tenants!!

Listing Details MLS# 7089046

Location, Tax & Legal

House Number: 129
Compass: N
Street Name: ELM
St Suffix: Street
City/Town Code: Gilbert
State/Province: AZ
Zip Code: 85234
Zip4: 5773
Country: US
County Code: Maricopa
Subdivision: COOPER ADD
Assessor Number: 304-11-011
Tax Year: 2025
Assessor's Map #: 11
Legal Description (Abbrev): LOT 11 COOPER ADD MCR 006529
Assessor's Parcel #: 11
Add'l Parcels: No
Tax Municipality: Gilbert
Census Tract: 422402
Taxes: 1232
Legal: LOT 11 COOPER ADD MCR 006529
Marketing Name: COOPER ADD

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 8,799
Year Built: 1956
Uncvrd Parking Spcs: 2
Total # of Units: 2
# of Buildings: Yes
Zoning: MF/L ZONING
Flood Zone: No
Elementary School District: Gilbert Unified District
High School District: Gilbert Unified District
Elementary School: Burk Elementary School
Jr. High School: Mesquite Jr High School
High School: Gilbert High School

Remarks Misc

Cross Street: Gilbert & Elliot Rd
Directions: NORTH OF ELLIOT ON GILBERT RIGHT ON COLLUMBER SOUTH ON ELM TO PROPERTY

Legal Info

Township: 1S
Range: 6E
Section: 7
Lot Number: 11

2 Bedroom Units

# 2 Bedroom Units: 2
Avg Rent: 1550
Avg SqFt: 860
# Baths: Yes

More Information

Structure

Bedrooms Total: 4
Bathrooms Total: 2

Income Expenses

Gross Annual Sch Inc: 37140
Net Operating Income: 2815

Showing Notification Methods

Showing Service: Aligned Showings
Text: Yes
Email: Yes
Phone Call: Yes

Contact Info

List Agent Home Phn: 602-292-6372

Project Type

Duplex: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes
Rolled: Yes

Floors

Tile: Yes
Vinyl: Yes
Ceramic Tile: Yes

Sale Includes

Land & Building: Yes
Laundry Equipment: Yes

Income & Expenses

Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 1232
Other Income: 0
Vacancy Allowance: 0.02
Adjusted Gross Inc: 36397.2
Total Monthly Rental Income: 3095

Pmt & Rate Info

Cap Rate: 0.32
Equity: 873000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0

Lockbox Type

None: Yes

Community Features

Other: Yes

Heating

Natural Gas: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes
Electric: Yes

Exterior Amenities

Separate Storage: Yes

Interior Features

Fire/Smoke Alarm(s): Yes
Mini Blinds: Yes

Tenant Pays

Gas: Yes
Electricity: Yes
Cable TV: Yes

Appliances Included

Disposal: Yes
Refrigerator: Yes
Free-Standing Range: Yes
Washer/Dryer: Yes
W/D Hookup: Yes

Road Access Type

City Street: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Road Responsibility

City Maintained Road: Yes

Water Source

City Franchise: Yes

Sewer

Sewer - Public: Yes
Sewer-In & Connected: Yes

Parking Features

Garage: Yes
Carport: Yes
>1 Space Per Unit: Yes
Paved: Yes
Attached Carport: Yes
Attached Garage: Yes

Electric

APS: Yes

Gas

SW Gas: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes

New Financing

Cash: Yes
Conventional: Yes
No Carry: Yes
1031 Exchange: Yes

Existing 1st Loan

Conventional: Yes

Existing 1st Loan Terms

Non Assumable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Environmental

None: Yes

Property Features

Project Type: Duplex Construction: Block Const - Finish: Painted Roofing: Composition; Rolled Floors: Tile; Vinyl; Ceramic Tile Sale Includes: Land & Building; Laundry Equipment Community Features: Other Exterior Amenities: Separate Storage Interior Features: Fire/Smoke Alarm(s); Mini Blinds Appliances Included: Free-Standing Range; Refrigerator; Disposal; Washer/Dryer; W/D Hookup Heating: Natural Gas Cooling: Ceiling Fan(s); Electric; Central Air Water Source: City Franchise Sewer: Sewer - Public; Sewer-In & Connected Electric: APS Gas: SW Gas Parking Features: Garage; Carport; >1 Space Per Unit; Paved; Attached Carport; Attached Garage Road Access Type: City Street Road Surface Type: Asphalt Road Responsibility: City Maintained Road Owner Pays: Water; Trash Collection Tenant Pays: Electricity; Gas; Cable TV Source of Fincl Data: Owner Showing Notification Methods: Text; Email; Phone Call Lockbox Type: None Existing 1st Loan: Conventional Existing 1st Loan Terms: Non Assumable New Financing: Cash; Conventional; No Carry; 1031 Exchange Environmental: None

Listing Office: New Perspective Realty

Office Phone: 480-788-9280

Office Email: edk2121@yahoo.com

Last Updated: October - 04 - 2026