1421 W CORAL REEF Drive, Gilbert, AZ 85233, Gilbert, 85233 - 3 bed, 3 bath
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Gilbert, AZ 85233
This Waterfront Peninsula Townhouse is a High-Potential Investment Opportunity, listed at $550,000—positioned well below the $706,050 Fair Market Value by 22%. This significant valuation gap provides $156,050 in Instant Equity. Boasting a Well-Maintained Condition Rating, the home features a private dock, energy-efficient windows, and a freshly recoated roof. Located in the prestigious Islands community near Islands Elementary, it offers a resort lifestyle with navigable waterways and panoramic lake views. This is an exceptional find for Owner-Occupants or lifestyle-driven buyers seeking immediate value.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1421 W CORAL REEF Drive Subject | $550,000* List Price | 3 | 3 | 2,289 | $308 | - |
A 1426 W Coral Reef Drive Sold | $590,000 | 2 | 3 | 2,048 | $288 | 0.0 mi |
B 517 S MARINA Drive Active | $595,000 List Price | 3 | 3 | 2,003 | $297 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
Built in 1988 (36 years old), the property is exceptionally well-maintained and move-in ready. It features significant recent capital improvements including all-new energy-efficient windows, new glass doors, updated LED lighting, and a freshly recoated roof. While the Saltillo tile and overall architecture reflect its age, the functional systems and 'mint' maintenance level elevate it above the Fair category.
Situated at the tip of a peninsula with a private dock, this property offers rare, panoramic lake views and direct access to over 70 acres of navigable waterways in the highly coveted Islands community.
The home features recent high-value improvements, including all-new energy-efficient windows, new glass doors, updated LED lighting, and a freshly recoated flat roof, reducing immediate maintenance concerns for the buyer.
At nearly 2,300 square feet, the interior offers a unique two-story atrium that floods the home with natural light, complemented by a versatile loft and a large primary suite with a private lakeside balcony.
Built in 1988, the property may soon require updates to original mechanical systems or further interior modernizations to match the standards of newer luxury developments in the Gilbert area.
With a lot size of only 1,668 square feet, the property offers very limited private outdoor space or yard area, which may not appeal to buyers looking for traditional gardening or play spaces.
When your backyard is a lake... everyday feels like a vacation! This exceptional Coral Reef townhouse, nestled in Gilbert's highly coveted community, The Islands, offers breathtaking panoramic waterfront views at the tip of the peninsula. If you love kayaking, paddleboarding, boating, or simply watching the sunset reflect over the water, this is your ideal tropical retreat! Simply step out to your private dock and explore over 70 acres of connected waterways. Inside, enjoy iconic, refinished hexagonal southwest Saltillo tile flowing seamlessly from the entry into the kitchen and dining areas. A 2-story atrium lets in natural light, highlighting a spacious layout with a versatile upstairs loft. Two cozy fireplaces anchor this home - one in the main living space and the other in the spacious primary suite which includes a private balcony, walk-in closet, dual sinks, a separate shower, and a soaking tub with a great view of the lake. Recent upgrades include all-new energy-efficient windows, glass doors opening to the patio and balcony, updated LED lighting, new ceiling fans, and a freshly recoated flat roof. Enjoy quick access to the community pool, ample guest parking, welcoming neighbors, and an active events calendar that includes movie nights and concerts in the park. Additional amenities include sports courts, an exercise track, playgrounds, picnic areas, and annual electric light boat parades during the holidays. Just minutes from downtown Gilbert and Chandler with a ton of amazing shopping and dining options nearby. Come visit The Islands today!
No exterior & parking available.
Grades PK-6 • 0.2 mi
Grades PK-6 • 1.3 mi
Grades 6-8 • 1.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 2.0 | 67% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 2,289 | 1,359 | 92% |
| Lot Size | 1,668 | 2,084.5 | 42% |
| Price | $550.0K | $0 | 83% |
| Price per sq ft | $240 | $0 | 58% |
| Built year | 1988 | 1996 | 8% |
| HOA | $224 | $182 | 75% |
| Days on market | 5 | 2978 | 8% |
Apr 17, 2026
$550,000
Initial Listing