220 W VERANO Place, Gilbert, AZ 85233, Gilbert, 85233 - 4 bed, 3 bath
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Gilbert, AZ 85233
This Spacious Lakefront Community Residence is a High-Potential Investment Opportunity, listed at $494,999—positioned well below the $565,058 Fair Market Value by 12%. This valuation gap offers $70,059 in Instant Equity for the incoming buyer. Boasting a Condition Rating of 3, the interior features vaulted ceilings, a new AC unit, and serene lake views within the Lago Estancia community. Located near Downtown Gilbert and Mesquite High School, this property perfectly balances lifestyle perks with significant financial upside. It is ideal for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 220 W VERANO Place Subject | $494,999* List Price | 4 | 3 | 2,148 | $263 | - |
A 507 W SIERRA MADRE Avenue Sold | $560,000 | 4 | 3 | 2,182 | $257 | 0.8 mi |
B 507 W Sierra Madre Avenue Sold | $560,000 | 4 | 3 | 2,182 | $257 | 0.8 mi |
C 638 W Sierra Madre Avenue Sold | $540,000 | 3 | 2 | 2,058 | $262 | 0.9 mi |
D 518 S QUAIL Lane Sold | $375,000 List Price | 3 | 2 | 1,642 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and benefits from significant recent cosmetic and mechanical updates, including a new AC unit, brand-new carpeting, and fresh two-toned paint. While the kitchen cabinets and countertops, as well as the master bathroom's gold-toned shower enclosure, reflect the original 1994 style, the addition of new vanities in all baths and updated stainless steel appliances elevates the overall quality. The home is well-maintained with functional systems and no apparent deferred maintenance.
Situated in the desirable Lago Estancia community, the property offers serene views of lush green spaces and a lake, providing a peaceful atmosphere within close proximity to downtown Gilbert's dining and shopping.
The home features a recently replaced AC unit—a critical value-add for the Arizona climate—along with brand-new carpeting, fresh two-toned paint, and updated bathroom vanities throughout.
With soaring vaulted ceilings and a gourmet kitchen featuring a central island, the 2,148-square-foot layout offers an airy, contemporary feel that is ideal for both daily living and entertaining.
The lot size of 4,757 square feet is relatively compact for a four-bedroom residence, which may restrict backyard activities or gardening options for buyers seeking a larger private yard.
The assigned public schools currently hold mid-range ratings of 4, which may be a consideration for families prioritizing high-performing educational districts.
This stunning four-bedroom, 2.5-bath home boasts an inviting atmosphere with brand-new carpet and tasteful two-toned paint throughout. The spacious living area features soaring vaulted ceilings, creating an airy feel. The gourmet kitchen is perfect for entertaining, featuring an elegant island that facilitates both cooking and socializing. Retreat to the luxurious master bathroom, complete with separate tub and shower, as well as new vanities in all baths for a fresh, modern touch. Enjoy picturesque views from the property, overlooking lush green space and a serene lake in a charming lake community. Conveniently located near downtown Gilbert, you'll have easy access to premier shopping and dining. The recently replaced AC unit and ample garage storage enhance the home's functionality, making it an ideal haven for comfort and leisure.
No exterior & parking available.
Grades PK-6 • 0.8 mi
Grades 6-8 • 0.5 mi
Grades 8-12 • 1.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 3.0 | 2.0 | 57% |
| Square foot | 2,148 | 1,963 | 61% |
| Lot Size | 4,757 | 7,139 | 6% |
| Price | $495.0K | $443.0K | 59% |
| Price per sq ft | $230 | $230 | 50% |
| Built year | 1994 | 1994 | 50% |
| HOA | $90 | $100 | 46% |
| Days on market | 26 | 2291 | 1% |
Mar 27, 2026
$494,999
Initial Listing