
Gilbert, AZ 85298
This Multi-Generational Income Property is a High-Potential Investment Opportunity, listed at $1,500,000—positioned slightly above the $1,461,358 Fair Market Value. While the price reflects a premium, the property offers significant utility through its Independent Guest House and Flood-Irrigated Acreage. With a Fair Condition Rating and recent mechanical updates, the home provides a stable foundation for value-add cosmetic renovations. Located near Top-Rated Schools like Basha High, this versatile asset is ideal for Buy-and-Hold Investors or Owner-Occupants seeking long-term flexibility and rental income potential.
Rare Gilbert multi-generational property on 1-acre lot. Features 3,300 sq ft total, independent guest house, and horse privileges. Prime investment in Basha HS area.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2593 E RIDGEWOOD Lane Subject | $1,500,000* List Price | 6 | 4 | 3,300 | $443 | - |
A 2863 E CEDAR WAXWING Drive Pending | $1,449,000 List Price | 5 | 3 | 3,390 | $427 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
The property was built in 1999, making it over 25 years old. While key systems (HVAC, water heater) and surfaces (carpet, paint) were updated within the last two years, the kitchen and bathrooms are likely original or dated, as the listing suggests the 'ability to update' to fit needs. This fits the 'Fair' criteria of being >20 years old and needing cosmetic updates.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 46435, living area = 3300.
The property features a fully independent 1,296 sq ft second residence with its own kitchen, laundry, and 2-car garage, providing exceptional value for multi-generational living or rental income.
Situated on a rare flood-irrigated corner acre with horse privileges, the lot offers significant space and flexibility for adding a pool, RV garage, or additional ADUs under current Arizona law.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 3300, other record living area = 2004. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 6, other record bedroom count = 2.
With over 100 days on the market, the property may be facing pricing resistance or perceived stagnation compared to faster-moving inventory in the Gilbert area.
Built in 1999 and maintained by original owners, the interior finishes may require additional investment in cosmetic updates to meet the contemporary luxury standards expected at this price point.
Rare Multi-Generational or Income Opportunity on Irrigated Acre in Greenfield Acres. Total livable space of approximately 3,300 sq ft includes a 2,004 sq ft main residence plus a fully independent 1,296 sq ft guest house--offering a rare multi-generational or income opportunity on a flood-irrigated acre in the highly sought-after Greenfield Acres community. The guest house is a true second residence with 2 bedrooms, 2 bathrooms, full kitchen, living area, private laundry, 2-car garage, separate driveway, and private entrance. The main home offers 4 bedrooms, 2 bathrooms, vaulted ceilings, good natural light, an open layout, and a fireplace anchoring the main living space. The garage includes a 2-car door with extended 3-car bay depth and epoxy flooring. Exterior paint, carpet, HVAC system, and water heater have all been updated within the past two years. Situated on a corner lot with separate street access for each residence, the property offers privacy and flexibility for a variety of living arrangements. The acre lot is fully flood irrigated with horse privileges, RV gate access, and room to build a pool, RV garage, or additional improvements. Under current Arizona law, properties of this size may allow for up to three total units (main home, attached ADU, and detached ADU), offering long-term flexibility. Located in the desirable Greenfield Acres neighborhood, known for its mature tree-lined streets, irrigated lots, and custom homes in a prime Gilbert location. The original owners have maintained the property since it was built and have hosted the annual neighborhood car show for over a decade. A unique opportunity to own a property with multiple living options and the ability to update or expand to fit your needs. Additional photos of both residences and property details will be uploaded soon.
No exterior & parking available.
Grades PK-6 • 1.2 mi
Grades 7-8 • 1.7 mi
Grades 6-12 • 1.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 6.0 | 0.0 |
| Baths | 4.0 | 0.0 |
| Square foot | 3,300 | - |
| Lot Size | 46,435 | - |
| Price | $1.50M | $554.5K |
| Price per sq ft | $455 | $287 |
| Built year | 1999 | 0 |
| HOA | $150 | $0 |
| Days on market | 120 | 2717 |
Mar 25, 2026
$1,500,000
Initial Listing