2977 E LEXINGTON Avenue, Gilbert, AZ 85234, Gilbert, 85234 - 4 bed, 2 bath
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Gilbert, AZ 85234
This Single-Family Residence in Morrison Ranch represents a High-Potential Investment Opportunity, listed at $749,750—positioned well above the $655,557 Fair Market Value by -14%. While the home maintains a Condition Rating of 4, its original 2001 finishes offer a clear path for value-add renovations. Featuring a 3-car garage, hardwood flooring, and a spacious 10,440 sqft lot, the property provides significant lifestyle appeal. This is an ideal acquisition for Value-Add Investors or Owner-Occupants looking to personalize a well-maintained home in a prime Gilbert location.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 2977 E LEXINGTON Avenue Subject | $734,950* List Price | 4 | 2 | 2,584 | $252 | - |
A 2808 E PARK Avenue Active | $649,000 List Price | 4 | 2 | 2,105 | $308 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 2001 (25 years old), the home is described as 'largely original.' While exceptionally well-maintained and move-in ready, the kitchen and finishes (maple cabinets, Corian counters) are dated and exceed the 20-year threshold for a 'Good' rating without a recent renovation.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 10440, living area = 2584.
Situated in the highly desirable Morrison Ranch area, the property offers exceptional access to the Riparian Preserve, extensive cycling trails, and top-tier Gilbert shopping and dining.
Meticulously cared for by only two owners, the home features high-quality elements such as plantation shutters, hardwood flooring, and a spacious three-car garage.
The home is largely in its original 2001 condition with Corian countertops and maple cabinets, which may require a significant cosmetic overhaul to meet modern aesthetic preferences.
Because the property is priced near the top of the market for its age, buyers will need to factor in additional capital for updates to the kitchen and bathrooms to maximize future equity.
Wonderful opportunity in highly desirable Morrison Ranch! This well-maintained 4 bed, 2 bath single-level home with a 3-car garage is ideally located near the Riparian Preserve, walking paths, cycling trails, parks, shopping and dining. Lovingly cared for by only two owners, the home is largely original but exceptionally maintained and ready for its next owner to enjoy or personalize. Features include hardwood flooring in select areas, plantation shutters, 42'' maple kitchen cabinets, Corian counters, island, gas range, large pantry, and a spacious primary suite with separate tub/shower, dual sinks and closet built-ins. One bedroom includes a Murphy bed. Covered patio and great Gilbert location!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 4.0 | 50% |
| Baths | 2.0 | 3.0 | 49% |
| Square foot | 2,584 | 2,075.5 | 81% |
| Lot Size | 10,440 | 6,839 | 85% |
| Price | $735.0K | $454.8K | 93% |
| Price per sq ft | $284 | $233 | 72% |
| Built year | 2001 | 1994 | 80% |
| HOA | $156 | $82 | 78% |
| Days on market | 24 | 2540 | 1% |
Jun 4, 2026
$734,950
$749,750
-2% Price Drop
Initial Listing
May 14, 2026
$749,750
Initial Listing
Nov 19, 2001
$240,196
Public Record