3328 E MERLOT Street, Gilbert, AZ 85298, Gilbert, 85298 - 5 bed, 3 bath
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Gilbert, AZ 85298
This Spacious Multi-Generational Home is a High-Potential Investment Opportunity, listed at $570,000—positioned well below the $670,270 Fair Market Value by 14%. This valuation gap offers $100,270 in Instant Equity. The property maintains a Good Condition Rating and features a rare downstairs guest wing, mountain views, and a granite kitchen. Located within a premier community served by Top-Rated 8/10 Schools, it balances lifestyle luxury with financial upside. This is a perfect match for Owner-Occupants or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3328 E MERLOT Street Subject | $570,000* List Price | 5 | 3 | 2,529 | $265 | - |
A 3428 E RAVENSWOOD Drive Sold | $589,000 | 4 | 3 | 2,096 | $281 | 0.1 mi |
B 3428 E RAVENSWOOD Drive Sold | $589,000 | 4 | 3 | 2,096 | $281 | 0.1 mi |
C 3692 E MORNING STAR Lane Sold | $600,000 | 3 | 3 | 2,380 | $252 | 0.9 mi |
D 3405 E FLOWER Street Sold | $689,000 | 5 | 3 | 2,780 | $248 | 0.9 mi |
E 3405 E FLOWER Street Sold | $689,000 | 5 | 3 | 2,880 | $239 | 0.9 mi |
F 3320 E MERLOT Street Active | $570,000 List Price | 5 | 3 | 2,529 | $225 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is move-in ready.
The property is move-in ready and well-maintained, featuring a kitchen with granite countertops and stainless steel appliances. Built in 2005, it falls within the 10-20 year age bracket for 'good' condition, showing minimal wear and tear. While the cabinetry and fixtures reflect the original 2005 style, the overall cleanliness, soaring ceilings, and functional layout indicate a home that has been cared for without the need for immediate major renovations.
The rare downstairs guest wing featuring two bedrooms and a full bath provides exceptional flexibility for multi-generational living, guests, or a quiet home office environment.
The property is zoned for highly-rated schools, all scoring an 8/10, with Riggs Elementary located less than half a mile away, offering significant value for families.
Soaring ceilings at the entry create an immediate sense of luxury and space, while the large upstairs loft offers desirable mountain views that enhance the home's ambiance.
The association fee of $618 is relatively high for the area, which increases the monthly carrying costs and may impact the overall affordability for some buyers.
Built in 2005, the home is approaching the 20-year mark, meaning original major components like the HVAC, roof, or water heater may be nearing the end of their typical life cycles.
MOVE-IN READY IN SEVILLE! This beautiful 5-bedroom+ loft, 3-bath home offers the perfect blend of space and style. Featuring a rare downstairs guest wing (2 bedrooms + full bath), this home is ideal for any living situation. Highlights include soaring ceilings at the entry, a gourmet kitchen with granite counters and a breakfast bar, and a huge upstairs loft with mountain views. The primary suite is a true sanctuary with a walk-in closet and dual vanities.
No exterior & parking available.
Grades PK-6 • 0.3 mi
Grades PK-6 • 1.4 mi
Grades 7-8 • 0.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 5.0 | 4.0 | 82% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 2,529 | 2,351 | 59% |
| Lot Size | 6,050 | 8,170 | 17% |
| Price | $570.0K | $519.5K | 56% |
| Price per sq ft | $225 | $259 | 44% |
| Built year | 2005 | 2006 | 45% |
| HOA | $618 | $258 | 83% |
| Days on market | 25 | 2499 | 1% |
Mar 28, 2026
$570,000
Initial Listing