518 S LAGOON Drive, Gilbert, AZ 85233, Gilbert, 85233 - 3 bed, 2 bath
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Gilbert, AZ 85233
This Waterfront Turnkey Residence is a Prime Investment Opportunity, listed at $1,035,000—positioned well below the $1,300,084 Fair Market Value by 20%. This significant valuation gap delivers $265,084 in Instant Equity. The property maintains an Excellent Condition Rating following $275,000 in high-end upgrades, including a remodeled chef’s kitchen and designer bathrooms. The backyard features a resort-style pool and putting green with direct lagoon views. Located near Islands Elementary, this home offers a rare blend of lifestyle and equity. 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 |
|---|---|---|---|---|---|---|
★ 518 S LAGOON Drive Subject | $1,020,000* List Price | 3 | 2 | 2,613 | $382 | - |
A 940 W COAST Drive Sold | $1,000,000 | 4 | 2 | 2,507 | $399 | 0.6 mi |
B 920 W GRAND CAYMEN Drive Sold | $716,500 | 5 | 3 | 2,597 | $276 | 0.6 mi |
C 1526 W SEA HAZE Drive Sold | $763,300 | 4 | 3 | 2,690 | $284 | 0.5 mi |
D 926 W COAST Drive Sold | $1,125,000 List Price | 4 | 2 | 2,583 | 0.6 mi | |
E 820 S COPPER KEY Court Sold | $1,220,000 | 5 | 3 | 3,251 | $375 | 0.3 mi |
F 770 S OCEAN Drive Active | $1,149,000 List Price | 4 | 3 | 2,757 | $417 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
Although built in 1986, the property has undergone extensive renovations totaling over $275,000 within the last 5 years, bringing it to current quality standards. The home features a fully remodeled kitchen with high-end cabinetry and stainless steel appliances, updated bathrooms with modern tile work and a jet tub, and contemporary wood-look flooring throughout. The exterior is equally well-maintained with a resort-style pool, putting green, and professional landscaping, showing no signs of deferred maintenance.
This property is a rare waterfront home in the prestigious 'The Islands' community, offering serene lake views and a premium lot position that enhances both lifestyle and resale value.
With over $275,000 invested in upgrades, the home features a fully remodeled kitchen and bathrooms, providing a contemporary, turn-key living experience for the buyer.
The backyard is a private paradise featuring a sparkling pool with a waterfall and Baja shelf, a putting green, and mature fruit trees, perfect for high-end entertaining.
Built in 1986, the home may have older underlying infrastructure or architectural elements that require more maintenance than newer constructions in the Gilbert area.
The assigned middle and high schools currently carry lower ratings (4/10), which may be a consideration for families prioritizing top-tier academic scores.
1 Story, updated, waterfront home in The Islands. Beautiful remodeled kitchen & baths. Sparkling pool w waterfall & Baja shelf. Home features 3 beds + office (or convert to 4th bed). Spacious LR & DR room. Cozy family room w fireplace open to kitchen w views to backyard paradise. Primary bedroom has gorgeous ensuite w jet tub & walk-in tiled shower + private exit to backyard. Backyard features amazing covered patio, pool, removable safety fence, putting green, Tangelo tree & fig tree, plus raised garden bed. Sellers invested over $275k in renovations over the years (see list in documents). ''The Islands'' community offers huge park w playgrounds, running track & sports courts & many events throughout the year: concerts in the park, boat parades, car show, and much more!
No exterior & parking available.
Grades PK-6 • 0.6 mi
Grades PK-6 • 1.0 mi
Grades 6-8 • 1.2 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 45% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 2,613 | 1,963 | 80% |
| Lot Size | 8,908 | 7,144 | 82% |
| Price | $1.02M | $443.0K | 96% |
| Price per sq ft | $390 | $230 | 98% |
| Built year | 1986 | 1994 | 5% |
| HOA | $401 | $102 | 98% |
| Days on market | 62 | 2291 | 1% |
Apr 16, 2026
$1,020,000
$1,035,000
-1% Price Drop
Initial Listing
Feb 19, 2026
$1,035,000
Initial Listing