589 N Acacia Drive, Gilbert, AZ 85233, Gilbert, 85233 - 5 bed, 4 bath
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Gilbert, AZ 85233
This property presents a High-Potential Investment Opportunity with a List Price of $849,900—positioned well below the $785,715 Fair Market Value by -8%. While the property is currently priced above market, its Fair Condition Rating and "open canvas" status allow for significant value-add through modernization. Featuring a rare waterfront location on a private ski/wakeboard lake and a spacious 4,063 sqft floorplan, this asset offers immense potential for customization. This is an ideal acquisition for Value-Add Investors or Owner-Occupants seeking to build equity through strategic renovations.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 589 N Acacia Drive Subject | $849,900* List Price | 5 | 4 | 4,063 | $193 | - |
A 579 N MONDEL Drive Active | $970,000 List Price | 5 | 4 | 4,085 | $237 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 2000, the property is 24 years old, placing it in the Fair category (>20y). While the exterior appears well-maintained, the listing describes the interior as an 'open canvas' ready for 'vision to life,' which indicates that the kitchen and bathrooms are likely original and dated, requiring cosmetic updates and modernization.
Situated in the exclusive Playa del Rey gated community, this property offers rare access to one of the only ski and wakeboard lakes in the East Valley, providing a unique recreational luxury.
The expansive 4,063 sqft floor plan includes five bedrooms with two located on the main level, offering excellent flexibility for multi-generational living or guest accommodations.
Marketed as an 'open canvas,' this home presents a prime opportunity for a buyer to customize high-end finishes and build immediate equity through strategic renovations.
The 'open canvas' description indicates the home likely requires substantial cosmetic updates or modernizing to meet the standards of a luxury waterfront residence.
While the elementary school is highly accessible, the assigned middle and high schools carry lower ratings (4/10), which may be a concern for education-focused families.
Welcome to this exceptional waterfront property in Playa del Rey- a private, gated community offering one of the only ski/wakeboard lake communities in the East Valley! This stunning 5-bedroom, 4-bathroom 3-car garage home sits on a spacious, waterfront lot. The large, open floorplan features 2 bedrooms and bathrooms downstairs for added convenience. This home is an open canvas, ready for you to bring your vision to life. Whether you dream of creating a luxurious outdoor living space or enhancing the living areas, the possibilities are endless. The serene setting and prime location make this home a rare find. Welcome to your new home!
No exterior & parking available.
Grades PK-6 • 0.2 mi
Grades 6-8 • 1.8 mi
Grades 8-12 • 1.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 5.0 | 0.0 |
| Baths | 4.0 | 0.0 |
| Square foot | 4,063 | - |
| Lot Size | 8,902 | - |
| Price | $849.9K | $554.5K |
| Price per sq ft | $209 | $287 |
| Built year | 2000 | 0 |
| HOA | $300 | $0 |
| Days on market | 9 | 2717 |
Jul 13, 2026
$849,900
Initial Listing