510 HorneMesa, AZ 85203

Property Details for 510 Horne

Year built

1971

Lot size

1.79 AC

Property size (Sq ft)

16,250 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional value-add multifamily investment opportunity presents a 25-unit apartment building situated on a 1.79-acre lot in Mesa, Arizona (APN: 137-19-092A). The property, built in 1971 and partially renovated in 2023, consists of seven single-story buildings totaling 16,250 square feet of net rentable space. All units feature two bedrooms and one bathroom, each approximately 650 square feet. Currently boasting a 95% occupancy rate, the property offers a compelling current cap rate of 5.52% and a pro-forma cap rate of 6.67%, with a pro-forma NOI of $353,300. Six units have undergone recent renovations, including new kitchens with custom shaker cabinetry, stainless steel appliances, in-suite washer/dryers, updated bathrooms, tiled backsplashes, and new wood plank vinyl flooring. These renovations have yielded a $488 premium in rental rates. Significant upside potential exists by completing renovations on the remaining 19 units, projected to increase gross income by an additional $111,264. Amenities include private backyards for each unit and a community pool. The property is zoned M-H and is conveniently located near downtown Mesa, offering easy access to employment centers in Downtown Mesa, Tempe, Scottsdale, Gilbert, and Chandler. The asking price is $5,300,000 ($212,000 per unit and $326.15 per square foot). This represents a rare chance to acquire a well-positioned asset with proven rental rate increases and substantial future growth potential.

Location Insight

City

Mesa

County

Maricopa

State

Arizona

Latitude

33.4244

Longitude

-111.814

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