Luxury Townhome Community Near
For Sale
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150 S Horne, Mesa, AZ 85204
Built in 2023, 10-unit community near light rail.
Property Size22,000 SF
Price / SF$211.36
Days on Market197
Property Features for 150 S Horne
General Information
Standard status
Active
Size
22,000 SF
Class
A
Property subtype
Multifamily
Zoning
RM-4
Occupancy
100%
Investment Type
Stabilized
Building Details
Year Built
2023
Buildings
3
Stories
3
Units
10
Listing Agency:
Cushman & Wakefield - Phoenix, Arizona
Listed By:
Jeems Lochridge · License #AZ SA685245000
Source:
Crexi
Added: Mar 24
Changed: Oct 1
Last Checked: Oct 5 at 6:20PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cushman & Wakefield - Phoenix, Arizona
Investment Insights
Based on property information with market context.
Stone View on Horne is a 10-unit luxury townhome community constructed in 2023. The property is located within walking distance of Downtown Mesa and the light rail. Each unit offers 2,200 square feet of living space and includes stainless steel appliances, quartz countertops, open-concept great rooms, in-unit washer and dryer, plank flooring, custom cabinetry, and a private attached garage. The property is intended for multifamily or residential income use.
Key Highlights
- New Construction (2023): Modern build with contemporary design and features.
- Luxury Townhome: Enjoy high‑end finishes and a spacious layout.
- Large Unit Size: 2,200 square feet provides ample living space.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$227,122
Cap Rate
4.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,542,440
$4.5M
Cap Rate 7%
$3,244,600
$3.2M
Cap Rate 9%
$2,523,578
$2.5M
Market Conditions
NOI Build-Up for 22,000 SF
Gross rent
$435.6K $19.80/SF
− Vacancy
−$22.7K −$1.03/SF
EGI
$412.9K $18.77/SF
− OpEx
−$185.8K −$8.45/SF
NOI
$227.1K $10.32/SF
Area
ZIP 85204
Vacancy
5.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,542,440
Cap Rate 7%
$3,244,600
Cap Rate 9%
$2,523,578
Alternative Uses
Best Use
Apartment 5plus
$3.24M
$2.84M – $3.79M
NOI $227,122 @ 7.0% cap · market cap 4.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.30M
$6.39M – $8.52M
NOI $511,341 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,065
Businesses Nearby
Explore this area
Business Placement
Demographics for 85204, AZ
63,808
Population
24,536
Households
2.6
Avg Household Size
33
Median Age
20%
College-Educated
84%
High-School Grad
9.9 sq mi
ZIP Area
6,445
Density / Sq Mi
$69,474
Median Household Income
$40,347
Median Earnings
$1,426
Median Rent
$296,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 2023, 10-unit community near light rail.
Where is this apartment building located?
The property is located at 150 S Horne Mesa, AZ.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: New Construction (2023): Modern build with contemporary design and features.; Luxury Townhome: Enjoy high‑end finishes and a spacious layout.; Large Unit Size: 2,200 square feet provides ample living space.
