510 Horne Mesa, AZ 85203

Property Details for 510 Horne

Year built

1971

Lot size

1.79 lot acres

Property size

16,250 SF

Property type

Commercial real estate

APN

137-19-092A

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.