Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    510 N Horne Mesa, AZ 85203
    Back to Search
    Property profile & analytics

    510 N Horne, Mesa, AZ 85203

    View on Map
    • Commercial real estate
    • 16,250 SF
    • 1.79 lot acres
    For Sale
    $4,950,000
    View Listing →
    Mesa Boutique Apartment Community For Sale
    $4,950,000

    Mesa Boutique Apartment Community

    Boutique apartment community in central Mesa with modern amenities.

    510 N Horne, Mesa, AZ 85203
    View Listing
    Property ID
    US07-0685583
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Riggs Circle / Apartment Complex
    • Tech Tile Corp / General Contractor / Renovation Specialist

    Property Details for 510 N Horne

    Year built
    1971
    Lot size
    1.79 lot acres
    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Mesa
    County
    Maricopa
    State
    Arizona
    Longitude
    -111.8142573
    Latitude
    33.4243938

    Comparable in this City

    • Contact for pricing

      Mesa Boutique Apartment Community

      Boutique apartment community in central Mesa with modern amenities.
      510 N Horne, Mesa, AZ 85203
      View Details
    • $1,200,000

      Mesa Multifamily Investment Opportunity

      Affordably priced multifamily asset with value-add potential in Mesa.
      505 North Williams, Mesa, AZ 85203
      View Details
    • $425,000

      Mesa Duplex in North Mesa

      Well-maintained duplex in North Mesa, great location.
      913 E Fountain St, Mesa, AZ 85203
      View Details
    • $425,000

      Mesa Duplex in North Mesa

      Well-maintained duplex in North Mesa, great location.
      905 E Fountain St, Mesa, AZ 85203
      View Details
    • $540,000

      Mesa Duplex: Investment Opportunity

      Well-maintained duplex in Mesa with seller financing option.
      1129 N Wedgewood Cir, Mesa, AZ 85203
      View Details
    • New
      $575,000

      Remodeled Duplex in North Mesa

      Fully remodeled duplex with high cap rate in North Mesa.
      1063 N July Cir, Mesa, AZ 85203
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Mesa Boutique Apartment Community

      Boutique apartment community in central Mesa with modern amenities.
      510 N Horne, Mesa, AZ 85203
      View Details
    • $1,200,000

      Mesa Multifamily Investment Opportunity

      Affordably priced multifamily asset with value-add potential in Mesa.
      505 North Williams, Mesa, AZ 85203
      View Details
    • New
      $575,000

      Remodeled Duplex in North Mesa

      Fully remodeled duplex with high cap rate in North Mesa.
      1063 N July Cir, Mesa, AZ 85203
      View Details
    • $425,000

      Mesa Duplex in North Mesa

      Well-maintained duplex in North Mesa, great location.
      913 E Fountain St, Mesa, AZ 85203
      View Details
    • $425,000

      Mesa Duplex in North Mesa

      Well-maintained duplex in North Mesa, great location.
      905 E Fountain St, Mesa, AZ 85203
      View Details
    • $540,000

      Mesa Duplex: Investment Opportunity

      Well-maintained duplex in Mesa with seller financing option.
      1129 N Wedgewood Cir, Mesa, AZ 85203
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr

      Mesa Office/Medical Space For Lease

      Office/Medical space available for lease in Mesa, Arizona.
      1010 E University Dr, Mesa, AZ 85203
      View Details
    • $21 SF/Yr

      Prime Retail Space on Main

      Retail space with ample parking and convenient location.
      606 E Main St, Mesa, AZ 85203
      View Details
    • Contact for pricing

      Retail Space Near Loop 202

      Retail space shadow-anchored by Fry’s Marketplace near Loop 202.
      1239 E Mckellips Rd, Mesa, AZ 85203
      View Details
    • $98,000
      17,342 SF

      Mesa Hard Corner Pad

      Hard corner pad site available for lease in Mesa, Arizona.
      1961 E University Dr, Mesa, AZ 85203
      View Details
    • Contact for pricing

      Freestanding Retail Building For Lease

      Newly renovated retail building with prominent signage on a major thoroughfare.
      1535 E University Dr, Mesa, AZ 85203
      View Details
    • $22 SF/Yr

      Former Retail Storefront Available

      Former 99 Cents Only Store available for rent.
      2009 N Stapley Dr, Mesa, AZ 85203
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    510 N Horne
    Mesa, AZ 85203
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    510 N Horne, Mesa, AZ, 85203
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!