Riggs Circle | 510 N Horne
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Riggs Circle 510 N Horne
25 Unit Apartment Building $5,100,000 ($204,000/Unit) 6.93% Cap Rate Mesa, AZ 85203
Investment Highlights
- 7 of the 25 units are renovated with in-suite washer & dryers, stainless steel appliance package, new kitchens, new bathrooms, new plumbing & eletric
- Proven renovation plan with new rent levels already achieved at a $488 premium over the in place average rent
- Mesa AZ boasts some of the largest and most dynamic industrial developments in the metro area
- Below market rents for a perfect value add opportunity to capitalize on the growth in the Mesa submarket
- Located just minutes from downtown Mesa, home to over 300 local business, city hall, new multifamily class A construction
- Located in the 2nd largest city in the Phoenix metro area and 3rd largest in the state of Arizona
Executive Summary
Commonwealth Real Estate Advisors is pleased to present Riggs Circle, a 25 unit value-add multifamily opportunity located just outside of downtown Mesa. Built in 1971 of block construction and pitched roofs the property is comprised of all two bedroom one bath floorplans that are 650 square feet. Current ownership has renovated seven units with new rental rates attaining a premium of $488 over the current in place average. Renovated units include new kitchens with custom shaker cabinetry, new stainless steel appliance package, in-suite washer and dryers, new bathroom vanities and tub surrounds, tiled backsplashes and new wood plank vinyl flooring throughout.
Excellent upside remains by renovating the remaining nineteen units with the same level of finishes that the current renovated units have allowing for an investor to capitalize on an additional $111,264 of gross income post renovation. Riggs Circle offers a rare opportunity for an investor to acquire a value-add asset with new rents already proven out in the current rent roll. The property is located in Mesa, AZ, just outside of its downtown area. Mesa is the most populous city in the east valley with a population of over 510,000 according to the 2020 census, making it the third largest city in the state behind Phoenix and Tucson.
Excellent upside remains by renovating the remaining nineteen units with the same level of finishes that the current renovated units have allowing for an investor to capitalize on an additional $111,264 of gross income post renovation. Riggs Circle offers a rare opportunity for an investor to acquire a value-add asset with new rents already proven out in the current rent roll. The property is located in Mesa, AZ, just outside of its downtown area. Mesa is the most populous city in the east valley with a population of over 510,000 according to the 2020 census, making it the third largest city in the state behind Phoenix and Tucson.
Financial Summary (Pro forma - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$442,500
|
$26.72
|
| Other Income |
$15,000
|
$0.91
|
| Vacancy Loss |
$15,390
|
$0.93
|
| Effective Gross Income |
$442,110
|
$26.70
|
| Taxes |
$8,592
|
$0.52
|
| Operating Expenses |
$80,224
|
$4.84
|
| Total Expenses |
$88,816
|
$5.36
|
| Net Operating Income |
$353,294
|
$21.33
|
Financial Summary (Pro forma - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $442,500 |
| Annual Per SF | $26.72 |
| Other Income | |
|---|---|
| Annual | $15,000 |
| Annual Per SF | $0.91 |
| Vacancy Loss | |
|---|---|
| Annual | $15,390 |
| Annual Per SF | $0.93 |
| Effective Gross Income | |
|---|---|
| Annual | $442,110 |
| Annual Per SF | $26.70 |
| Taxes | |
|---|---|
| Annual | $8,592 |
| Annual Per SF | $0.52 |
| Operating Expenses | |
|---|---|
| Annual | $80,224 |
| Annual Per SF | $4.84 |
| Total Expenses | |
|---|---|
| Annual | $88,816 |
| Annual Per SF | $5.36 |
| Net Operating Income | |
|---|---|
| Annual | $353,294 |
| Annual Per SF | $21.33 |
Property Facts
| Price | $5,100,000 | Building Class | C |
| Price Per Unit | $204,000 | Lot Size | 1.79 AC |
| Sale Type | Investment | Building Size | 16,560 SF |
| Cap Rate | 6.93% | Average Occupancy | 100% |
| No. Units | 25 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1971/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.96/1,000 SF |
| Apartment Style | Garden |
| Price | $5,100,000 |
| Price Per Unit | $204,000 |
| Sale Type | Investment |
| Cap Rate | 6.93% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.79 AC |
| Building Size | 16,560 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1971/2023 |
| Parking Ratio | 2.96/1,000 SF |
Unit Amenities
- Air Conditioning
- Microwave
- Washer/Dryer
- Heating
- Kitchen
- Granite Countertops
- Range
- Lawn
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 25 | $1,475 | 650 |
1 of 1
Bike Score ®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 137-13-092A | Total Assessment | $88,669 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | $8,592 ($0.52/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
137-13-092A
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$88,669 (2025)
Annual Taxes
$8,592 ($0.52/SF)
Tax Year
2023
zoning
| Zoning Code | M-H |
| M-H |
1 of 14
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Riggs Circle | 510 N Horne
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.