$4,650,000
510 N HORNE
Mesa, AZ 85203
MLS# 6989104

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Property Description
The Riggs Circle Apartments consists of 25 units, all 2bed/1bath with private yards and washer/dryer in unit. The garden style property has covered parking and an on site pool for tenant amenities. 16 of the 25 units have now been renovated and the property is fully occupied.

Details
Maps
Contract Info
Ownership: Fee Simple
Current Price: $4,650,000
List Price: $4,650,000
Status: Active
List Date: 2026-02-24
Location, Tax & Legal
Assessor's Map #: 13
Legal Description (Abbrev): GREEN ACRES REPLATTED - LOTS 13, 14, 15 AND 16 EX TH E 109.5F OF LOTS 13 AND 14
Assessor's Parcel #: 92
Assessor Parcel Ltr: A
Add'l Parcels: No
Tax Municipality: Mesa
Census Tract: 420902
Taxes: 8748
Legal: GREEN ACRES REPLATTED - LOTS 13, 14, 15 AND 16 EX TH E 109.5F OF LOTS 13 AND 14
Marketing Name: Riggs Circle Apartments
House Number: 510
Compass: N
Street Name: HORNE
St Suffix: --
City/Town Code: Mesa
State/Province: AZ
Zip Code: 85203
Zip4: 7134
Country: US
County Code: Maricopa
Subdivision: GREEN ACRES RE-PLATTED
Assessor Number: 137-13-092-A
Tax Year: 2025
General Property Description
# of Buildings: 7
Uncvrd Parking Spcs: 25
Lot Size Dimensions: IRR
Total # of Units: 25
Elementary School District: Mesa Unified District
High School District: Mesa Unified District
Year Built: 1971
Zoning: M-H
Legal Info
Range: 5E
Section: 14
Township: 1N
Lot Number: 13
Project Type
25 - 50 Units: 1
Construction
Block: 1
Const - Finish
Stucco: 1
Roofing
Composition: 1
Floors
Tile: 1
Sale Includes
Land & Building: 1
Income & Expenses
Owner Association: No
Annual Ownr Asoc Fee: 0
Operating Exp: 8748
Other Income: 15000
Vacancy Allowance: 0.05
Adjusted Gross Inc: 434625
Pmt & Rate Info
Cap Rate: 6.47
Equity: 4950000
Down Payment %: 0
Monthly Payments: 0
Total Owed: 0
Showing Notification Methods
Showing Service: No Showing Service Used
Email: 1
Lockbox Type
None: 1
Community Features
Pool: 1
Heating
Electric: 1
Cooling
Ceiling Fan(s): 1
Electric: 1
Individual: 1
Exterior Amenities
Landscape Water System: 1
Green Landscaping: 1
Partially Fenced: 1
Interior Features
Fire/Smoke Alarm(s): 1
Tenant Pays
Electricity: 1
Appliances Included
Dishwasher: 1
Disposal: 1
Microwave: 1
Refrigerator: 1
Built-In Range: 1
Washer/Dryer: 1
Road Access Type
City Street: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Projected Proforma: 1
Water Source
City Franchise: 1
Sewer
Sewer - Public: 1
Parking Features
Free: 1
>1 Space Per Unit: 1
Paved: 1
Assigned: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Cash: 1
Conventional: 1
Reports/Disclosures
None: 1
Environmental
None: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 25
Avg Rent: 1475
Avg SqFt: 650
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Remarks Misc
Cross Street: Horne and University Drive
Directions: From Horne and University, drive north of Horne. Property is on west side of street.
Geo Lat: 33.424138
Geo Lon: -111.814839
Income Expenses
Gross Annual Sch Inc: 442500
Net Operating Income: 320250
Property Features
Project Type: 25 - 50 Units
Construction: Block
Const - Finish: Stucco
Roofing: Composition
Floors: Tile
Sale Includes: Land & Building
Community Features: Pool
Exterior Amenities: Landscape Water System; Green Landscaping; Partially Fenced
Interior Features: Fire/Smoke Alarm(s)
Appliances Included: Built-In Range; Refrigerator; Dishwasher; Disposal; Microwave; Washer/Dryer
Cooling: Ceiling Fan(s); Electric; Individual
Water Source: City Franchise
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: >1 Space Per Unit; Assigned; Free; Paved
Road Access Type: City Street
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity
Source of Fincl Data: Projected Proforma
Showing Notification Methods: Email
Lockbox Type: None
New Financing: Cash; Conventional
Environmental: None
IDX
Listing Office: Orion Investment Real Estate

Last Updated: June - 05 - 2026

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