1010 S Smith Road, Tempe, AZ 85281

$2,590,000
List Price
$2,590,000
Days on Market
52
Status
ACTIVE
MLS#
5851048
City
Tempe
Subdivision
Rancho El Dorado 26-35, 45-53
Year Built
1961

Property Description

Las Palmas Apartments is a 16-unit multifamily property. ~6.22% CAP on actuals! The property is comprised of 100% 2-bed / 1-bath 800-sq ft. units. 10 of the 16 units are equipped with large private backyards. In each unit, Las Palmas has been completely renovated with vinyl plank flooring, granite countertops, stainless-steel appliances, new A/C in all units, and individual washer / dryers. The property also features a new paved parking lot, as well as extremely low maintenance desert landscaping. Las Palmas Apartments will make an ideal asset in the highly desirable Tempe submarket. There are still two units with leases expiring in December that have not been renovated. The seller has guaranteed completion by January 2019, and once completed, intends to lease both at $1,150+.

Additional Information

School District
213 - Tempe Union High School District
Construction
Block
Cooling
Individual
Electric
None
Finish
Painted, Stone
Floors
Vinyl/Composition
Gas
None
Guest House Sq Ft
16
Heating
Electric
Interior Amenities
Other (See Remarks)
New Financing
Other (See Remarks)
Parking
>1 Space Per Unit
Project Type
13 - 24 Units
Roofing
Rolled
Sewer
Sewer - Public
Pool
Yes
Subdivision
Rancho El Dorado 26-35, 45-53
Taxes
$1,003
Tenant Pays
Electric, Cable TV
Units
16
Water
Other (See Remarks)
Zoning
R-4

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of ABI Multifamily.

All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved.