1010 S Smith Road

    Tempe, AZ 85281
    • $2,590,000
    • STATUS: Active
    • ON SITE: 86 days
    • MLS #: 5851048
    UPDATED: 21 min ago
    $2,590,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Multi-Family
    Built:
    1961
    County:
    Area:

    School Ratings & Info

    School District:

    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+.

    Monthly Payment Calculator

    © 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Yost Realty Group at RE/MAX Casa Grande. Data last updated 2019-02-22T18:11:54.843.
    www.yosthomes.com/homes/89676149

    1010 S Smith Road Tempe, AZ 85281

    • Price: $2,590,000
    • Status: Active
    • Updated: 21 min ago
    • MLS #: 5851048
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1961
    Built
    Neighborhood:
    Rancho El Dorado 26-35, 45-53
    County:
    Maricopa
    Area:
    Tempe
    School District:
    003 - Tempe School District
    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+.
    Exterior Features

    Construction Block Construction Finish PaintedStone Covered Parking Spaces 0.00 Lot Size Dimensions 215.72X176.64 Parking >1 Space Per Unit Roads Asphalt/Blacktop Roofing Rolled Total Parking Spaces 16.00

    Interior Features

    1 Bedroom Unit Avg Sq Ft 0 1 Bedroom Unit Baths 0 2 Bedroom Unit Avg Sq Ft 800 2 Bedroom Units Baths 1 3 Bedroom Unit Avg Sq Ft 0 3 Bedroom Unit Baths 0 4 Bedroom Unit Avg Sq Ft 0 4 Bedroom Unit Baths 0 Appliances Included RefrigeratorWasher/DryerDishwasher Cooling Individual Efficiency Unit Avg Sq Ft 0 Efficiency Unit Baths 0 Floors Vinyl/Composition Heating Electric Interior Amenities Other (See Remarks)

    Property Features

    1 Bedroom Unit Avg Rent 0.00 1 Bedroom Units 0 2 Bedroom Unit Avg Rent 1150.00 2 Bedroom Units 16 3 Bedroom Unit Avg Rent 0.00 3 Bedroom Units 0 4 Bedroom Unit Avg Rent 0.00 4 Bedroom Units 0 Adjusted Gross Inc 214563.20 Annual Elec Exp 0.00 Annual Gas Exp 0.00 Annual Ins Exp 3200.00 Annual Land Lse Exp 0.00 Annual Landscape Exp 1600.00 Annual Legal And Acctg 1600.00 Annual Maint Exp 7200.00 Annual Mgmt Exp 12563.00 Annual Other Expense 0.00 Annual Ownr Asoc Fee 0.00 Annual Pad Fee 0.00 Annual Rplcmnt Rsrvs 1600.00 Annual Trash Exp 0.00 Annual Wtr Swr Exp 12800.00 Community Amenities No Pool Efficiency Unit Avg Rent 0.00 Efficiency Units 0 Electric None Gas None Gross Annual Sch Inc 224256.00 Hoa YN No Net Operating Income 161456.00 New Financing Other (See Remarks) Operating Exp 41566.00 Other Income 1600.00 Other Type Other (See Remarks) Owner Pays WaterLandscapingTrash Project Type 13 - 24 Units Sale Includes Other (See Remarks) Sewer Sewer - Public Source Of Financial Data Provided By Owner Tax Municipality Tempe Taxes 1003.00 Tenant Pays ElectricCable Tv Vacancy Allowance 0.05 Water Other (See Remarks) Zoning R-4

    Listing courtesy of Abi Multifamily.
    © 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. The ARMLS logo indicates a property listed by a real estate brokerage other than Yost Realty Group at RE/MAX Casa Grande. Data last updated 2019-02-22T18:11:54.843.
     
    Yost Realty Group at RE/MAX Casa Grande
    317 E. Cottonwood Lane, Suite C
    Casa Grande AZ, 85122