1010 S SMITH Road, Tempe, AZ 85281
$1,600,000
Property Type:
Multiple Dwellings
Status:
Closed
Current Price:
$1,600,000
Last Modified:
3/31/2018
Description
Las Palmas Apartments is a 16-unit duplex style apartment community located in Tempe, Arizona. The property is of 1961
vintage, with recent renovations, built of solid block, in a beautiful low-density courtyard setting. The unit mix is all 16
two-bedroom/one-bath units at approximately 720 square feet. Each unit is individually metered for electricity and
equipped with frost-free refrigerators, stove and hood. In the past 2 years major capital expenditures have been
completed. Select units have upgraded appliances, flooring, fixtures and electrical outlets. The community also provides
its residents with on-site laundry. Value-add improvements can be made such as adding washer/dryers to each patio with pre-existing hookups; fencing in patios, gating property, adding BBQ picnic area e
More Information MLS# 5706928
Contract Info
Ownership: Fee Simple
Current Price: $1,600,000
Sold Price: $1,600,000
Status: Closed
List Date: 2018-01-10
Location, Tax & Legal
Assessor's Map #: 67
Legal Description (Abbrev): RANCHO EL DORADO LOT 34 N 175' OF E2
Assessor's Parcel #: 38
Assessor Parcel Ltr: D
Add'l Parcels: Yes
Tax Municipality: Tempe
Census Tract: 319201
Taxes: 3870
Legal: RANCHO EL DORADO LOT 34 N 175' OF E2
Marketing Name: Las Palmas Apartments
Map Code/Grid: R37
House Number: 1010
Compass: S
Street Name: SMITH
St Suffix: Road
City/Town Code: Tempe
State/Province: AZ
Zip Code: 85281
Zip4: 4543
County Code: Maricopa
Subdivision: RANCHO EL DORADO 26-35, 45-53
Assessor Number: 132-67-038-D
Tax Year: 2017
General Property Description
# of Buildings: 8
Uncvrd Parking Spcs: 16
Lot Size Dimensions: 172 x 211
Total # of Units: 16
Elementary School District: Tempe Elementary School District
Year Built: 1961
Zoning: R-4
Legal Info
Range: 4E
Section: 24
Township: 1N
Lot Number: 34
Project Type
13 - 24 Units: 1
Construction
Block: 1
Const - Finish
Painted: 1
Roofing
Composition: 1
Floors
Concrete: 1
Sale Includes
Land & Building: 1
Income & Expenses
Annual Elec Exp: 0
Annual Gas Exp: 0
Annual Ins Exp: 4000
Annual Land Lse Exp: 0
Annual Landscape Exp: 2400
Annual Legal & Acctg: 0
Annual Maint Exp: 9233
Annual Mgmt Exp: 8414
Annual Trash Exp: 0
Annual Wtr/Swr Exp: 8686
Owner Association: No
Annual Ownr Asoc Fee: 0
Annual PAD Fee: 0
Annual Rplcmnt Rsrvs: 0
Annual Other Expense: 3052
Operating Exp: 39655
Other Income: 2000
Vacancy Allowance: 0
Adjusted Gross Inc: 129356
Pmt & Rate Info
Cap Rate: 5.1
Down Payment: 497000
Equity: 1760000
Down Payment %: 30
Monthly Payments: 6029
Total Owed: 0
Assessment Balance: 0
Payment Includes
Principal: 1
Interest: 1
Community Features
No Pool: 1
Play Area: 1
Heating
Heat Pump: 1
Cooling
Heat Pump: 1
Exterior Amenities
Green Landscaping: 1
Desert Landscaping: 1
Patio/Balcony: 1
Separate Storage: 1
Interior Features
Unfurnished: 1
Fire/Smoke Alarm(s): 1
Vertical Blinds: 1
Tenant Pays
Electricity: 1
Cable TV: 1
Appliances Included
Refrigerator: 1
Free-Standing Range: 1
W/D Hookup: 1
Road Surface Type
Asphalt: 1
Source of Fincl Data
Owner: 1
Water Source
City Franchise: 1
Master Meter: 1
Sewer
Sewer - Public: 1
Parking Features
1 Space/Unit: 1
Paved: 1
Electric
SRP: 1
Gas
None: 1
Owner Pays
Water: 1
Sewer: 1
Trash Collection: 1
Landscaping: 1
New Financing
Conventional: 1
No Carry: 1
Existing 1st Loan
Treat as Free&Clear: 1
Existing 1st Loan Type
Fixed: 1
Existing 1st Loan Terms
Non Assumable: 1
Existing 2nd Loan
Treat as Free&Clear: 1
Existing 2nd Loan Type
Not Applicable: 1
Existing 2nd Loan Terms
Not Applicable: 1
Existing 3rd Loan
Treat as Free&Clear: 1
Existing 3rd Loan Type
Not Applicable: 1
Reports/Disclosures
Seller Prop Disc Stm: 1
Existing 3rd Loan Terms
Not Applicable: 1
Environmental
None: 1
Existing Othr Ln Trm
Not Applicable: 1
Efficiency Units
Avg Rent: 0
1 Bedroom Units
Avg Rent: 0
2 Bedroom Units
# 2 Bedroom Units: 16
Avg Rent: 725
Avg SqFt: 720
# Baths: 1
3 Bedrooms Units
Avg Rent: 0
4 Bedrooms Units
Avg Rent: 0
Sold Info
Loan Type: Conventional
Loan Years: 25
Closing Cost Split: Normal - N
Payment Type: Fixed
Buyer Concession to Seller: 0
Buyer Concession $/%: $
Seller Concession to Buyer: 0
Seller Concession $/%: $
Remarks Misc
Cross Street: Hayden Lane
Directions: South of Hayden Lane on Smith Road, West side.
Geo Lat: 33.418193
Geo Lon: -111.90117
Status Change Info
Off Market Date: 2018-01-30
Under Contract Date: 2018-01-26
Close of Escrow Date: 2018-03-30
Sold Price: $1,600,000
Income Expenses
Gross Annual Sch Inc: 127356
Net Operating Income: 89701
Property Features
Project Type: 13 - 24 Units
Construction: Block
Const - Finish: Painted
Roofing: Composition
Floors: Concrete
Sale Includes: Land & Building
Payment Includes: Principal; Interest
Community Features: No Pool; Play Area
Exterior Amenities: Green Landscaping; Desert Landscaping; Patio/Balcony; Separate Storage
Interior Features: Unfurnished; Fire/Smoke Alarm(s); Vertical Blinds
Appliances Included: Free-Standing Range; Refrigerator; W/D Hookup
Heating: Heat Pump
Cooling: Heat Pump
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: SRP
Gas: None
Parking Features: 1 Space/Unit; Paved
Road Surface Type: Asphalt
Owner Pays: Water; Trash Collection; Landscaping
Tenant Pays: Electricity; Cable TV
Source of Fincl Data: Owner
Existing 1st Loan: Treat as Free&Clear
Existing 1st Loan Type: Fixed
Existing 1st Loan Terms: Non Assumable
Existing 2nd Loan: Treat as Free&Clear
Existing 2nd Loan Type: Not Applicable
Existing 2nd Loan Terms: Not Applicable
Existing 3rd Loan: Treat as Free&Clear
Existing 3rd Loan Type: Not Applicable
Existing 3rd Loan Terms: Not Applicable
Existing Othr Ln Trm: Not Applicable
New Financing: Conventional; No Carry
Environmental: None
Listing Office:
SVN/Desert Commercial Advisors
Last Updated: March - 31 - 2018
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