1010 S SMITH Road, Tempe, AZ 85281 (MLS# 5706928)

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

Overview

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

Listing Details MLS# 5706928

Location, Tax & Legal

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
Country: US
County Code: Maricopa
Subdivision: RANCHO EL DORADO 26-35, 45-53
Assessor Number: 132-67-038-D
Tax Year: 2017
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

Contract Info

Ownership: Fee Simple

General Property Description

Lot Size Dimensions: 172 x 211
Year Built: 1961
Uncvrd Parking Spcs: 16
Total # of Units: 16
# of Buildings: 8
Zoning: R-4
Elementary School District: Tempe Elementary School District

Remarks Misc

Cross Street: Hayden Lane
Directions: South of Hayden Lane on Smith Road, West side.

Status Change Info

Off Market Date: 2018-01-30
Under Contract Date: 2018-01-26
Close of Escrow Date: 2018-03-30

Legal Info

Township: 1N
Range: 4E
Section: 24
Lot Number: 34

More Information

Income Expenses

Gross Annual Sch Inc: 127356
Net Operating Income: 89701

2 Bedroom Units

# 2 Bedroom Units: 16
Avg Rent: 725
Avg SqFt: 720
# Baths: Yes

Sold Info

Loan Type: Conventional
Loan Years: 25
Payment Type: Fixed
Closing Cost Split: Normal - N
Buyer Concession $/%: $
Seller Concession $/%: $
Buyer Concession to Seller: 0
Seller Concession to Buyer: 0

Project Type

13 - 24 Units: Yes

Construction

Block: Yes

Const - Finish

Painted: Yes

Roofing

Composition: Yes

Floors

Concrete: Yes

Sale Includes

Land & Building: Yes

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: Yes
Interest: Yes

Community Features

No Pool: Yes
Play Area: Yes

Heating

Heat Pump: Yes

Cooling

Heat Pump: Yes

Exterior Amenities

Green Landscaping: Yes
Desert Landscaping: Yes
Patio/Balcony: Yes
Separate Storage: Yes

Interior Features

Unfurnished: Yes
Fire/Smoke Alarm(s): Yes
Vertical Blinds: Yes

Tenant Pays

Electricity: Yes
Cable TV: Yes

Appliances Included

Refrigerator: Yes
Free-Standing Range: Yes
W/D Hookup: Yes

Road Surface Type

Asphalt: Yes

Source of Fincl Data

Owner: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

1 Space/Unit: Yes
Paved: Yes

Electric

SRP: Yes

Gas

None: Yes

Owner Pays

Water: Yes
Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

Conventional: Yes
No Carry: Yes

Existing 1st Loan

Treat as Free&Clear: Yes

Existing 1st Loan Type

Fixed: Yes

Existing 1st Loan Terms

Non Assumable: Yes

Existing 2nd Loan

Treat as Free&Clear: Yes

Existing 2nd Loan Type

Not Applicable: Yes

Existing 2nd Loan Terms

Not Applicable: Yes

Existing 3rd Loan

Treat as Free&Clear: Yes

Existing 3rd Loan Type

Not Applicable: Yes

Reports/Disclosures

Seller Prop Disc Stm: Yes

Existing 3rd Loan Terms

Not Applicable: Yes

Environmental

None: Yes

Existing Othr Ln Trm

Not Applicable: Yes

Efficiency Units

Avg Rent: 0

1 Bedroom Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

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