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  • Price$2,590,000
  • Built1961

1010 S Smith Road, Tempe

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+.

Essential Information

  • MLS® #5851048
  • Price$2,590,000
  • Year Built1961
  • TypeMulti-Family
  • Sub-Type13 - 24 Units
  • StatusActive

Amenities

  • AmenitiesNo Pool
  • Parking Spaces16
  • Parking>1 Space Per Unit

Exterior

  • Lot Description215.72x176.64
  • RoofRolled
  • ConstructionBlock

Additional Information

  • ZoningR-4

Community Information

  • Address1010 S Smith Road
  • SubdivisionRANCHO EL DORADO 26-35, 45-53
  • CityTempe
  • CountyMaricopa
  • StateAZ
  • Zip Code85281

Interior

  • Interior FeaturesOther (See Remarks)
  • AppliancesRefrigerator, Dishwasher, Washer/Dryer
  • HeatingElectric
  • CoolingIndividual

School Information

  • District003 - Tempe Elementary District

Listing Details

  • Listing OfficeABI Multifamily
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Information Deemed Reliable But Not Guaranteed. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. ARMLS Logo indicates that a property listed by a real estate brokerage other than Realty One Group. Copyright 2019 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

Listing information last updated on January 19th, 2019 at 11:48am MST.