1010 Smith Road
Tempe, AZ 85281

Tools & Resources:

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+.

Features

• Property Type: Multi Family Home
• Sub Type: Multi Family Home
• Listing Status: Active
• County/Area: Maricopa County
• Zip Code: 85281
• Year Built: 1961
• Subdivision/Neighborhood: Rancho El Dorado 26-35, 45-53
• School District: 003 - Tempe School District
• Units: 16 units
• # of Parking Spaces: 16
• Zoning: R-4
• 2 Bedroom Units: # 2 Bedroom Units: 16
• 2 Bedroom Units: # Baths: 1
• 2 Bedroom Units: Avg Rent: 1150.00
• 2 Bedroom Units: Avg SqFt: 800
• Appliances Included: Refrigerator, Washer/Dryer, Dishwasher
• Complex Features: No Pool
• Const - Finish: Painted, Stone
• Construction: Block
• Cooling: Individual
• Floors: Vinyl/Composition
• Heating: Electric
• High School Dist #: 213 - Tempe Union High School District
• Lot Dimensions: 215.72x176.64
• Marketing Name: Las Palmas Apartments
• Net Income: 161456.00
• Owner Pays: Water, Landscaping, Trash
• Parking: >1 Space Per Unit
• Property Description: 13 - 24 Units
• Roads/Streets: Asphalt/Blacktop
• Roofing: Rolled
• Sewer: Sewer - Public
• Tenant Pays: Electric, Cable TV