1010 S Smith Road Tempe, AZ
$ 2,590,000
Property Attributes
  • MLS#5851048
  • TypeMulti-Family
  • CountyMARICOPA
  • CityTempe
  • NeighborhoodRancho El Dorado 26-35 - 45-53
  • Zip85281
  • Style
  • Year Built1961
  • Taxes1003
  • Price$ 2,590,000
  • Bedrooms32
  • Full Bathrooms16
  • Half Bathrooms0
  • Sqr Footage12800
Listing Provided Courtesy Of:
ABI Multifamily
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+.

Elementary School Middle School High School
Unknown Elementary School Unknown Middle School Unknown High School
Price History
11/27/2018 Listed $2,590,000

General Features

1 Bedroom Units: Avg Rent 0.00
2 Bedroom Units: Avg Rent 1150.00
3 Bedrooms Units: Avg Rent 0.00
4 Bedrooms Units: Avg Rent 0.00
Construction Block
Listing Status Active
Map Code/Grid R37
Net Income 161456.00
New Financing Other (See Remarks)
Owner Pays Water, Landscaping, Trash
Property Type F
School District 003 - Tempe School District
Subdivision RANCHO EL DORADO 26-35, 45-53
Tenant Pays Electric, Cable TV
Type ER
Year Built 1961
Zoning R-4

Interior Features

2 Bedroom Units: # 2 Bedroom Units 16
2 Bedroom Units: # Baths 1
2 Bedroom Units: Avg Sqft 800
Appliances Included Refrigerator, Washer/Dryer, Dishwasher
Cooling Individual
Electric None
Floors Vinyl/Composition
Gas None
Heating Electric
Interior Features Other (See Remarks)
Total Number of Units 16.00

Exterior Features

Sale Includes Other (See Remarks)
Complex Features No Pool
Const - Finish Painted, Stone
Covered Parking Spcs 0.00
Lot Size Dimensions 215.72x176.64
Parking >1 Space Per Unit
Roof Rolled
Sewer Sewer - Public
Total Parking Spcs 16.00
Water Other (See Remarks)


  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Pets
  • Master On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Zip Code Average in 85281

AVG $1.74M
AVG $8,483
AVG 209
Year Built
AVG 1963
AVG 61