NOT LISTED FOR SALE

1010 S Smith Rd Tempe, AZ 85281

Apache Neighborhood

Estimated Value: $636,752 - $892,000

-- Bed
-- Bath
1,344 Sq Ft
$551/Sq Ft Est. Value

Last Sold March 30, 2018

Last sale price $1,600,000 $1,190 Per Sq Ft

Current estimated payment $4,000/month

16 Days on Market

Highlights

  • Cooling Available
  • 5-minute walk to Smith-Martin/Apache Blvd
  • Heat Pump System
  • Community Playground
  • Concrete Flooring
  • 3-minute walk to Alegre Park

About This Home

As of March 2018

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

Last Agent to Sell the Property

Carrick Sears

SVN/Desert Commercial Advisors License #BR633405000 Listed on: 01/10/2018

SVN/Desert Commercial Advisors

Last Buyer's Agent

Rick Horst

Keller Williams Arizona Realty License #SA640657000

Keller Williams Arizona Realty

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $3,870

Year Built

  • Built in 1961

Lot Details

  • 0.29

Home Design

  • Composition Roof
  • Block Exterior

Parking

  • 16 Open Parking Spaces
  • 16 Parking Spaces

Utilities

  • Cooling Available
  • Heat Pump System
  • Master Water Meter

Additional Features

  • Concrete Flooring
  • Additional Parcels

Listing and Financial Details

  • Tenant pays for cable TV
  • The owner pays for trash collection, water, sewer, landscaping
  • Tax Lot 34
  • Assessor Parcel Number 132-67-038-D

Community Details

Overview

  • 8 Buildings
  • 16 Units
  • Building Dimensions are 172 x 211
  • Rancho El Dorado 26 35, 45 53 Subdivision

Recreation

  • Community Playground

Building Details

  • Operating Expense $39,655
  • Gross Income $129,356
  • Net Operating Income $89,701

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$3,870

Year Built

Built in 1961

Lot Details

0

Listing Details

  • Cross Street: Hayden Lane
  • Legal Info Range: 4E
  • Property Type: Multiple Dwellings
  • Zoning: R-4
  • Number Of Buildings: 8
  • Year Built: 1961
  • Tax Year: 2017
  • Road Surface Type: Asphalt
  • Professional Management Expense: 8414.0
  • Subdivision Name: RANCHO EL DORADO 26-35, 45-53
  • Tax Parcel Letter: D
  • Special Features: None
  • Property Sub Type: MultiFamily

Interior Features

  • Flooring: Concrete
  • Appliances Included:FS OvenRange: Yes
  • Appliances Included:Refrigerator: Yes
  • Appliances Included:WD Hookup: Yes

Exterior Features

  • Disclosures: Seller Prop Disc Stm
  • Construction Type: Painted, Block
  • Roof: Composition
  • Construction:Block: Yes

Garage/Parking

  • Open Parking Spaces: 16.0
  • Total Parking Spaces: 16.0
  • General Property Description:Uncvrd Parking Spcs: 16.0
  • General Property Description:Total Parking Spcs: 16.0
  • Parking:Paved Parking: Yes
  • Parking:_one_ SpaceUnit: Yes

Utilities

  • Electric: SRP
  • Cooling: Heat Pump
  • Heating: Heat Pump
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Water Source: City Franchise, Master Meter
  • Heating:Heat Pump2: Yes

Condo/Co-op/Association

  • Community Features: Play Area, No Pool

Association/Amenities

  • Exterior Amenities:Green Landscaping: Yes
  • Exterior Amenities:PatioBalcony: Yes
  • Interior Amenities:FireSmoke Alarm(s): Yes
  • Community Amenities:No Pool: Yes
  • Exterior Amenities:Desert Landscaping: Yes
  • Exterior Amenities:Separate Storage: Yes
  • Interior Amenities:Unfurnished: Yes
  • Interior Amenities:Vertical Blinds2: Yes
  • Community Amenities:Play Area: Yes

Fee Information

  • Annual Water Sewer Expense: 8686.0

Lot Info

  • Lot Size: 172 x 211
  • Additional Parcels: Yes
  • Parcel #: 132-67-038-D

Multi Family

  • Owner Pays: Trash Collection, Water, Sewer, Landscaping
  • Tenant Pays: Cable TV
  • Number Of Units Total: 16
  • Annual Gross Income: 129356.0
  • Insurance Expense: 4000.0
  • Maintenance Expense: 9233.0
  • Property Net Operating Income: 89701.0
  • Annual Operating Expense: 39655.0

Tax Info

  • Tax Annual Amount: 3870.0
  • Tax Book Number: 132.00
  • Tax Lot: 34

Ownership History

Date Name Owned For Owner Type

Purchase Details

Closed on
May 18, 2022
Sold by
Jeffrey L Pressman Trust
Bought by
Sieira Maria Del Rosario
Current Estimated Value
$740,188

Purchase Details

Closed on
Aug 24, 2021
Sold by
Pressman Properties Llc
Bought by
Pressman Family Investments Llc

Purchase Details

Closed on
Dec 30, 2020
Sold by
Pressman Properties Llc
Bought by
Pressman Properties Llc

Purchase Details

Listed on
Jan 10, 2018
Closed on
Mar 30, 2018
Sold by
Sek Llc
Bought by
Ret2 Llc
Seller's Agent
Carrick Sears
SVN/Desert Commercial Advisors
Buyer's Agent
Rick Horst
Keller Williams Arizona Realty
List Price
$1,760,000
Sold Price
$1,600,000
Premium/Discount to List
-$160,000
-9.09%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-9.54%
Original Mortgage
$1,600,000
Interest Rate
4.38%
Mortgage Type
Commercial

Purchase Details

Listed on
Jan 10, 2018
Closed on
Mar 23, 2018
Sold by
Blue And Gold Properties Inc
Bought by
Sek Llc
Seller's Agent
Carrick Sears
SVN/Desert Commercial Advisors
Buyer's Agent
Rick Horst
Keller Williams Arizona Realty
List Price
$1,760,000
Sold Price
$1,600,000
Premium/Discount to List
-$160,000
-9.09%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,600,000
Interest Rate
4.38%
Mortgage Type
Commercial

Purchase Details

Closed on
Feb 23, 2016
Sold by
Paul Adams Palms Llc
Bought by
Blue & Gold Properties Inc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$937,500
Interest Rate
3.92%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Aug 1, 2013
Sold by
Vhvppw Llc
Bought by
Paul Adams Palms Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$633,000
Interest Rate
3.92%
Mortgage Type
Commercial

Purchase Details

Closed on
Jul 31, 2013
Sold by
Vhvppw Llc
Bought by
Paul Adams Palms Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$633,000
Interest Rate
3.92%
Mortgage Type
Commercial
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Sieira Maria Del Rosario $3,880,000 Chicago Title
Pressman Family Investments Llc -- None Available
Pressman Properties Llc -- None Available
Ret2 Llc $1,920,000 American Title Service Agenc
Sek Llc $1,600,000 American Title Service Agenc
Blue & Gold Properties Inc $1,250,000 Stewart Title
Paul Adams Palms Llc $880,000 Stewart Title & Trust Of Pho
Paul Adams Palms Llc $880,000 Stewart Title & Trust Of Pho
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Previous Owner Ret2 Llc $1,600,000
Previous Owner Blue & Gold Properties Inc $937,500
Previous Owner Paul Adams Palms Llc $633,000
Previous Owner Paul Adams Palms Llc $633,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
03/30/2018 03/30/18 Sold $1,600,000 -9.1% $1,190 / Sq Ft
01/26/2018 01/26/18 Pending -- -- --
01/10/2018 01/10/18 For Sale $1,760,000 -- $1,310 / Sq Ft
Source: Arizona Regional Multiple Listing Service (ARMLS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $1,285 $10,724 -- --
2024 $1,187 $10,213 -- --
2023 $1,187 $60,980 $15,240 $45,740
2022 $1,138 $44,080 $11,020 $33,060
2021 $1,146 $53,730 $13,430 $40,300
2020 $1,111 $33,970 $8,490 $25,480
2019 $1,090 $26,100 $6,520 $19,580
2018 $1,063 $24,570 $6,140 $18,430
2017 $1,032 $14,820 $3,700 $11,120
2016 $1,024 $14,120 $3,530 $10,590
2015 $984 $12,300 $3,070 $9,230
Source: Public Records

Agents Affiliated with this Home

  • Carrick Sears

    Seller's Agent in 2018

    Carrick Sears

    SVN/Desert Commercial Advisors

    (602) 327-0325

    19 Total Sales

    Carrick Sears
    Section Image
  • Rick Horst

    Buyer's Agent in 2018

    Rick Horst

    Keller Williams Arizona Realty

    (480) 767-3014

    34 Total Sales

    Rick Horst
    Section Image
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Map

Source: Arizona Regional Multiple Listing Service (ARMLS)

MLS Number: 5706928

Arizona Regional Multiple Listing Service (ARMLS)

APN: 132-67-038D

Arizona Maricopa County Tempe 85281 Apache

1010 S Smith Rd, Tempe, AZ

Not Listed for Sale

MultiFamily

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Arizona Regional Multiple Listing Service (ARMLS) All information should be verified by the recipient and none is guaranteed as accurate by ARMLS

Listing Information presented by local MLS brokerage: Ten-X, local REALTOR®- Arlene Richardson - (888)-952-6393

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