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The house was designed by the American architect Frank Lloyd Wright and built for the architect's fourth son David, along with David's wife Gladys. [2] It is located at 5212 East Exeter Boulevard, [3] [4] with an alternate address of 405 North Rubicon Avenue, [1] in the Arcadia neighborhood of Phoenix, Arizona, United States. [5]
The homeowner vacancy rate was 1.6%; the rental vacancy rate was 3.9%. 5,921 people (85.6% of the population) lived in owner-occupied housing units and 608 people (8.8%) lived in rental housing units. Forbes ranked Atherton as second on its list of America's Most Expensive ZIP Codes in 2010, listing median house price as over $2,000,000. [46]
Step rent, also known as step-up rent or step-up lease, is a type of additional rent term found in commercial real estate where the rent increases or decreases at defined periods. It is generally used to simplify accounting by separating out the increases due to inflation into a separate row in the accounts .