1515 W Tonto Street, Phoenix, AZ 85007
- $619,000
- List Price
- $619,000
- Status
- ACTIVE
- Days on Market
- 3
- MLS#
- 7087258
- City
- Phoenix
- Year Built
- 1943
Property Description
Fully renovated and fully furnished, this turnkey 3-unit short-term rental in Downtown Phoenix offers strong, documented cash flow and an impressive 4.8+ star Airbnb rating. The asset generated $119,442 in gross revenue in 2024 and $103,198 in 2025, with a two-year average revenue of approximately $111,320, producing operating income of $62,272 in 2024 and $53,719 in 2025, for a two-year average NOI of roughly $57,996--reflecting strong operating margins of about 52%. This is a stabilized, high-margin hospitality investment ideal for investors seeking immediate cash flow, experienced short-term rental operators expanding their portfolio, or buyers looking for a prime-location income property in one of Arizona's fastest-growing urban markets. The property located in a high-demand area of Downtown Phoenix, minutes to Chase Field, the Convention Center, ASU Downtown, Roosevelt Row, Van Buren. The property features one 2-bed/1-bath unit, one 1-bed/1-bath unit, and a private studio--each with its own kitchen, full bath, and separate entrance - providing three independent income streams under one roof. A separate laundry room and storage shed support efficient operations for guests and cleaning staff, while the fenced common courtyard with grill, fire pit, lounge seating, and hammock enhances guest experience and occupancy appeal.
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Additional Information
- Taxes
- $1,030
- Net Operating Income
- $62,272
- Cap Rate
- 10.06
- Units
- 3
- Parking Features
- Carport
- Construction
- Block, Stucco
- Roofing
- Composition
- Cooling
- Electric, Varies by Unit, Window/Wall Unit, Ceiling Fan(s)
- Heating
- Electric, Window/Wall Unit(s)
- Zoning
- R-3
- Subdivision
- Steve Rayburn Subdivision
- Community Features
- No Pool
- Electric
- APS
- Water
- City Franchise
- Sewer
- Public Sewer
- Tenant Pays
- None
- New Financing
- Cash to Loan, VA Loan, FHA, Conventional, 1031 Exchange, No Carry, Cash
- Elementary School
- Paul Dunbar Lawrence School
- Middle School
- Paul Dunbar Lawrence School
- High School
- Carl Hayden High School
Courtesy of My Home Group Real Estate. 602-399-2748
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