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    1515 W Tonto St Phoenix, AZ 85007

    View on Map
    Sponsored
    For Sale
    $619,000

    MULTI_FAMILY - Phoenix, AZ

    Days on Market:
    3
    Last Refresh:
    Mar 15 at 6:06 am

    Property Features for 1515 W Tonto St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R-3
    APN
    112-14-112
    Parking features
    Carport
    Appliances
    Dishwasher, Refrigerator, Free-Standing Gas Oven, Built-In Gas Oven, Microwave, Washer/Dryer

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Other (Heating), Electric (Heating)
    Cooling system
    Wall Unit(s), Wall/Window Unit(s), Ceiling Fan(s), Electric

    Building Details

    Year built
    1943
    Number of units
    3
    Flooring type
    Tile
    Building materials
    Stucco, Block
    Roof type
    Composition

    We can help!

    Listing Contact
    Natalia Yalin
    Natalia Yalin

    eXp Realty, LLC (602) 525-3224

    Listing agent Natalia Yalin (858) 729-4377

    Listing date Mar 13, 2026

    MLS# 6953631 Listing URL

    Copyright © 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Turnkey Phoenix Triplex Investment Property

    This fully renovated and furnished triplex is located in Downtown Phoenix. The property operates as a short-term rental with a documented cash flow and an Airbnb rating of 4.8+ stars. Gross revenue was $119,442 in 2024 and $103,198 in 2025, with a two-year average of approximately $111,320. Operating income was $62,272 in 2024 and $53,719 in 2025, resulting in a two-year average NOI of roughly $57,996, reflecting operating margins of about 52%. The property is located in a high-demand area of Downtown Phoenix, minutes from Chase Field, the Convention Center, ASU Downtown, Roosevelt Row, and 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. A separate laundry room and storage shed support operations for guests and cleaning staff. A fenced common courtyard with a grill, fire pit, lounge seating, and hammock enhances guest experience and occupancy appeal. The property is 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.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Short term rental ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Accounting Firm Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.091989
    Latitude
    33.438322

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    FAQs

    What type of property is this?
    Short term rental property - Fully renovated, furnished triplex in Downtown Phoenix with strong rental income.
    Where is this short term rental property located?
    The property is located at 1515 W Tonto St Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $619,000.
    What are key features of this property?
    This property features: - Strong, documented cash flow with a two-year average revenue of approximately $111,320 and NOI of roughly $57,996.; - Turnkey, fully furnished 3-unit short-term rental property in Downtown Phoenix.; - High Airbnb rating (4.8+ stars) indicating guest satisfaction and rental potential.
    (602) 525-3224
    Request Owner's contact information
    1515 W Tonto St Phoenix, AZ 85007
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    Phoenix, AZ 85007
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1515 W Tonto St Phoenix, AZ 85007
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    We can help!
    Listing Contact
    Natalia Yalin
    Natalia Yalin
    Real Estate License ID: SA695323000
    (602) 525-3224 (888) 897-7821 (858) 729-4377
    Learn more
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