Turnkey Three-Unit Short-Term
For Sale
$619,900
1515 W Tonto Street, Phoenix, AZ 85007
Fully renovated and furnished three-unit property with independent entrances, kitchens, and full baths for short-term guests.
Property Size1,485 SF
Days on Market18
Property Features for 1515 W Tonto Street
General Information
Standard status
Active
Size
1,485 SF
Property subtype
Business Opportunity
Additional Details
Furnished
Yes
Business Included
No
Fenced Yard
Yes
Multifamily Units
3
Amenities
laundry room
storage shed
fenced common courtyard
grill
fire pit
lounge seating
hammock
Building Details
Building Size
1,485 SF
Listing Agency:
My Home Group Real Estate
(858) 729-4377
Listed By:
Natalia Yalin · License #SA695323000
(858) 729-4377
Source:
Sunhaven-realestate
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 12 at 12:34PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of My Home Group Real Estate
Investment Insights
Based on property information with market context.
This fully renovated, fully furnished three-unit short-term rental is set up for independent guest stays under one roof. The property includes one 2-bedroom/1-bath unit, one 1-bedroom/1-bath unit, and a private studio, and each unit has its own kitchen, full bath, and separate entrance. A separate laundry room and an on-site storage shed support ongoing operations. Outside, a fenced common courtyard includes a grill, fire pit, lounge seating, and hammock.
Located in Downtown Phoenix, the property is described as minutes from Chase Field, the Convention Center, ASU Downtown, Roosevelt Row, and Van Buren.
For performance, the asset reported $119,442 in gross revenue in 2024 and $103,198 in 2025, with a two-year average revenue of approximately $111,320. Operating income was $62,272 in 2024 and $53,719 in 2025, for a two-year average NOI of roughly $57,996, and the property is noted as having an Airbnb rating of 4.8+ stars.
Located in Downtown Phoenix, the property is described as minutes from Chase Field, the Convention Center, ASU Downtown, Roosevelt Row, and Van Buren.
For performance, the asset reported $119,442 in gross revenue in 2024 and $103,198 in 2025, with a two-year average revenue of approximately $111,320. Operating income was $62,272 in 2024 and $53,719 in 2025, for a two-year average NOI of roughly $57,996, and the property is noted as having an Airbnb rating of 4.8+ stars.
Key Highlights
- Turnkey 3‑unit short‑term rental in Downtown Phoenix, fully renovated and fully furnished
- Strong 2024/2025 performance: $119,442 gross revenue (2024) and $103,198 (2025), with two‑year average revenue of ~$111,320
- Two‑year average NOI of roughly $57,996, with operating income of $62,272 (2024) and $53,719 (2025)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,450
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.14%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$389,000
$389.0K
Cap Rate 7%
$277,857
$277.9K
Cap Rate 9%
$216,111
$216.1K
Market Conditions
NOI Build-Up for 1,485 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.4K $19.80/SF
− Vacancy
−$1.6K −$1.09/SF
EGI
$27.8K $18.71/SF
− OpEx
−$8.3K −$5.61/SF
NOI
$19.5K $13.10/SF
Area
Phoenix, AZ
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$389,000
Cap Rate 7%
$277,857
Cap Rate 9%
$216,111
Alternative Uses
Best Use
Multifamily LT 5
$277.9K
$243.1K – $324.2K
NOI $19,450 @ 7.0% cap · market cap 3.14%
Second Best
Apartment 5plus
$247.4K
$216.5K – $288.7K
NOI $17,320 @ 7.0% cap · market cap 2.79%
Theoretical Best
Office A
$449.8K
$393.6K – $524.8K
NOI $31,487 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Explore this area
Business Placement
Demographics for 85007, AZ
14,442
Population
5,981
Households
2.4
Avg Household Size
36
Median Age
27%
College-Educated
81%
High-School Grad
4.6 sq mi
ZIP Area
3,140
Density / Sq Mi
$55,833
Median Household Income
$43,375
Median Earnings
$1,079
Median Rent
$447,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Short term rental property - Fully renovated and furnished three-unit property with independent entrances, kitchens, and full baths for short-term guests.
Where is this short term rental property located?
The property is located at 1515 W Tonto Street Phoenix, AZ.
What is the asking price?
The asking price for this property is $619,900.
What are key features of this property?
This property features: Turnkey 3‑unit short‑term rental in Downtown Phoenix, fully renovated and fully furnished; Strong 2024/2025 performance: $119,442 gross revenue (2024) and $103,198 (2025), with two‑year average revenue of ~$111,320; Two‑year average NOI of roughly $57,996, with operating income of $62,272 (2024) and $53,719 (2025)
