120 Tonto St Payson, AZ 85541
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45-unit apartment complex, value-add opportunity
Property size:
47,581 SFProperty Features for 120 Tonto St
General Information
- Property type
- Multifamily properties
- Square Feet
- 47,581 SF
- Class
- B
- Lot Size
- 90,169 SF
Building Details
- Year Built/Renovated
- 1995/2023
- Buildings
- 12
- Stories
- 2
- Units
- 45
Listing Agent: Brian Tranetzki
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Tonto Oaks Apartments presents a compelling value-add investment opportunity in Payson, Arizona. This 45-unit apartment community, totaling 47,581 square feet, boasts a desirable location adjacent to Payson High School and less than a quarter mile from Highway 87 and the Payson Village Shopping Mall. Built in 1995 and partially renovated in 2023, the property features a mix of one- and two-bedroom units, ranging from 850 to 1,180 square feet. Seventeen units have already undergone complete renovations, including new kitchens with stainless steel appliances and granite countertops, updated bathrooms, new flooring, and in-suite washers and dryers. The remaining units offer a significant value-add opportunity, with projected rental increases of $250 for one-bedrooms and $430 for two-bedrooms upon renovation. The property sits on a 2.07-acre lot, consists of 12 buildings with two stories each, and is individually metered for electricity and hot water. Current occupancy stands at 95%, generating a NOI of $617,161 and a pro-forma NOI of $720,566, representing a 5.68% cap rate and a pro-forma cap rate of 6.63%. The asking price is $10,863,000, or $241,400 per unit. The property is zoned R-3 and features amenities such as fireplaces and private patios. This is a fee-simple ownership opportunity. The property's strong location, partially renovated units, and significant value-add potential make it an attractive investment.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Tonto Oaks Apartments
Apartment Building
Desert Light Therapies
Alternative Medicine Practice
Location Insight
- Map
- Local Demand
- City
- Payson
- County
- Gila
- State
- Arizona
- Longitude
- -111.327563
- Latitude
- 34.239796
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FAQs
What type of property is this?
Multifamily property - 45-unit apartment complex, value-add opportunity
Where is this multifamily property located?
The property is located at 120 Tonto St Payson, AZ.
What is the asking price?
The asking price for this property is $10,863,000.
What are key features of this property?
This property features: 45-unit apartment community totaling 47,581 square feet in Payson, Arizona.; Desirable location adjacent to Payson High School, near Highway 87 and Payson Village Shopping Mall.; Mix of one- and two-bedroom units (850-1,180 sq ft), 17 units fully renovated with new kitchens, bathrooms, flooring, and in-suite laundry.