1515 W TONTO Street, Phoenix, AZ 85007, Phoenix, 85007 - 4 bed, 3 bath
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Phoenix, AZ 85007
This High-Potential Investment Opportunity is a Turnkey 3-Unit Multi-Family Asset listed at $649,000, positioned above the $592,443 Fair Market Value. While priced above the current estimate, the property delivers immediate cash flow with a 10%+ cap rate and confirmed bookings through 2026. Featuring an Excellent Condition Rating and R-3 Multifamily Zoning, this asset offers significant redevelopment flexibility. Its proximity to Downtown Phoenix and major sports venues ensures sustained rental demand. This is an ideal acquisition for Buy-and-Hold Investors or Short-Term Rental Operators seeking a stabilized, income-generating portfolio addition.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1515 W TONTO Street Subject | $649,000* List Price | 4 | 3 | 1,485 | $399 | - |
A 1314 W Monroe Street Sold | $589,900 List Price | 3 | 2 | 1,561 | 0.8 mi | |
B 1514 W MONROE Street Active | $570,000 List Price | 5 | 4 | 1,269 | $449 | 0.8 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
Fully renovated turnkey multi-unit property featuring modern wood-look tile flooring, updated mini-split HVAC systems, and high-end outdoor amenities. Despite the 1943 build date, the recent comprehensive renovation and 'no additional work required' status meet the criteria for excellent condition.
This fully renovated 3-unit property offers an impressive 10%+ cap rate and 75% occupancy, including confirmed future bookings for immediate cash flow.
Situated minutes from Downtown Phoenix, ASU, and major sports venues, the property is perfectly positioned to capture high-demand short-term rental traffic.
The R-3 Multifamily zoning provides significant long-term value, allowing for future expansion or redevelopment on the 6,426 sqft lot.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1485, other record living area = 1113.
With 197 days on the market, the property may be facing buyer hesitation or pricing misalignment despite its renovated condition.
Totaling only 1,485 square feet across three separate units, the individual living areas are relatively small, which may limit guest comfort or long-term rental appeal.
Fully RENOVATED 3-UNIT Turnkey Short-Term Rental in Central Phoenix! Cap rate 10%+, average occupancy 75%, and strong Airbnb rating of 4.8+ stars! Comes with confirmed future bookings totaling over $5,500 through Mar 1, 2026. Property consists of one 2-bed/1-bath unit, one 1 bed/1 bath unit and private studio — each with its own kitchen, full bath, and separate entrance. The separate laundry room & shed serves gusts and maids. A fenced common courtyard offers a grill, fire pit, and lounge area with hammock — perfect for guest enjoyment. Separate maintenance/storage shed for cleaning crew and supplies. Every unit comes with furniture and decor. The property located in a high-demand area near Downtown Phoenix, minutes to Chase Field, the Convention Center, ASU Downtown, Roosevelt Row, and the airport. R-3 Multifamily Zoning allows flexibility for future expansion or redevelopment. Expect immediate income with no additional work required!
No exterior & parking available.
Grades PK-8 • 0.3 mi
Grades 9-12 • 4.6 mi
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 4.0 | 0.0 |
| Baths | 3.0 | 0.0 |
| Square foot | 1,485 | - |
| Lot Size | 6,426 | - |
| Price | $649.0K | $495.4K |
| Price per sq ft | $437 | $290 |
| Built year | 1943 | 0 |
| HOA | $0 | $0 |
| Days on market | 259 | 1260 |
Nov 6, 2025
$649,000
Initial Listing