1515 W Tonto St, Phoenix, AZ
0 bd · 0 ba · 0 sqft Multi-Family listed at $619,000, built in 1943 in the Central City South neighborhood.
About this home
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.
Property details
- Price
- $619,000
- Bedrooms
- 0
- Bathrooms
- 0
- Year built
- 1943
- Type
- Multi-Family
- Days on market
- 143
- Est. property tax
- $3,838/yr · $320/mo · 0.62% AZ avg
- Last sold
- $355,000 · Apr 2023
Estimated monthly payment
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Price history
▼ 1.6%Most recent change on 2026-03-13: $629,000 → $619,000.
- Mar 13, 2026$619,000Relisted
- Feb 5, 2026$629,000Relisted
- Jan 29, 2026$649,000Relisted
- Jan 16, 2026$649,000Price change
- Dec 4, 2025$675,000Initial list price
- Nov 8, 2025$675,000Initial list price
- Apr 5, 2023$355,000Sold
- Dec 23, 2022$362,000Relisted
- Dec 8, 2022$362,000Price change
- Nov 19, 2022$365,000Price change
- Nov 12, 2022$375,000Initial list price
- Oct 5, 2021$205,000Sold
- Sep 2, 2021$225,000Price change
- Jul 6, 2021$240,000Initial list price
- Feb 22, 2021$150,000Sold
- Feb 1, 2021$225,000Initial list price
Location
This home is located in Phoenix, AZ, in the Phoenix / Scottsdale area. Browse more Phoenix listings on the Phoenix market page or explore the full Phoenix market report.
Home Intelligence
Neighborhood (zip 85007)
This neighborhood is primarily renter-occupied (40% owner-occupied). Median age is 33.4; 15% hold a bachelor's degree; median household income is $50,490.
- Median income
- $50,490
- Median age
- 33.4
- Owner-occupied
- 39.8%
- Bachelor's degree
- 14.7%
- Census median home value
- $359,600
Source: US Census Bureau American Community Survey 5-year estimates.
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