120 Tonto StPayson, AZ 85541

Property Details for 120 Tonto St

Year built

1995

Lot size

2.07 AC

Property size (Sq ft)

47,581 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Payson

County

Gila

State

Arizona

Latitude

34.2398

Longitude

-111.328

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