Tonto Oaks Apartments 120 S Tonto St 44 Unit Apartment Building $9,778,181 ($222,231/Unit) 6.25% Cap Rate Payson, AZ 85541

Tonto Oaks is an attractive 45-unit garden-style apartment community located in the heart of Payson, AZ, a bustling community located just an hour and a half from Phoenix. Built in 1995 of stick-built construction and pitched roofs, this property is individually metered for electricity, contains individual hot water heaters, fireplaces, private patios and all the units are outfitted with full kitchens including dishwashers. Comprised of well-designed one- and two-bedroom floor plans the units are sizable at 850 SqFt and 1,180 SqFt. Additionally, the property is ideally positioned adjacent to Payson High School and less than a quarter mile from Highway 87, the major thoroughfare for Payson and the Payson Village Shopping Mall which contains the grocery anchor Basha’s, Starbucks, Taco Bell, Arby’s, Sears, and Big 5 Sporting goods among other retailers along with a Tesla charging center.
Sixteen of the Forty-Five units have been fully renovated with new kitchens with a stainless-steel appliance package, granite countertops, custom cabinetry, new wood plank vinyl flooring, new bathrooms with tiled tub surrounds, new paint, ceiling fans, new interior and exterior doors, and in-suite full size washer and dryers. Future ownership will have the opportunity to renovate the remaining units and achieve a rental increase of $250 for the one bedrooms and $430 for the two bedrooms.