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(602) 769-4725
Real Estate Company
12005 N Panorama Drive, Fountain Hills, AZ 85268
- $4,395,000
- 20
- BD
- 12
- BA
- List Price
- $4,395,000
- Status
- ACTIVE
- Days on Market
- 2
- MLS#
- 7091053
- Subtype
- Multiple Dwellings
- Year Built
- 1988
- Bedrooms
- 20
- Bathrooms
- 12
- Subdivision
- Fountain Hills Az 302a
Property Description
Boardwalk Apartments at Fountain Park: 12-unit boutique courtyard community, a 1988 masonry office building taken to shell and converted to residential in 2025. 100% occupied, no concessions. $1,981 avg rent ($2.49/SF), a 55% premium to the Fountain Hills comp set. 5.12% cap on $224,979 owner-operated NOI. $366,250/unit, in line with the $366K median of 10 Phoenix-metro small MF sales since 1/2025. 20.7% expense ratio, owned solar array, poured concrete parking, all-new systems, in-unit W/D. No multifamily pipeline in supply-constrained Fountain Hills. OM available. Property owners are licensed real estate professionals in the State of Arizona. Connect with broker for an exterior property tour. Do not disturb tenants.
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Additional Information
- Taxes
- $4,761
- Zoning
- C-3
- Appliances
- Refrigerator, Dishwasher, Microwave, Washer/Dryer, Built-In Electric Oven, Free-Standing Electric Oven
- Heating
- Electric, Solar
- Air Conditioning
- Evaporative Cooling, Electric, Ceiling Fan(s)
- Exterior Construction
- Block, Stucco
- Parking Features
- Free, Other, Paved, >1 Space Per Unit, Off Street
- Elementary School
- McDowell Mountain Elementary School
- Middle School
- Fountain Hills Middle School
- High School
- Fountain Hills High School
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Listing courtesy of Listing Agent: Jonathan Lee Green (602-315-7610) from Listing Office: Endless Ventures.
All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright 2026 Arizona Regional Multiple Listing Service, Inc. All rights reserved.