12005 N PANORAMA Drive, Fountain Hills, AZ 85268 - MLS #7091053

images$4,395,000 images20 Beds

images12 Bath images1988

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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.

Property Features
Project Type: 5 - 12 Units
Construction: Wood Frame
Const - Finish: Stucco; Stone
Roofing: Foam
Floors: Concrete; Vinyl
Sale Includes: Land & Building
Community Features: No Pool; Manager Res/Office; See Remarks
Exterior Amenities: Desert Landscaping; Cable TV Available
Interior Features: Fire/Smoke Alarm(s)
Appliances Included: Built-In Electric Oven; Free-Standing Electric Oven; Refrigerator; Dishwasher; Microwave; Washer/Dryer
Heating: Solar
Cooling: Ceiling Fan(s); Electric; Evaporative Cooling
Water Source: City Franchise; Master Meter
Sewer: Sewer - Public
Electric: Individual Meter
Gas: None
Parking Features: Garage; >1 Space Per Unit; Free; Paved; Off Street; Other
Road Access Type: City Street
Road Surface Type: Gravel; Concrete
Owner Pays: Trash Collection; Landscaping
Tenant Pays: Water; Electricity; Cable TV
Source of Fincl Data: Owner; Accountant
Showing Notification Methods: Text; Phone Call
Lockbox Type: None
Existing 1st Loan: Other (See Rmks)
New Financing: Cash; Cash to Loan; Conventional; No Carry; 1031 Exchange
Environmental: Other (See Remarks)
Contract Info
Current Price: $4,395,000
List Price: $4,395,000
Status: Active
List Date: 2026-10-08
Ownership: Fee Simple
Location Tax Legal
House Number: 12005
Compass: N
Street Name: PANORAMA
St Suffix: Drive
City/Town Code: Fountain Hills
State/Province: AZ
Zip Code: 85268
Zip4: 4674
Country: US
County Code: Maricopa
Subdivision: FOUNTAIN HILLS AZ 302A
Assessor Number: 176-08-601-A
Tax Year: 2025
General Property Description
Lot Size Dimensions: 150'x140'
Year Built: 1988
Uncvrd Parking Spcs: 28
Total # of Units: 12
# of Buildings: 2
Zoning: C-3
Flood Zone: No
Elementary School District: Fountain Hills Unified District
High School District: Fountain Hills Unified District
Elementary School: McDowell Mountain Elementary School
Jr. High School: Fountain Hills Middle School
High School: Fountain Hills High School
Remarks Misc
Cross Street: Saguaro BLVD & Panorama Drive
Directions: At Saguaro Blvd and Panorama Drive head east on Panorama Drive to property.
Geo Lat: 33.595474
Geo Lon: -111.711658
Legal Info
Township: 3N
Range: 6E
Section: 23
Lot Number: 13
1 Bedroom Units
# 1 Bedroom Units: 4
Avg Rent: 1956
Avg SqFt: 806
# Baths: 1
2 Bedroom Units
# 2 Bedroom Units: 8
Avg Rent: 1994
Avg SqFt: 792
# Baths: 1
Structure
Bedrooms Total: 20
Bathrooms Total: 12
Income Expenses
Gross Annual Sch Inc: 285300
Net Operating Income: 261865
Showing Notification Methods
Showing Service: No Showing Service Used