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12005 N PANORAMA Drive, Fountain Hills, AZ 85268

$4,395,000
Property Type: Multiple Dwellings Bedrooms: 20 Baths: 12 Status: Active
Current Price: $4,395,000 Last Modified: 10/10/2026

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.

More Information MLS# 7091053

Contract Info

Ownership: Fee Simple Current Price: $4,395,000 List Price: $4,395,000 Status: Active List Date: 2026-10-08

Location, Tax & Legal

Assessor's Map #: 8 Legal Description (Abbrev): LOT 13 FOUNTAIN HILLS AZ 302A MCR 016443 Assessor's Parcel #: 601 Assessor Parcel Ltr: A Add'l Parcels: No Tax Municipality: Fountain Hills Census Tract: 216820 Taxes: 4761 Legal: LOT 13 FOUNTAIN HILLS AZ 302A MCR 016443 Marketing Name: Boardwalk Apartments 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

# of Buildings: 2 Uncvrd Parking Spcs: 28 Lot Size Dimensions: 150'x140' Flood Zone: No Total # of Units: 12 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 Year Built: 1988 Zoning: C-3

Legal Info

Range: 6E Section: 23 Township: 3N Lot Number: 13

Project Type

5 - 12 Units: 1

Efficiency Units

Avg Rent: 0

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

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Structure

Bedrooms Total: 20 Bathrooms Total: 12

Construction

Block: 1

Const - Finish

Stucco: 1

Roofing

Foam: 1

Floors

Concrete: 1 Vinyl: 1

Sale Includes

Land & Building: 1

Income & Expenses

Annual Elec Exp: 2568 Annual Ins Exp: 6293 Annual Landscape Exp: 0 Annual Legal & Acctg: 6498 Annual Maint Exp: 6600 Annual Trash Exp: 1475 Annual Wtr/Swr Exp: 5760 Owner Association: No Annual Ownr Asoc Fee: 0 Annual PAD Fee: 0 Annual Other Expense: 8320 Operating Exp: 42275 Other Income: 12240 Vacancy Allowance: 0 Adjusted Gross Inc: 297540

Pmt & Rate Info

Cap Rate: 5.96 Equity: 4395000 Down Payment %: 0 Monthly Payments: 0 Total Owed: 0

Showing Notification Methods

Showing Service: No Showing Service Used Text: 1 Phone Call: 1

Lockbox Type

None: 1

Community Features

No Pool: 1 Manager Res/Office: 1 See Remarks: 1

Heating

Solar: 1 Electric: 1

Cooling

Ceiling Fan(s): 1 Evaporative Cooling: 1 Electric: 1

Exterior Amenities

Desert Landscaping: 1 Cable TV Available: 1

Interior Features

Fire/Smoke Alarm(s): 1 Fire Sprinklers: 1

Tenant Pays

Water: 1 Electricity: 1 Cable TV: 1

Appliances Included

Built-In Electric Oven: 1 Dishwasher: 1 Free-Standing Electric Oven: 1 Microwave: 1 Refrigerator: 1 Washer/Dryer: 1

Road Access Type

City Street: 1

Road Surface Type

Concrete: 1 Gravel: 1

Source of Fincl Data

Owner: 1 Accountant: 1

Water Source

City Franchise: 1 Master Meter: 1

Sewer

Sewer - Public: 1

Parking Features

Garage: 1 Free: 1 >1 Space Per Unit: 1 Paved: 1 Off Street: 1 Other: 1

Electric

Individual Meter: 1

Gas

None: 1

Owner Pays

Sewer: 1 Trash Collection: 1 Landscaping: 1

New Financing

Cash: 1 Cash to Loan: 1 Conventional: 1 No Carry: 1 1031 Exchange: 1

Existing 1st Loan

Other (See Rmks): 1

Reports/Disclosures

Other (See Remarks): 1

Environmental

Other (See Remarks): 1

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

Income Expenses

Gross Annual Sch Inc: 285300 Net Operating Income: 261865

Property Features

Project Type: 5 - 12 Units Construction: Block Const - Finish: Stucco 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); Fire Sprinklers 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)
Listing Office: Endless Ventures
IDX
Office Phone: 602-315-7610
Office Email: [email protected]
Last Updated: October - 10 - 2026
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