$4,395,000
12005 N PANORAMA Drive
Fountain Hills, AZ 85268
MLS# 7091053
20 beds  |  12 baths
Primary
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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.

Details
Maps
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)
IDX
Listing Office: Endless Ventures

Office Phone: 602-315-7610

Office Email: jon@endless-ventures.com

Last Updated: October - 10 - 2026

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