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

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: 10/08/2026

Overview

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.

Listing Details MLS# 7091053

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
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

Contract Info

Ownership: Fee Simple

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.

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: Yes

More Information

2 Bedroom Units

# 2 Bedroom Units: 8
Avg Rent: 1994
Avg SqFt: 792
# Baths: Yes

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
Text: Yes
Phone Call: Yes

Project Type

5 - 12 Units: Yes

Efficiency Units

Avg Rent: 0

3 Bedrooms Units

Avg Rent: 0

4 Bedrooms Units

Avg Rent: 0

Construction

Wood Frame: Yes

Const - Finish

Stucco: Yes
Stone: Yes

Roofing

Foam: Yes

Floors

Concrete: Yes
Vinyl: Yes

Sale Includes

Land & Building: Yes

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

Lockbox Type

None: Yes

Community Features

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

Heating

Solar: Yes
Electric: Yes

Cooling

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

Exterior Amenities

Desert Landscaping: Yes
Cable TV Available: Yes

Interior Features

Fire/Smoke Alarm(s): Yes

Tenant Pays

Water: Yes
Electricity: Yes
Cable TV: Yes

Appliances Included

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

Road Access Type

City Street: Yes

Road Surface Type

Concrete: Yes
Gravel: Yes

Source of Fincl Data

Owner: Yes
Accountant: Yes

Water Source

City Franchise: Yes
Master Meter: Yes

Sewer

Sewer - Public: Yes

Parking Features

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

Electric

Individual Meter: Yes

Gas

None: Yes

Owner Pays

Sewer: Yes
Trash Collection: Yes
Landscaping: Yes

New Financing

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

Existing 1st Loan

Other (See Rmks): Yes

Reports/Disclosures

Other (See Remarks): Yes

Environmental

Other (See Remarks): Yes

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)

Listing Office: Endless Ventures

Office Phone: 602-315-7610

Office Email: jon@endless-ventures.com

Last Updated: October - 08 - 2026

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