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12005 N PANORAMA Drive, Fountain Hills AZ 85268
$4,395,000
Brokerage: Ivy Realty(623) 299-4954
1 / 32Home facts
- Price
- $4,395,000
- Status
- Active
- Beds
- 20
- Baths
- 12
- Year built
- 1988
- Type
- F
- Pool
- No
- Water
- Master Meter, City Franchise
- Sewer
- Sewer - Public
- Subdivision
- FOUNTAIN HILLS AZ 302A
- MLS #
- 7091053
Listed by Endless Ventures · 602-315-7610
Courtesy of ARMLS · Presented by Ivy Realty, (623) 299-4954
About this home
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.
Features
Roof
Foam
Sewer
Sewer - Public
Cooling
Ceiling Fan(s), Evaporative Cooling, Electric
Heating
Solar, Electric
Electric
Individual Meter
Flooring
Vinyl, Concrete
WaterSource
Master Meter, City Franchise
ParkingFeatures
Off Street, Other, Paved, Free, >1 Space Per Unit
CommunityFeatures
See Remarks, Manager Res/Office, No Pool
ConstructionMaterials
Wood Frame, Stucco, Stone
Map
Nearby sales
Closed within about ¾ mile in the last 6 months (ARMLS).
| Address | Sold | Price | Beds/Baths | Sq ft | Listing brokerage |
|---|---|---|---|---|---|
| 17225 E TEAL Drive | Sep 29, 2026 | $520,000 | 2/2 | — | MCO Realty |
| 16714 E GUNSIGHT Drive 148 | Sep 28, 2026 | $410,000 | 2/2 | — | MCO Realty |
| 16657 E GUNSIGHT Drive 181 | Sep 27, 2026 | $315,000 | 2/2 | — | eXp Realty |
| 11011 N ZEPHYR Drive 204 | Sep 23, 2026 | $410,000 | 2/2 | — | Keller Williams Arizona Realty |
| 16714 E GUNSIGHT Drive 134 | Sep 21, 2026 | $440,000 | 2/2 | — | Compass |
| 16800 E EL LAGO Boulevard 1032 | Sep 14, 2026 | $645,000 | 2/2 | — | Coldwell Banker Realty |
Source: ARMLS IDX via Ivy Realty, updated Oct 8, 11:03 AM (Arizona time).
Listing information courtesy of the Arizona Regional Multiple Listing Service (ARMLS). Information deemed reliable but not guaranteed. Copyright ARMLS.
Use of this search or AI does not create an agency relationship. Agency begins only with a written agreement with Ivy Realty.
Ivy Realty · 20325 N 51st Ave, Bldg 5, Ste 134, Glendale, AZ 85308 · (623) 299-4954 · Designated Broker Ivy Clay, License #LC722089000
Equal Housing Opportunity
Licensees: see Ivy Realty plans (100% plan $25/mo + $395 per closed transaction, or 80/20 with $0 monthly and $0 per transaction).