12005 N Panorama Drive, Fountain Hills, AZ 85268

Fountain Hills
Local realty services provided by:Better Homes and Gardens Real Estate S.J. Fowler
12005 N Panorama Drive,Fountain Hills, AZ 85268
$4,395,000
  • 20 Beds
  • 12 Baths
  • - sq. ft.
  • Multi-family
  • Active
Listed by: jonathan lee green
Office: endless ventures
MLS#:7091053
Source:ARMLS

Price summary

  • Price:$4,395,000

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.

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Home facts

  • Year built:1988
  • Subdivision & Development:FOUNTAIN HILLS AZ 302A
  • Listing ID #:7091053
  • Updated:October 09, 2026 at 02:28 AM

Rooms and interior

  • Bedrooms:20
  • Total bathrooms:12
  • Flooring:Concrete, Vinyl

Heating and cooling

  • Cooling:Ceiling Fan(s), Electric, Evaporative Cooling
  • Heating:Electric, Solar

Structure and exterior

  • Year built:1988
  • Construction Materials:Stone, Stucco

Schools

  • High school:Fountain Hills High School
  • Middle school:Fountain Hills Middle School
  • Elementary school:McDowell Mountain Elementary School

Utilities

  • Water:City Franchise, Master Meter

Finances and disclosures

  • Price:$4,395,000
  • Tax amount:$4,761 (2025)

Parking

  • Total parking spaces:28
  • Parking description:Free Parking, More Than 1 Parking Space/Unit, Paved
  • Garage:Yes
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