Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Boutique Apartment Community in Phoenix Title is generated by Realmo AI

    1017 E Fairmount Ave, Phoenix, AZ 85014

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Meticulously maintained 8-unit apartment community with modern upgrades and lush landscaping.

    Type:Multifamily
    Property size:
    6,559 SF
    Price / SF:
    $320/SF
    Added:
    Mar 12, 2026
    Days on Market:
    62
    Last Refresh:
    Mar 19 at 11:01 pm

    Property Features for 1017 E Fairmount Ave

    General Information

    Standard status
    Active
    Size
    6,559 SF
    Property subtype
    Multifamily

    Building Details

    Year Built
    1966

    We can help!

    Listing Contact
    Brad Skenderian

    Listing agent Brad Skenderian License #SA692958000 (AZ)

    Listing office Matthews

    Listing date Mar 12, 2026

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Matthews

    HighLights

    • Boutique 8‑unit apartment community in a highly desirable Phoenix location.
    • Strong in‑place yield with a 6.03% cap rate and 6.28% cash‑on‑cash return.
    • Six of eight units renovated with luxury vinyl plank flooring, quartz countertops, and updated bathrooms.
    • All units offer in‑suite washer/dryer or dedicated W/D access.
    • Unique exterior setting with abundant citrus trees, mature greenery, and large private yards.
    • Mix of one- and two‑bedroom units with functional layouts.

    Overview

    The property at 1017-1031 E Fairmount Ave is an 8-unit apartment community located in Phoenix. Constructed in 1966, the property totals approximately 6,559 square feet. The unit mix includes three 1-bedroom/1-bathroom units, three 2-bedroom/1-bathroom units, and two 2-bedroom/1.5-bathroom units. The average unit size is approximately 820 square feet. Six of the eight units have been renovated with luxury vinyl plank flooring, quartz countertops, workstation-style extra-wide sinks, mini range hoods, updated light fixtures, and refreshed bathrooms featuring new tubs, tile backsplash, and modern vanities. All units offer in-suite washer/dryer or dedicated W/D access. The property features abundant citrus trees, mature greenery, large private front and back yards, three private garages, and two covered carport spaces. The property is currently achieving average rents of $1,528.00. The property is intended for use as an apartment community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Fairmount Gardens Apartment Complex

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Law Firm Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Phoenix
    County
    Maricopa
    State
    Arizona
    Longitude
    -112.0867487
    Latitude
    33.4923809

    Nearby Similar for Sale

    • $499,000

      Phoenix Multifamily Value-Add Opportunity

      Multifamily property with two separate structures in central Phoenix.
      1212 E TAYLOR Street, Phoenix, AZ 85006
      View Details
    • $560,000

      Phoenix Triplex with Updated Interiors

      Well-maintained Phoenix triplex with updated interiors and ample parking.
      1215 E MISSION Lane, Phoenix, AZ 85020
      View Details
    • $900,000

      Remodeled Multifamily Property in Phoenix

      Turnkey investment with immediate cash flow in Phoenix, Arizona.
      2925 N 38TH Street, Phoenix, AZ 85018
      View Details
    • $625,000

      Value-Add Opportunity in Downtown Phoenix

      Mixed-use property with income potential in a developing urban neighborhood.
      215 N 12TH Avenue, Phoenix, AZ 85007
      View Details
    • $650,000

      Renovated Multi-Family Active Airbnb

      Remodeled 1911 Craftsman near Downtown Phoenix attractions.
      1502 W MONROE Street, Phoenix, AZ 85007
      View Details
    • $625,000

      North Phoenix Fourplex Investment Opportunity

      Fourplex in North Phoenix with modern layouts and great rents.
      2833 E LE MARCHE Avenue, Phoenix, AZ 85032
      View Details
    • $683,990

      New Duplex Near Downtown Phoenix

      New duplex near downtown Phoenix with light rail expansion potential.
      1712 S 3RD Street, Phoenix, AZ 85004
      View Details
    • $999,999

      Phoenix Fourplex Investment Opportunity

      Fourplex in prime Phoenix location with value-add potential.
      3422 N 12TH Place, Phoenix, AZ 85014
      View Details
    • $780,000

      Renovated Phoenix Multifamily Short-Term Rental

      Comprehensively renovated 4-unit short-term rental in prime Phoenix location.
      322 N 11TH Place, Phoenix, AZ 85006
      View Details
    • $489,900
      1,720 SF

      Phoenix Office Building Investment Opportunity

      Office building near I-17 with high visibility and flexible zoning.
      8545 N Black Cyn Highway, Phoenix, AZ 85021
      View Details
    • $699,900
      1,899 SF

      Phoenix Assisted Living Home

      Licensed assisted living home in prime Phoenix location.
      3569 E UTOPIA Road, Phoenix, AZ 85050
      View Details
    • $999,999

      Remodeled Triplex with Income Potential

      Turnkey triplex with main house and two rental units.
      2221 N 27TH Street, Phoenix, AZ 85008
      View Details

    FAQs

    What type of property is this?
    Apartment building - Meticulously maintained 8-unit apartment community with modern upgrades and lush landscaping.
    Where is this apartment building located?
    The property is located at 1017 E Fairmount Ave Phoenix, AZ.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: Boutique 8‑unit apartment community in a highly desirable Phoenix location.; Strong in‑place yield with a 6.03% cap rate and 6.28% cash‑on‑cash return.; Six of eight units **renovated with luxury vinyl plank flooring, quartz countertops, and updated bathrooms.**
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Brad Skenderian
    Real Estate License ID: SA692958000 (AZ)
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1017 E Fairmount Ave, Phoenix, AZ 85014
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!