Renovated Residential Income
For Sale
$294,900
16540 E GUNSIGHT Drive 2003, Fountain Hills, AZ 85268
Updated residence with refreshed interiors, remodeled kitchen, and renovated bathrooms near shopping, dining, recreation, and Fountain Park.
Property Size1,010 SF
Days on Market54
Property Features for 16540 E GUNSIGHT Drive 2003
General Information
Standard status
Active
Size
1,010 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$575
Building Details
Building Size
1,010 SF
Year Built
1988
Listing Agency:
Avenew Realty Inc
Listed By:
Trisha A. Carroll · License #BR639316000
(480) 330-4019
Source:
Jcluxuryresidential
Added: Aug 29
Changed: Oct 9
Last Checked: Oct 21 at 4:43AM
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 Avenew Realty Inc
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This residential income property was built in 1988 and has undergone extensive interior updates. Improvements include luxury vinyl plank flooring, fresh paint, new baseboards, updated lighting and hardware, ceiling fans, replacement outlets and switches, and GFCI upgrades. A redesigned kitchen features white shaker cabinets, quartz surfaces, a stainless steel undermount sink, recessed LED lighting, and stainless steel appliances. Both bathrooms have new vanities, framed mirrors, faucets, lighting, shower fixtures, and refinished tub and shower surrounds. The residence also includes a new front entry door with an electronic lock.
The property is located in Fountain Hills near shopping, dining, recreation, and Fountain Park. Its combination of refreshed finishes, updated kitchen and bath areas, and established location provides a practical residential income offering.
The property is located in Fountain Hills near shopping, dining, recreation, and Fountain Park. Its combination of refreshed finishes, updated kitchen and bath areas, and established location provides a practical residential income offering.
Key Highlights
- Extensively updated residential income property built in 1988
- Remodeled kitchen with white shaker cabinetry, quartz surfaces, and stainless steel appliances
- Both bathrooms feature new vanities, fixtures, lighting, and resurfaced tub/shower surrounds
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,399
Cap Rate
3.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$227,980
$228.0K
Cap Rate 7%
$162,843
$162.8K
Cap Rate 9%
$126,656
$126.7K
Market Conditions
NOI Build-Up for 1,010 SF
Gross rent
$21.8K $21.60/SF
− Vacancy
−$1.1K −$1.08/SF
EGI
$20.7K $20.52/SF
− OpEx
−$9.3K −$9.23/SF
NOI
$11.4K $11.29/SF
Area
Maricopa County, AZ
Vacancy
5.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$227,980
Cap Rate 7%
$162,843
Cap Rate 9%
$126,656
Alternative Uses
Best Use
Apartment 5plus
$162.8K
$142.5K – $190.0K
NOI $11,399 @ 7.0% cap · market cap 3.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$312.4K
$273.4K – $364.5K
NOI $21,869 @ 7.0% cap · market cap 7.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,289
Businesses Nearby
Explore this area
Business Placement
Demographics for 85268, AZ
24,031
Population
13,429
Households
1.8
Avg Household Size
61
Median Age
50%
College-Educated
97%
High-School Grad
20.5 sq mi
ZIP Area
1,172
Density / Sq Mi
$105,288
Median Household Income
$55,054
Median Earnings
$1,781
Median Rent
$576,700
Median Home Value
Frequently Asked Questions
What type of property is this?
Residential income property - Updated residence with refreshed interiors, remodeled kitchen, and renovated bathrooms near shopping, dining, recreation, and Fountain Park.
Where is this residential income property located?
The property is located at 16540 E GUNSIGHT Drive 2003 Fountain Hills, AZ.
What is the asking price?
The asking price for this property is $294,900.
What are key features of this property?
This property features: Extensively updated residential income property built in 1988; Remodeled kitchen with white shaker cabinetry, quartz surfaces, and stainless steel appliances; Both bathrooms feature new vanities, fixtures, lighting, and resurfaced tub/shower surrounds
