Two-Bedroom Condo Near Community
For Sale
$299,900
16631 E EL LAGO Boulevard #107, Fountain Hills, AZ 85268
Short-term rentals are permitted within the community, and the unit includes a private porch adjoining the pool area.
Property Size1,085 SF
Price / SF$276.41
Days on Market46
Property Features for 16631 E EL LAGO Boulevard #107
General Information
Standard status
Active
Size
1,085 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
community pool
Building Details
Year Built
2003
Listing Agency:
HomeSmart
(602) 230-7600
Listed By:
Kerry L. Morgan · License #SA638573000
(480) 212-2150
Source:
Kathrynthomas
Added: Sep 18
Changed: Nov 1
Last Checked: Nov 1 at 1:35AM
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 HomeSmart
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Investment Insights
Based on property information with market context.
This 1,085-square-foot, two-bedroom, two-bathroom condominium was built in 2003 and is located on the ground level. Tile flooring runs throughout the home. The kitchen has quartz countertops, a lowered breakfast bar, ample cabinetry, and included appliances. The primary bedroom features dual sinks and a walk-in shower, while the living and dining areas share an open layout. A private porch connects the unit’s outdoor space to the community pool area.
The property is in Fountain Hills, within walking distance of downtown shops, restaurants, parks, the Fountain Hills fountain, and community events. Short-term rentals are permitted by the community.
The property is in Fountain Hills, within walking distance of downtown shops, restaurants, parks, the Fountain Hills fountain, and community events. Short-term rentals are permitted by the community.
Key Highlights
- 1,085‑square‑foot condominium with 2 bedrooms and 2 bathrooms
- Ground‑level unit with tile flooring throughout
- Kitchen features quartz countertops and a lowered breakfast bar
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$12,245
Cap Rate
4.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$244,900
$244.9K
Cap Rate 7%
$174,929
$174.9K
Cap Rate 9%
$136,056
$136.1K
Market Conditions
NOI Build-Up for 1,085 SF
Gross rent
$23.4K $21.60/SF
− Vacancy
−$1.2K −$1.08/SF
EGI
$22.3K $20.52/SF
− OpEx
−$10.0K −$9.23/SF
NOI
$12.2K $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%
$244,900
Cap Rate 7%
$174,929
Cap Rate 9%
$136,056
Alternative Uses
Best Use
Apartment 5plus
$174.9K
$153.1K – $204.1K
NOI $12,245 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$335.6K
$293.7K – $391.6K
NOI $23,493 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,289
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Residential income property - Short-term rentals are permitted within the community, and the unit includes a private porch adjoining the pool area.
Where is this residential income property located?
The property is located at 16631 E EL LAGO Boulevard #107 Fountain Hills, AZ.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,085‑square‑foot condominium with 2 bedrooms and 2 bathrooms; Ground‑level unit with tile flooring throughout; Kitchen features quartz countertops and a lowered breakfast bar
