Selective laser melting (SLM) is an additive manufacturing technique commonly used in the rapid prototyping of components. The complexity of the SLM microstructure poses a unique challenge to deriving effective mechanical properties at different length scales. Representative volume elements (RVEs) are often used to homogenize the material properties of composites. Instead of RVEs, we use statistical volume elements (SVEs) to homogenize the elastic and fracture properties of the material. This relates the inherent variation of a material’s microstructure to the variation in its mechanical properties at different observation scales. The convergence to the RVE limit is examined from two perspectives: the stability of the mean value as the SVE size increases for the mean-based approach, and the tendency of the normalized variation in homogenized properties to zero as the SVE size increases for the variation-based approach. Fracture properties tend to make the RVE limit slower than do elastic properties from both perspectives. There are also differences between vertical (normal to printing plane) and horizontal (in-plane) properties. While the elastic properties tend to make the RVE limit faster for the horizontal direction, i.e., having a smaller variation and more stable mean value, the fracture properties exhibit the opposite effect. We attributed these differences to the geometry of the melt pools.