12-Unit Apartment Building
For Sale
$2,910,000
1521 1527 1535 W Alexandra Ln, Boise, ID 83705
Residential Income, Boise, ID
Property Size11,400 SF
Lot Size0.38 Acres
Price / SF$255.26
Days on Market158
Property Features for 1521 1527 1535 W Alexandra Ln
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
24
Bathrooms
24
Full bathrooms
24
Rooms
Bedroom 5, Bedroom 17, Bedroom 18, Bathroom 14, Bathroom 18, Bathroom 1, Bedroom 9, Bathroom 2, Bathroom 12, Bedroom 10, Bathroom 3, Bathroom 17, Bedroom 1, Bedroom 2, Bedroom 7, Bedroom 22, Bathroom 5, Bedroom 20, Bedroom 14, Bathroom 21, Bathroom 24, Bathroom 13, Bedroom 19, Bathroom 4, Bathroom 15, Bathroom 7, Bedroom 13, Bathroom 8, Bedroom 15, Bathroom 23, Bathroom 20, Bedroom 3, Bedroom 24, Bedroom 16, Bathroom 9, Bathroom 19, Bathroom 10, Bedroom 4, Bedroom 23, Bathroom 22, Bathroom 16, Bedroom 8, Bathroom 6, Bedroom 21, Bathroom 11, Bedroom 6, Bedroom 11, Bedroom 12
Parking
12
Parking features
Carport
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
Lloyd
Lot features
10000 S F - .49, Irrigation, Sidewalks
Elementary school
Hawthorne
Middle school
South Boise Jr
High school
Borah
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
N Vista Ave, E Canal St, S Victory Rd, S Lindsay Ave, W Alexandra Ln
Standard status
Active
APN
R5292910070, R5292910080, R5292910090
Size
11,400 SF
Lot size
0.38 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
See Exhibit A
Tax Annual Amount
24573
Legal Description
See Exhibit A
Utilities
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Building Details
Year built
2013
Number of units
12
Building materials
Frame
Roof type
Composition
Listing Agency:
Silvercreek Realty Group
(208) 377-0422
Listed By:
Kim Christianson · License #SP44513
(208) 631-7905
Added: Apr 23
Changed: Sep 24
Last Checked: Sep 27 at 2:06PM
MLS# 98983297
Copyright © 2026 Intermountain Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment property comprises three multifamily buildings with 12 units totaling 11,400 square feet on 0.38 acres. Each building contains four two-bedroom, two-bathroom residences. Units are equipped with refrigerators, ranges/ovens, microwaves, dishwashers, and in-unit washers and dryers. Covered carport parking is provided for every residence. The buildings were constructed in 2013 with frame construction, composition roofs, electric forced-air heat, and central air conditioning.
The property is located at 1521, 1527, and 1535 W Alexandra Ln in Boise. Public transportation is nearby, while Boise State University, Boise Airport, and the interstate are described as close by. Downtown Boise is less than four miles away. All units are fully occupied.
The property is located at 1521, 1527, and 1535 W Alexandra Ln in Boise. Public transportation is nearby, while Boise State University, Boise Airport, and the interstate are described as close by. Downtown Boise is less than four miles away. All units are fully occupied.
Key Highlights
- Three multifamily buildings with 12 total units
- 11,400 square feet on 0.38 acres
- Each residence offers 2 bedrooms and 2 bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$119,816
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.12%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,396,320
$2.4M
Cap Rate 7%
$1,711,657
$1.7M
Cap Rate 9%
$1,331,289
$1.3M
Market Conditions
NOI Build-Up for 11,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$220.2K $19.32/SF
− Vacancy
−$2.4K −$0.21/SF
EGI
$217.8K $19.11/SF
− OpEx
−$98.0K −$8.60/SF
NOI
$119.8K $10.51/SF
Area
Ada County, ID
Vacancy
1.09%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,396,320
Cap Rate 7%
$1,711,657
Cap Rate 9%
$1,331,289
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.50M – $2.00M
NOI $119,816 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.15M
$2.75M – $3.67M
NOI $220,385 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
12
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 83705, ID
27,756
Population
13,228
Households
2.1
Avg Household Size
35
Median Age
38%
College-Educated
93%
High-School Grad
16.2 sq mi
ZIP Area
1,713
Density / Sq Mi
$62,605
Median Household Income
$37,283
Median Earnings
$1,166
Median Rent
$378,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully occupied three-building property with two-bedroom residences, private laundry, appliances, and covered carport parking.
Where is this apartment building located?
The property is located at 1521 1527 1535 W Alexandra Ln Boise, ID.
What is the asking price?
The asking price for this property is $2,910,000.
What are key features of this property?
This property features: Three multifamily buildings with 12 total units; 11,400 square feet on 0.38 acres; Each residence offers 2 bedrooms and 2 bathrooms
