Three-Story Apartment
For Sale
$3,265,000
16090 N Merchant Way, Nampa, ID 83687
Residential Income, Nampa, ID
Property Size12,241 SF
Lot Size0.61 Acres
Price / SF$266.73
Days on Market116
Property Features for 16090 N Merchant Way
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning description
BC - Community Business
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bathroom 1
Parking
23
Parking features
Carport
Accessibility
Accessible Approach with Ramp
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
Non Applicable
Lot features
1/2 - .99 Acre, Sidewalks
Elementary school
East Canyon
Middle school
Summitvue
High school
Ridgevue
Elementary school district
Vallivue School District #139
Middle school district
Vallivue School District #139
High school district
Vallivue School District #139
Directions
From I-84 take the Karcher Rd. exit, turn South onto Midland Rd. which changes to Merchant Way. Property is on the North side of the road.
Standard status
Active
APN
R3098201000
Size
12,241 SF
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
09-3N-2W SW TX 21296 IN SWSW
Tax Annual Amount
21616
Legal Description
09-3N-2W SW TX 21296 IN SWSW
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
granite countertops
stainless steel appliances
laminate flooring
in-unit washer/dryer
walk-in closets
private patio or balcony
covered parking
pet-friendly fenced outdoor area
onsite children's playground
Building Details
Year built
2021
Number of units
12
Flooring type
Laminate
Building materials
Frame, Wood Siding
Roof type
Composition
Listing Agency:
KW Commercial · Keller Williams Realty
(208) 475-1313
Listed By:
Tricia Callies · License #AB18477
(208) 412-4771
Added: May 12
Changed: Sep 2
Last Checked: Sep 4 at 5:06PM
MLS# 98985975
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.
Built in 2021, this three-story apartment property contains 12 units totaling 12,241 square feet on 0.61 acres. Floor plans include one- and three-bedroom layouts ranging from 746 to 1,270 square feet. Residences feature open living areas, granite countertops, stainless steel appliances, laminate flooring, in-unit washers and dryers, ample cabinetry, walk-in closets, and private patios or balconies.
The property is located at 16090 N Merchant Way in Nampa, Idaho, within Canyon County. Community improvements include covered parking, a fenced outdoor area designated for pets, and an onsite children’s playground. Construction consists of frame with wood siding, supported by forced-air natural gas heating and central air conditioning.
The property is located at 16090 N Merchant Way in Nampa, Idaho, within Canyon County. Community improvements include covered parking, a fenced outdoor area designated for pets, and an onsite children’s playground. Construction consists of frame with wood siding, supported by forced-air natural gas heating and central air conditioning.
Key Highlights
- 12‑unit apartment property built in 2021
- 12,241 square feet on 0.61 acres
- One- and three‑bedroom floor plans from 746 to 1,270 square feet
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
$120,628
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
3.69%
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%
$2,412,560
$2.4M
Cap Rate 7%
$1,723,257
$1.7M
Cap Rate 9%
$1,340,311
$1.3M
Market Conditions
NOI Build-Up for 12,241 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
$232.1K $18.96/SF
− Vacancy
−$12.8K −$1.04/SF
EGI
$219.3K $17.92/SF
− OpEx
−$98.7K −$8.06/SF
NOI
$120.6K $9.85/SF
Area
Nampa, ID
Vacancy
5.50%
Lease Rate
$18.96 /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%
$2,412,560
Cap Rate 7%
$1,723,257
Cap Rate 9%
$1,340,311
Alternative Uses
Best Use
Apartment 5plus
$1.72M
$1.51M – $2.01M
NOI $120,628 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.10M
$2.71M – $3.61M
NOI $216,754 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
614
Businesses Nearby
Explore this area
Business Placement
Demographics for 83687, ID
37,254
Population
14,484
Households
2.6
Avg Household Size
33
Median Age
27%
College-Educated
91%
High-School Grad
49.4 sq mi
ZIP Area
754
Density / Sq Mi
$72,294
Median Household Income
$40,328
Median Earnings
$1,416
Median Rent
$369,700
Median Home Value
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 - Twelve-unit community with updated interiors, private outdoor space, covered parking, and a fenced pet area.
Where is this apartment building located?
The property is located at 16090 N Merchant Way Nampa, ID.
What is the asking price?
The asking price for this property is $3,265,000.
What are key features of this property?
This property features: 12‑unit apartment property built in 2021; 12,241 square feet on 0.61 acres; One- and three‑bedroom floor plans from 746 to 1,270 square feet
