Remodeled Residential Income
For Sale
$475,000
1889 Pilgrim Ave, Boise, ID 83704
Residential Income, Boise, ID
Property Size1,442 SF
Price / SF$329.40
Days on Market60
Property Features for 1889 Pilgrim Ave
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3
Parking
2
Interior features
Walk In Shower
Fireplace
1
Appliances
Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
Jonathan Park
Lot features
Standard Lot 6000-9999 S F, Garden
Elementary school
Horizon Boise
Middle school
Fairmont
High school
Capital
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
FRANKLIN EXIT, E ON FRANKLIN, S MAPLE GROVE, E ON FAIRVIEW, N ON MITCHELL, W HALSTEAD TO PILGRIM
Standard status
Active
APN
R4709170020
Size
1,442 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 2 BLK 1 JONATHAN PARK SUB
Tax Annual Amount
3357
HOA Fee
$360 Annually
Legal Description
LOT 2 BLK 1 JONATHAN PARK SUB
Utilities
Heating system
Natural Gas, Fireplace(s), Forced Air
Cooling system
Central Air
Building Details
Year built
1992
Number of units
1
Building materials
Frame
Roof type
Composition
Listing Agency:
Silvercreek Realty Group
(208) 377-0422
Listed By:
Jacob Blewett · License #4071649
(208) 781-1523
Added: Jun 25
Changed: Aug 19
Last Checked: Aug 23 at 2:06AM
MLS# 98991539
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 for-sale residential income property has been newly remodeled in 2025 and is offered in turnkey condition. The home is currently rented for $2,350 per month and is operated with tenants in place under lease through December 2026. With the updates completed and the lease schedule already established, the property is positioned for an investor looking to add a refreshed rental asset to their portfolio.
Located at 1889 Pilgrim Ave in Boise, Idaho (83704) in Ada County, the home is described as having centralized access to shopping centers, dining, and major transportation routes. Showing requires 48-hour notice.
From a tenant and operator standpoint, the appeal centers on continuity and condition: the interior renovations were completed in 2025, and there are existing tenants with a stated lease end date in December 2026. For buyers, this creates a more straightforward transition with an income stream already in place, while still allowing new ownership to manage the property through the current lease term.
Located at 1889 Pilgrim Ave in Boise, Idaho (83704) in Ada County, the home is described as having centralized access to shopping centers, dining, and major transportation routes. Showing requires 48-hour notice.
From a tenant and operator standpoint, the appeal centers on continuity and condition: the interior renovations were completed in 2025, and there are existing tenants with a stated lease end date in December 2026. For buyers, this creates a more straightforward transition with an income stream already in place, while still allowing new ownership to manage the property through the current lease term.
Key Highlights
- Currently rents for $2,350/month with tenants in place under lease through December 2026
- Newly remodeled in 2025
- Central air cooling plus natural gas forced‑air heat
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
$15,156
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
3.19%
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%
$303,120
$303.1K
Cap Rate 7%
$216,514
$216.5K
Cap Rate 9%
$168,400
$168.4K
Market Conditions
NOI Build-Up for 1,442 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
$27.9K $19.32/SF
− Vacancy
−$304 −$0.21/SF
EGI
$27.6K $19.11/SF
− OpEx
−$12.4K −$8.60/SF
NOI
$15.2K $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%
$303,120
Cap Rate 7%
$216,514
Cap Rate 9%
$168,400
Alternative Uses
Best Use
Apartment 5plus
$216.5K
$189.5K – $252.6K
NOI $15,156 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$398.2K
$348.5K – $464.6K
NOI $27,877 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Explore this area
Business Placement
Demographics for 83704, ID
42,430
Population
17,776
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
92%
High-School Grad
8.8 sq mi
ZIP Area
4,822
Density / Sq Mi
$70,806
Median Household Income
$37,201
Median Earnings
$1,363
Median Rent
$354,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Newly remodeled rental home with tenants on lease through December 2026.
Where is this single family property located?
The property is located at 1889 Pilgrim Ave Boise, ID.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Currently rents for $2,350/month with tenants in place under lease through December 2026; Newly remodeled in 2025; Central air cooling plus natural gas forced‑air heat
