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    2019 S Locust Grove Lane Lot #4/5 Meridian, ID 83642

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    Claim this Listing
    For Sale
    $310,000

    LAND - Meridian, ID

    Lot size:
    0.38 Acres
    Added:
    Mar 10, 2026
    Days on Market:
    56
    Last Refresh:
    May 4 at 3:06 pm

    Property Features for 2019 S Locust Grove Lane Lot #4/5

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    APN
    R607920 0080
    Lot size
    0.38 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Lot 4 & Lot 5, Block 1 Nine Mile Creek Bungalows Subdivision. Book of Plats, book #130, pages 21430-21433. Total of 15,738 square feet for combined lots of 4 & 5. The street address will become 2019 S. Locust Grove Road

    Utilities

    Water front features
    Waterfront
    Water front
    1

    We can help!

    Listing Contact
    Robyn Shea

    Listing agent Robyn Shea License #SP26307

    Listing office Idaho Summit Real Estate LLC 1861 E Laurelwood Dr, Boise, ID

    Listing date Mar 10, 2026

    MLS# 98977453 Listing URL

    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.

    Overview

    Meridian Buildable Lot Near Creek

    This expansive third-acre building lot is located in a new Meridian neighborhood and backs up to the waterway of Nine Mile Creek. The lot, measuring 0.375 acres, offers wide open views and a north-facing backyard. Dual hook-ups are available for water, sewer, power, and natural gas. The property is situated in an excellent location, close to schools, a hospital, and shopping. Basements and short-term rentals are allowed. One buildable lot includes the option for an ADU accessory dwelling unit. Part of the Nine Mile Creek Bungalows, a neighborhood of four large homesites, the property is located beside the private park and tennis courts of Sportsman Point Subdivision. The final plat is complete, and the lot is ready for construction.
    Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Meridian
    County
    Ada
    State
    Idaho
    Longitude
    -116.374993
    Latitude
    43.5864782

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    FAQs

    What type of property is this?
    Residential land & home lot - Large building lot backing up to waterway in Meridian, Idaho.
    Where is this residential land & home lot located?
    The property is located at 2019 S Locust Grove Lane Lot #4/5 Meridian, ID.
    What is the asking price?
    The asking price for this property is $310,000.
    What are key features of this property?
    This property features: Large .375 acre building lot backing up to waterway of Nine Mile Creek.; Option for ADU (accessory dwelling unit).; Dual hook ups for water, sewer, power, and natural gas.
    (208) 819-9009
    We can help!
    Listing Contact
    Robyn Shea
    Real Estate License ID: SP26307
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    2019 S Locust Grove Lane, Lot #4/5, Meridian, ID 83642

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