4-Unit
New
For Sale
$999,900
2506 W Woodlawn Ave, Boise, ID 83702
Residential Income, Boise, ID
Property Size3,447 SF
Lot Size0.14 Acres
Price / SF$290.08
Days on Market5
Property Features for 2506 W Woodlawn Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
City of Boise R-2
Bedrooms
6
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 4, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 2, Bathroom 5, Bathroom 2, Bedroom 6, Bedroom 4, Bathroom 1
Parking
1
Appliances
Disposal (Some Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (Some Units)
Subdivision
Pleasant Place Addition
Lot features
Standard Lot 6000-9999 S F, Sidewalks
Elementary school
Whittier
Middle school
North Jr
High school
Boise
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
From State Street, go S on 27th St, E on Woodlawn AV
Standard status
Active
APN
R7104001190
Size
3,447 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 11 BLK 9 PLEASANTON ADD
Tax Annual Amount
10877
Legal Description
LOT 11 BLK 9 PLEASANTON ADD
Utilities
Heating system
Natural Gas, Baseboard
Cooling system
Wall/Window Unit(s), Window Unit(s)
Amenities
off street parking
Building Details
Year built
1910
Number of units
4
Building materials
Concrete, Frame
Roof type
Composition
Listing Agency:
Keller Williams Realty Boise
(208) 672-9000
Listed By:
Rebekah Mckernan · License #SP41777
(208) 353-5811
Added: Oct 1
Changed: Oct 4
Last Checked: Oct 5 at 11:06AM
MLS# 99002456
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 four-unit property contains approximately 3,447 square feet on a 0.14-acre parcel. Individual units range from approximately 1,050 to 1,755 square feet. The building dates to 1910 and has natural gas baseboard heat with wall or window air-conditioning units. Stoves and refrigerators are provided in all units; some also have disposals and washer-dryer appliances.
All four residences are occupied under existing leases. Off-street parking is available on the property.
All four residences are occupied under existing leases. Off-street parking is available on the property.
Key Highlights
- Four units totaling approximately 3,447 square feet
- All units occupied with leases in place
- Unit sizes range from approximately 1,050 to 1,755 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
$41,548
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
4.16%
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%
$830,960
$831.0K
Cap Rate 7%
$593,543
$593.5K
Cap Rate 9%
$461,644
$461.6K
Market Conditions
NOI Build-Up for 3,447 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
$60.0K $17.40/SF
− Vacancy
−$624 −$0.18/SF
EGI
$59.4K $17.22/SF
− OpEx
−$17.8K −$5.17/SF
NOI
$41.5K $12.05/SF
Area
Ada County, ID
Vacancy
1.04%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$830,960
Cap Rate 7%
$593,543
Cap Rate 9%
$461,644
Alternative Uses
Best Use
Multifamily LT 5
$593.5K
$519.4K – $692.5K
NOI $41,548 @ 7.0% cap · market cap 4.16%
Second Best
Apartment 5plus
$517.6K
$452.9K – $603.8K
NOI $36,229 @ 7.0% cap · market cap 3.62%
Theoretical Best
Office A
$952.0K
$833.0K – $1.11M
NOI $66,637 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 83702, ID
23,951
Population
12,771
Households
1.9
Avg Household Size
40
Median Age
61%
College-Educated
97%
High-School Grad
31.4 sq mi
ZIP Area
763
Density / Sq Mi
$82,586
Median Household Income
$48,200
Median Earnings
$1,175
Median Rent
$708,000
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
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Frequently Asked Questions
What type of property is this?
Quadplex - All four residences have tenants under lease, and off-street parking is available.
Where is this quadplex located?
The property is located at 2506 W Woodlawn Ave Boise, ID.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: Four units totaling approximately 3,447 square feet; All units occupied with leases in place; Unit sizes range from approximately 1,050 to 1,755 square feet
