Duplex with Expansion
For Sale
$467,000
303 W Pine Ave, Meridian, ID 83642
Residential Income, Meridian, ID
Property Size2,138 SF
Price / SF$218.43
Days on Market99
Property Features for 303 W Pine Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-15
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bathroom 2
Parking
2
Parking features
RV, Driveway, Carport
Appliances
Stove/Range (All Units), Refrigerator (All Units)
Subdivision
Westview
Lot features
Standard Lot 6000-9999 S F, Garden, Irrigation, R. V. Parking
Elementary school
Meridian
Middle school
Meridian Middle
High school
Meridian
Elementary school district
West Ada School District
Middle school district
West Ada School District
High school district
West Ada School District
Directions
Meridian Rd, W on Pine.
Standard status
Active
APN
R9323750565
Size
2,138 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
The East 70 feet of lots 1 and 2 in block 8 of West View Addition to Meridian, according to the official plat thereof, filed in Book 2 of Plats at Page 68, records of Ada County, Idaho.
Tax Annual Amount
1205
Legal Description
The East 70 feet of lots 1 and 2 in block 8 of West View Addition to Meridian, according to the official plat thereof, filed in Book 2 of Plats at Page 68, records of Ada County, Idaho.
Utilities
Cooling system
Ductless, Zoned
Amenities
washer and dryer hook ups
RV parking
Building Details
Year built
1957
Number of units
2
Building materials
Brick
Roof type
Composition
Listing Agency:
TripleCord Real Estate
(208) 861-5639
Listed By:
Anna Strausbaugh · License #SP47985
(208) 890-5236
Added: May 19
Changed: Aug 19
Last Checked: Aug 25 at 4:06PM
MLS# 98986815
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 2,138-square-foot duplex contains two residential units, each configured with 2 bedrooms and 1 bathroom. The 1957 property has brick construction, composition roofing, ductless zoned cooling, and separate washer and dryer hookups for both units. Recent improvements include new windows, electrical, plumbing, and mini-split AC equipment; the roof is 8 years old. Each unit includes a stove/range and refrigerator.
Located at 303 W Pine Ave in Meridian, the property occupies a corner lot with driveway, carport, and RV parking. The backyard has been divided into a fully entitled single-family homesite, providing a separate development component. There is no HOA, and the site also accommodates outdoor uses identified in the property information, including trailers, gardens, and chickens.
Located at 303 W Pine Ave in Meridian, the property occupies a corner lot with driveway, carport, and RV parking. The backyard has been divided into a fully entitled single-family homesite, providing a separate development component. There is no HOA, and the site also accommodates outdoor uses identified in the property information, including trailers, gardens, and chickens.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units within a 2,138‑square‑foot duplex
- Fully entitled single‑family homesite split from the backyard
- New windows, electrical, plumbing, and mini‑split AC equipment
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
$23,227
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
4.97%
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%
$464,540
$464.5K
Cap Rate 7%
$331,814
$331.8K
Cap Rate 9%
$258,078
$258.1K
Market Conditions
NOI Build-Up for 2,138 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
$34.6K $16.20/SF
− Vacancy
−$1.5K −$0.68/SF
EGI
$33.2K $15.52/SF
− OpEx
−$10.0K −$4.66/SF
NOI
$23.2K $10.86/SF
Area
Meridian, ID
Vacancy
4.20%
Lease Rate
$16.20 /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%
$464,540
Cap Rate 7%
$331,814
Cap Rate 9%
$258,078
Alternative Uses
Best Use
Multifamily LT 5
$331.8K
$290.3K – $387.1K
NOI $23,227 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$306.4K
$268.1K – $357.5K
NOI $21,448 @ 7.0% cap · market cap 4.59%
Theoretical Best
Office A
$564.2K
$493.7K – $658.3K
NOI $39,495 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,360
Businesses Nearby
Explore this area
Business Placement
Demographics for 83642, ID
55,465
Population
22,700
Households
2.4
Avg Household Size
35
Median Age
44%
College-Educated
95%
High-School Grad
41.5 sq mi
ZIP Area
1,337
Density / Sq Mi
$96,361
Median Household Income
$45,824
Median Earnings
$1,629
Median Rent
$492,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit rental property with updated systems, individual laundry hookups, and additional entitled homesite area.
Where is this duplex located?
The property is located at 303 W Pine Ave Meridian, ID.
What is the asking price?
The asking price for this property is $467,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units within a 2,138‑square‑foot duplex; Fully entitled single‑family homesite split from the backyard; New windows, electrical, plumbing, and mini‑split AC equipment
