Modern 28-Unit Multifamily
324 NE 3rd St. Meridian, ID 83642
324 NE 3rd St., Meridian, ID, 83642
$6,950,000
Pending
For Sale
$6,950,000
Pending
MULTI_FAMILY - Meridian, ID
Property Size28,238 SF
Days on Market51
Property Features for 324 NE 3rd St.
General Information
- Property type
- Residential Multi Family
- Property subtype
- Apartment
- Parking
- 40
- Parking features
- Carport
- Appliances
- Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
- Standard status
- Pending
- APN
- R8393710040
- Size
- 28,238 SF
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- Lot 1 in Block 1, Lots 1 through 6 of Block 2, and Lot 1 in Block 3 of Third Street Square Subdivision, according to the official plat thereof, filed in Book 117 of Plats at Page(s) 17687 through 17689, records of Ada County, Idaho.
- Tax Annual Amount
- 29169
Utilities
- Heating system
- Natural Gas, Forced Air
- Cooling system
- Central Air
Building Details
- Year built
- 2018
- Number of units
- 28
- Flooring type
- Laminate
- Building materials
- HardiPlank Type
- Roof type
- Composition
Listing Agency
Real Broker LLC
(855) 450-0442
3597 E Monarch Sky Ln Suite 240, Meridian, ID
Listed by
Robert Santangelo · License #01007143
(760) 505-2222
Added: May 29 Checked: Jul 18 at 9:06 am
MLS# 98988433
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.
Investment Insights
Based on property information with market context.
Located at 324 NE 3rd St. in Meridian, this 2018-constructed multifamily community offers 28 units configured as virtually identical two-bedroom, two-bath homes. Each unit includes a private primary bedroom/bath, in-unit laundry, and separate kitchen and dining areas, along with spacious living rooms. The development includes a common-area clubhouse, and the site is built on the Third Street Square plat with eight parcel numbers assigned to each building and a common area.
The property provides abundant on-site parking, including 30 covered carport stalls plus additional surface parking to support everyday tenant needs. The on-site common clubhouse is also positioned as a shared amenity space within the community.
For buyers and operators seeking a manageable multifamily asset, the uniform unit mix and in-unit laundry are practical for resident use and turnover operations. According to the provided remarks, the property has maintained near 100% occupancy since 2018, and it is being offered with an income profile described as having potential relative to market rents. Investor flexibility is supported by the multi-parcel plat structure described for the development.
The property provides abundant on-site parking, including 30 covered carport stalls plus additional surface parking to support everyday tenant needs. The on-site common clubhouse is also positioned as a shared amenity space within the community.
For buyers and operators seeking a manageable multifamily asset, the uniform unit mix and in-unit laundry are practical for resident use and turnover operations. According to the provided remarks, the property has maintained near 100% occupancy since 2018, and it is being offered with an income profile described as having potential relative to market rents. Investor flexibility is supported by the multi-parcel plat structure described for the development.
Key Highlights
- 28‑unit multifamily property constructed in 2018 with a reported near 100% occupancy since 2018
- Unit mix: virtually identical 2‑bedroom, 2‑bath layouts with a primary bedroom and private bath
- Each unit includes in‑unit laundry, plus separate kitchen and dining areas and spacious living rooms
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $535.4k | $18.96 |
| − Vacancy | −$20.3k | −$0.72 |
| EGI | $515.0k | $18.24 |
| − OpEx | −$231.8k | −$8.21 |
| NOI | $283.3k | $10.03 |
28,238 SF · lease $18.96/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.05M
$3.54M – $4.72M
NOI $283,276 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.45M
$6.52M – $8.69M
NOI $521,635 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
324 NE 3rd ...
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 2018-built 28-unit property with in-unit laundry, abundant parking, and a common clubhouse on a multi-parcel plat.
Where is this apartment building located?
The property is located at 324 NE 3rd St. Meridian, ID.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: 28‑unit multifamily property constructed in 2018 with a reported near 100% occupancy since 2018; Unit mix: virtually identical 2‑bedroom, 2‑bath layouts with a primary bedroom and private bath; Each unit includes in‑unit laundry, plus separate kitchen and dining areas and spacious living rooms
