Four-Plex Income
For Sale
$1,025,000
33 S Mike St, Boise, ID 83706
MULTI_FAMILY - Boise, ID
Property Size3,656 SF
Lot Size0.11 Acres
Price / SF$280.36
Days on Market334
Property Features for 33 S Mike St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
ZC-245
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 5, Bedroom 5, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 8, Bathroom 8, Bedroom 4, Bathroom 2, Bedroom 7, Bedroom 2, Bathroom 3, Bathroom 6, Bathroom 4, Bedroom 6, Bathroom 7
Parking
6
Subdivision
Randall Add
Lot features
Small Lot 5999 S F, Sidewalks
Elementary school
Jefferson
Middle school
South Boise Jr
High school
Borah
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
USE GPS
Standard status
Active
APN
R7334010108
Size
3,656 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT:8,9 BLK:2 SUBD:RANDALL 02ND ADD SEC/TWN/RNG/MER:SEC 16 TWN 03N RNG 02E LOT 8 EXC N 21.5 LOT 9 EXC S 15.5 BLK 2 RANDALL 2ND ADD #0106-S
Tax Annual Amount
6937
Legal Description
LOT:8,9 BLK:2 SUBD:RANDALL 02ND ADD SEC/TWN/RNG/MER:SEC 16 TWN 03N RNG 02E LOT 8 EXC N 21.5 LOT 9 EXC S 15.5 BLK 2 RANDALL 2ND ADD #0106-S
Utilities
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1989
Number of units
4
Flooring type
Laminate
Building materials
Frame
Roof type
Composition
Listing Agency:
Century 21 Price Right · Century 21 Real Estate
(208) 799-2100
Listed By:
Chance Weil · License #SP42685
(208) 559-5215
Added: Sep 13, 2025
Changed: Aug 3
Last Checked: Aug 12 at 10:06AM
MLS# 98961609
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.
Four-plex (quadplex) at 33 S Mike St, Boise, built in 1989. The property sits on a 0.11-acre lot and totals 3,656 square feet. Construction is frame, with laminate flooring and a composition roof.
The unit mix includes multiple bedrooms and bathrooms, supporting flexible living arrangements. Cooling is provided by wall/window units and additional window unit(s), which can help accommodate different preferences across the building.
Location is convenient to central Boise and the region’s outdoor options, with the property described as about 9 minutes from the airport and about 7 minutes from downtown Boise. It’s also positioned close to shopping and everyday amenities.
The unit mix includes multiple bedrooms and bathrooms, supporting flexible living arrangements. Cooling is provided by wall/window units and additional window unit(s), which can help accommodate different preferences across the building.
Location is convenient to central Boise and the region’s outdoor options, with the property described as about 9 minutes from the airport and about 7 minutes from downtown Boise. It’s also positioned close to shopping and everyday amenities.
Key Highlights
- 0.11‑acre lot with a total of 3,656 square feet
- Built in 1989 four‑plex (quadplex)
- Frame construction with laminate flooring
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
$44,067
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
4.30%
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%
$881,340
$881.3K
Cap Rate 7%
$629,529
$629.5K
Cap Rate 9%
$489,633
$489.6K
Market Conditions
NOI Build-Up for 3,656 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
$63.6K $17.40/SF
− Vacancy
−$662 −$0.18/SF
EGI
$63.0K $17.22/SF
− OpEx
−$18.9K −$5.17/SF
NOI
$44.1K $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%
$881,340
Cap Rate 7%
$629,529
Cap Rate 9%
$489,633
Alternative Uses
Best Use
Multifamily LT 5
$629.5K
$550.8K – $734.5K
NOI $44,067 @ 7.0% cap · market cap 4.30%
Second Best
Apartment 5plus
$548.9K
$480.3K – $640.4K
NOI $38,425 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$1.01M
$883.5K – $1.18M
NOI $70,678 @ 7.0% cap · market cap 6.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
586
Businesses Nearby
Explore this area
Business Placement
Demographics for 83706, ID
34,446
Population
15,992
Households
2.2
Avg Household Size
31
Median Age
57%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
4,655
Density / Sq Mi
$81,101
Median Household Income
$33,331
Median Earnings
$1,378
Median Rent
$488,900
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?
Quadplex - Four-plex built in 1989 with frame construction, laminate floors, and cooling via wall and window units.
Where is this quadplex located?
The property is located at 33 S Mike St Boise, ID.
What is the asking price?
The asking price for this property is $1,025,000.
What are key features of this property?
This property features: 0.11‑acre lot with a total of 3,656 square feet; Built in 1989 four‑plex (quadplex); Frame construction with laminate flooring
