New Quadplex Under
For Sale
$850,000
Pending
3608 N Felix Way, Idaho Falls, ID 83401
Residential Income, Idaho Falls, ID
Property Size4,712 SF
Lot Size0.31 Acres
Days on Market71
Property Features for 3608 N Felix Way
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Property condition
Under Construction
Zoning description
General Zoning: Not Verified, Specific Zoning: Not Verified
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 2
Appliances
Common Water Heaters, Dishwasher, Microwave, Refrigerator, Oven, Stove
Subdivision
Freedom Acres-Bon
Lot features
Sprinkler- Auto
Elementary school
Ucon 93EL
Middle school
Rocky Mountain 93JH
High school
Bonneville 93HS
Directions
From Beach's Corner go North on Hwy towards Ucon to East Gample Ave, go East to Silver Fox Road and go South to address.
Standard status
Pending
Size
4,712 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L15 B6 Freedom Acres Div 3
Tax Annual Amount
0
HOA Fee
$125 Annually
Legal Description
L15 B6 Freedom Acres Div 3
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Electric (Heating)
Water source
Public
Building Details
Year built
2026
Number of units
4
Flooring type
Carpet - Full, Carpet
Building materials
Stone, Vinyl Siding
Listing Agency:
Keller Williams Realty East Idaho
(208) 529-8888
Listed By:
Ryan Webster · License #30269
(208) 221-0995
Added: Jun 30
Changed: Sep 4
Last Checked: Sep 8 at 6:06AM
MLS# 2184656
Copyright © 2026 Snake River Regional MLS. 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 quadplex is being developed on a 0.31-acre parcel in Idaho Falls, with 4712 square feet of planned building area. Construction is currently underway, and completion is estimated for August 2026. The design includes open-concept living areas, granite countertops, and spacious bedrooms, with representative interior images supplied from another unit.
Planned construction materials include stone and vinyl siding, while interior flooring is specified as carpet. The property is designed with radiant electric heat, public water, and public sewer service. Appliances identified for the units include dishwashers, microwaves, refrigerators, ovens, and stoves. The property is located at 3608 N Felix Way in Idaho Falls, Idaho.
Planned construction materials include stone and vinyl siding, while interior flooring is specified as carpet. The property is designed with radiant electric heat, public water, and public sewer service. Appliances identified for the units include dishwashers, microwaves, refrigerators, ovens, and stoves. The property is located at 3608 N Felix Way in Idaho Falls, Idaho.
Key Highlights
- Quadplex under construction with estimated completion in August 2026
- 4712 square feet on a 0.31‑acre parcel
- Open‑concept layouts with granite countertops and spacious bedrooms
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
$39,690
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
4.67%
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%
$793,800
$793.8K
Cap Rate 7%
$567,000
$567.0K
Cap Rate 9%
$441,000
$441.0K
Market Conditions
NOI Build-Up for 4,712 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
$59.4K $12.60/SF
− Vacancy
−$2.7K −$0.57/SF
EGI
$56.7K $12.03/SF
− OpEx
−$17.0K −$3.61/SF
NOI
$39.7K $8.42/SF
Area
Bonneville County, ID
Vacancy
4.50%
Lease Rate
$12.60 /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%
$793,800
Cap Rate 7%
$567,000
Cap Rate 9%
$441,000
Alternative Uses
Best Use
Multifamily LT 5
$567.0K
$496.1K – $661.5K
NOI $39,690 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$512.9K
$448.8K – $598.4K
NOI $35,901 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.04M
$910.9K – $1.21M
NOI $72,874 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,749
Businesses Nearby
Explore this area
Business Placement
Demographics for 83401, ID
47,114
Population
16,026
Households
2.9
Avg Household Size
31
Median Age
30%
College-Educated
90%
High-School Grad
197.3 sq mi
ZIP Area
239
Density / Sq Mi
$75,870
Median Household Income
$35,293
Median Earnings
$1,132
Median Rent
$307,700
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 - Granite countertops and open-concept interiors are planned for this four-unit property.
Where is this quadplex located?
The property is located at 3608 N Felix Way Idaho Falls, ID.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Quadplex under construction with estimated completion in August 2026; 4712 square feet on a 0.31‑acre parcel; Open‑concept layouts with granite countertops and spacious bedrooms
