16-Unit Apartment
For Sale
$3,275,000
3695-3703 W Morris Hill Road, Boise, ID 83706
Residential Income, Boise, ID
Property Size12,480 SF
Lot Size0.95 Acres
Price / SF$262.42
Days on Market55
Property Features for 3695-3703 W Morris Hill Road
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 3, Bathroom 6, Bedroom 6, Bedroom 13, Bedroom 2, Bedroom 14, Bedroom 7, Bathroom 7, Bedroom 15, Bathroom 2, Bathroom 4, Bathroom 3, Bedroom 9, Bedroom 11, Bathroom 8, Bedroom 4, Bedroom 10, Bedroom 8, Bedroom 16, Bathroom 5, Bathroom 1, Bedroom 1, Bedroom 5, Bedroom 12
Parking
20
Parking features
Carport, Driveway
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (No Units)
Subdivision
Kristina Terrace
Lot features
1/2 - .99 Acre, 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
Emerald/Americana, S on Latah, E on Morris Hill, S into complex on the right
Standard status
Active
APN
R5042770010, R5042770020, R5042770070, R5042770080
Size
12,480 SF
Lot size
0.95 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lots 1, 2, 5, and 6 in Block 1 of Kristina Terrace, according to the plat thereof, filed in Book 55 of Plats at Page(s) 5027-5028, records of Ada County, Idaho
Tax Annual Amount
28937
Legal Description
Lots 1, 2, 5, and 6 in Block 1 of Kristina Terrace, according to the plat thereof, filed in Book 55 of Plats at Page(s) 5027-5028, records of Ada County, Idaho
Utilities
Heating system
Forced Air, Electric (Heating)
Cooling system
Central Air
Amenities
washer/dryer hookups
patio/deck
covered parking
exterior storage closet
Building Details
Year built
1987
Number of units
16
Flooring type
Vinyl
Building materials
Brick, Frame, Wood Siding
Roof type
Composition
Listing Agency:
Coldwell Banker Tomlinson · Coldwell Banker Real Estate
(208) 336-3393
Listed By:
Bob Van Allen · License #DB27351
(208) 863-4856
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 25 at 5:06AM
MLS# 98992534
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.
The property comprises four apartment buildings with four units each, totaling 16 residences across 12,480 square feet on 0.947 acres. Every apartment includes 780 square feet, two bedrooms, one full bathroom, a living room, kitchen, dining area, washer and dryer hookups, exterior storage, and either a slab patio or upper-level deck. Covered parking is provided through carports and driveways. Construction includes brick, frame, and wood siding, with vinyl flooring, composition roofing, forced-air electric heat, and central air conditioning. Stoves, refrigerators, and disposals are installed in all units.
Each building is separately parceled, providing flexibility for financing or a future subdivision. Capital improvements include replacement of front stairs and landings within the last 5 years, exterior painting completed in 2015 and 2022, fascia and gutters added at 3701 in 2024, three new HVAC systems in 2024, and water heater replacements in units #6, #10, and #14 during 2024-2025. The complex is near downtown Boise, Boise State University, Ann Morrison Park, Kathryn Albertson Park, freeway access, and major local employers.
Each building is separately parceled, providing flexibility for financing or a future subdivision. Capital improvements include replacement of front stairs and landings within the last 5 years, exterior painting completed in 2015 and 2022, fascia and gutters added at 3701 in 2024, three new HVAC systems in 2024, and water heater replacements in units #6, #10, and #14 during 2024-2025. The complex is near downtown Boise, Boise State University, Ann Morrison Park, Kathryn Albertson Park, freeway access, and major local employers.
Key Highlights
- 16 units across four fourplex buildings
- 12,480 square feet on 0.947 acres
- Each unit measures 780 SF with 2 bedrooms and 1 full bathroom
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
$131,167
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
4.01%
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%
$2,623,340
$2.6M
Cap Rate 7%
$1,873,814
$1.9M
Cap Rate 9%
$1,457,411
$1.5M
Market Conditions
NOI Build-Up for 12,480 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
$241.1K $19.32/SF
− Vacancy
−$2.6K −$0.21/SF
EGI
$238.5K $19.11/SF
− OpEx
−$107.3K −$8.60/SF
NOI
$131.2K $10.51/SF
Area
Ada County, ID
Vacancy
1.09%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$2,623,340
Cap Rate 7%
$1,873,814
Cap Rate 9%
$1,457,411
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.19M
NOI $131,167 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.02M
NOI $241,263 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
660
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Four individually parceled buildings offer flexible multifamily ownership with covered parking and private outdoor areas.
Where is this apartment building located?
The property is located at 3695-3703 W Morris Hill Road Boise, ID.
What is the asking price?
The asking price for this property is $3,275,000.
What are key features of this property?
This property features: 16 units across four fourplex buildings; 12,480 square feet on 0.947 acres; Each unit measures 780 SF with 2 bedrooms and 1 full bathroom
