Zoned R-1C Duplex on Deep
For Sale
$424,998
3902/3904 W Lemhi St, Boise, ID 83705
MULTI_FAMILY - Boise, ID
Property Size1,354 SF
Lot Size0.23 Acres
Price / SF$313.88
Days on Market55
Property Features for 3902/3904 W Lemhi St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
R-1C
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1
Parking
2
Parking features
Carport, Driveway
Appliances
Stove/Range (All Units), Refrigerator (All Units)
Subdivision
Eagleson Park S
Lot features
10000 S F - .49
Elementary school
Whitney
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
South on Cleveland from Overland, East on Lemhi
Standard status
Active
APN
R2024380169
Size
1,354 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 11 Blk 05 Eagleson Park Sub No 04
Tax Annual Amount
4102
Legal Description
Lot 11 Blk 05 Eagleson Park Sub No 04
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1962
Number of units
2
Building materials
Frame
Roof type
Composition
Listing Agency:
Silvercreek Realty Group
(208) 377-0422
Listed By:
Lisa Rose · License #SP25480
(208) 631-7565
Added: Jun 22
Changed: Aug 12
Last Checked: Aug 15 at 5:06AM
MLS# 98991190
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 duplex at 3902/3904 W Lemhi St is zoned R-1C and includes an existing duplex on a 0.23-acre, 100-foot-deep lot. The property is framed construction with a composition roof and was built in 1962. Heating is forced air with natural gas, and cooling is provided by wall/window units. Kitchens include a stove/range and refrigerator in all units, and the home offers carport and driveway parking.
The location is described as within walking distance to Hillcrest Country Club and provides quick freeway/airport access. It is also described as minutes from Boise State University, the Boise River, and downtown Boise with restaurants, shops, and events.
The deep-lot configuration and adjacent area described as having community-approved lot splits for 7 new single-family home sites may support expansion or redevelopment concepts, with the buyer and buyer’s agent to verify zoning and allowable uses.
The location is described as within walking distance to Hillcrest Country Club and provides quick freeway/airport access. It is also described as minutes from Boise State University, the Boise River, and downtown Boise with restaurants, shops, and events.
The deep-lot configuration and adjacent area described as having community-approved lot splits for 7 new single-family home sites may support expansion or redevelopment concepts, with the buyer and buyer’s agent to verify zoning and allowable uses.
Key Highlights
- Duplex property zoned R‑1C
- 100‑foot‑deep lot on 0.23 acres
- Built in 1962 with framed construction
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
$16,320
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
3.84%
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%
$326,400
$326.4K
Cap Rate 7%
$233,143
$233.1K
Cap Rate 9%
$181,333
$181.3K
Market Conditions
NOI Build-Up for 1,354 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
$23.6K $17.40/SF
− Vacancy
−$245 −$0.18/SF
EGI
$23.3K $17.22/SF
− OpEx
−$7.0K −$5.17/SF
NOI
$16.3K $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%
$326,400
Cap Rate 7%
$233,143
Cap Rate 9%
$181,333
Alternative Uses
Best Use
Multifamily LT 5
$233.1K
$204.0K – $272.0K
NOI $16,320 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$203.3K
$177.9K – $237.2K
NOI $14,231 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$373.9K
$327.2K – $436.3K
NOI $26,176 @ 7.0% cap · market cap 6.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
759
Businesses Nearby
Explore this area
Business Placement
Demographics for 83705, ID
27,756
Population
13,228
Households
2.1
Avg Household Size
35
Median Age
38%
College-Educated
93%
High-School Grad
16.2 sq mi
ZIP Area
1,713
Density / Sq Mi
$62,605
Median Household Income
$37,283
Median Earnings
$1,166
Median Rent
$378,800
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?
Duplex - Existing duplex on an R-1C zoned deep lot with carport and driveway parking, built in 1962.
Where is this duplex located?
The property is located at 3902/3904 W Lemhi St Boise, ID.
What is the asking price?
The asking price for this property is $424,998.
What are key features of this property?
This property features: Duplex property zoned R‑1C; 100‑foot‑deep lot on 0.23 acres; Built in 1962 with framed construction
