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    488 D St Idaho Falls, ID 83402

    Sponsored
    For Sale
    $2,800,000

    MULTI_FAMILY - Idaho Falls, ID

    Property size:
    12,300 SF
    Lot size:
    0.40 Acres
    Days on Market:
    25
    Last Refresh:
    Jan 26 at 12:06 pm

    Property Features for 488 D St

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active
    Security features
    Security System
    Rooms
    Bathroom 16, Bedroom 13, Bedroom 7, Bedroom 3, Bathroom 8, Bathroom 12, Bathroom 13, Bathroom 14, Bathroom 4, Bedroom 15, Bathroom 11, Bedroom 6, Bathroom 15, Bedroom 8, Bedroom 11, Bedroom 16, Bathroom 9, Bedroom 10, Bathroom 5, Bedroom 5, Bedroom 9, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 3, Bathroom 7, Bathroom 6, Bedroom 12, Bathroom 2, Bathroom 10, Bedroom 14, Basement
    Bedrooms
    16
    Bathrooms
    16
    APN
    RPA1980011007A
    Parking
    22
    Parking features
    Off Street
    Interior features
    Ceiling Fan(s), Newly Renovated, Storage, Separate Storage
    Exterior features
    Lighting
    Basement
    Finished, Partial, Crawl Space
    Appliances
    Common Water Heaters, Dishwasher, Microwave, Refrigerator, Oven, Dryer, Stove, Washer
    Size
    12,300 SF
    Lot size
    0.40 Acres

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Ductless (Heating)
    Cooling system
    Ductless, Zoned, Heat Pump
    Water source
    Public
    Water front features
    River Front
    Water front
    1

    Building Details

    Year built
    1915
    Number of units
    16
    Building materials
    Brick
    Roof type
    Membrane
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Matthew Flinders

    Armstrong Flinders and Associates (801) 375-1075

    Listing agent Matthew Flinders (208) 521-1406

    Listing date Jan 2, 2026

    MLS# 2179396 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Rebuilt Apartments in Downtown Core

    This is a 16-unit apartment community located in downtown Idaho Falls. The property is one block from the Snake River and Riverwalk Park. The building has been fully rebuilt, including a new roof, electrical system, plumbing, and finishes. The location is central and walkable, surrounded by restaurants, offices, retail establishments, and nightlife. The property's modern systems are designed to lower maintenance needs and provide predictable expenses. The property size is 12300 square feet and the lot size is 0.4 acres. The 2025 projections support a return with potential upside through professional management and rent optimization. This property offers the opportunity to own a rebuilt apartment asset in a supply-constrained downtown core.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Chicane Apartment Apartment Rental Agency

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Idaho Falls
    County
    Bonneville
    State
    Idaho
    Longitude
    -112.0392632
    Latitude
    43.4959155

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    FAQs

    What type of property is this?
    Apartment building - Rebuilt 16-unit apartment community in downtown Idaho Falls.
    Where is this apartment building located?
    The property is located at 488 D St Idaho Falls, ID.
    What is the asking price?
    The asking price for this property is $2,800,000.
    What are key features of this property?
    This property features: - Prime Downtown Location: Walkable to restaurants, offices, retail, and nightlife; one block from the Snake River and Riverwalk Park.; - Fully Rebuilt: Property was taken down to the shell and rebuilt with a new roof, electrical, plumbing, systems, and finishes.; - Reduced Maintenance and Risk: Modern systems ensure lower maintenance, predictable expenses, and fewer surprises.
    (801) 375-1075
    Request Owner's contact information
    488 D St Idaho Falls, ID 83402
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    Idaho Falls, ID 83402
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    488 D St Idaho Falls, ID 83402
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    We can help!
    Listing Contact
    Matthew Flinders
    (801) 375-1075
    Learn more
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