Four-Unit Office
For Sale
$679,900
1010 W Hays St, Boise, ID 83702
Commercial Sale, Boise, ID
Property Size1,720 SF
Lot Size0.14 Acres
Price / SF$395.29
Days on Market307
Property Features for 1010 W Hays St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-3/NC-O/HD
Parking
3
Lot features
Standard Lot 6000-9999 S F
Standard status
Active
APN
R1013005420
Size
1,720 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
See Exhibit A
Legal Description
See Exhibit A
Utilities
Utilities
Natural Gas Available
Heating system
Natural Gas, Forced Air
Cooling system
Central Air, Window Unit(s), Wall/Window Unit(s)
Building Details
Year built
1920
Number of units
1
Building materials
Frame, Stucco
Roof type
Composition
Listing Agency:
Ralston Group Properties, LLC
(208) 850-7638
Listed By:
Amy Berryhill · License #SP23329
(208) 890-2069
Added: Oct 29, 2025
Changed: Aug 30
Last Checked: Aug 31 at 3:06AM
MLS# 98966054
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 1,720-square-foot office property includes four individual rooms, a lobby, kitchen, 1.5 bathrooms, and an upstairs bonus room. The 1920 building has frame and stucco construction, a composition roof, forced-air natural gas heating, and a combination of central air and window or wall units for cooling. The 0.14-acre parcel is currently occupied by four business tenants, with separate office spaces leased under different terms.
Located at 1010 W Hays St in Boise, the property sits near the edge of downtown and The North End. Natural gas is available at the site. The existing layout supports continued office use, while the remarks also identify potential conversion to a duplex, cafe or restaurant, bed and breakfast, or live/work space.
Located at 1010 W Hays St in Boise, the property sits near the edge of downtown and The North End. Natural gas is available at the site. The existing layout supports continued office use, while the remarks also identify potential conversion to a duplex, cafe or restaurant, bed and breakfast, or live/work space.
Key Highlights
- 1,720‑square‑foot office property on a 0.14‑acre parcel
- Four individual office rooms with lobby, kitchen, 1.5 bathrooms, and upstairs bonus room
- Currently occupied by 4 individual business tenants
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
$23,297
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
3.43%
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%
$465,940
$465.9K
Cap Rate 7%
$332,814
$332.8K
Cap Rate 9%
$258,856
$258.9K
Market Conditions
NOI Build-Up for 1,720 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
$36.1K $21.00/SF
− Vacancy
−$5.1K −$2.94/SF
EGI
$31.1K $18.06/SF
− OpEx
−$7.8K −$4.52/SF
NOI
$23.3K $13.54/SF
Area
Ada County, ID
Vacancy
14.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$465,940
Cap Rate 7%
$332,814
Cap Rate 9%
$258,856
Alternative Uses
Best Use
Office B
$332.8K
$291.2K – $388.3K
NOI $23,297 @ 7.0% cap · market cap 3.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$475.0K
$415.6K – $554.2K
NOI $33,251 @ 7.0% cap · market cap 4.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,957
Businesses Nearby
Explore this area
Business Placement
Demographics for 83702, ID
23,951
Population
12,771
Households
1.9
Avg Household Size
40
Median Age
61%
College-Educated
97%
High-School Grad
31.4 sq mi
ZIP Area
763
Density / Sq Mi
$82,586
Median Household Income
$48,200
Median Earnings
$1,175
Median Rent
$708,000
Median Home Value
Market
Vacancy Rate% for Office in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible workspace includes private rooms, a lobby, kitchen, bathrooms, and an upstairs bonus room.
Where is this office units located?
The property is located at 1010 W Hays St Boise, ID.
What is the asking price?
The asking price for this property is $679,900.
What are key features of this property?
This property features: 1,720‑square‑foot office property on a 0.14‑acre parcel; Four individual office rooms with lobby, kitchen, 1.5 bathrooms, and upstairs bonus room; Currently occupied by 4 individual business tenants
