Historic Office Building with Side
For Sale
$2,477,777
1015 Hays St, Boise, ID 83702
Commercial/multi-family zoning and full occupancy across private office suites support a range of professional uses.
Property Size6,399 SF
Price / SF$387.21
Days on Market144
Property Features for 1015 Hays St
General Information
Standard status
Active
Size
6,399 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Office Units
12
Taxes and HOA fees
Annual Taxes
$1,338,444
Amenities
Garage: 6 - 10 Spaces
6 - 10 Spaces
Building Details
Year Built
1910
Buildings
1
Construction
Georgian Revival
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Amherst Madison
(208) 921-0334
Listed By:
Katie Mcferrin · License #SP42020
Source:
Clearwaterproperties
Added: Apr 11
Changed: Aug 30
Last Checked: Aug 31 at 1:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Amherst Madison
Investment Insights
Based on property information with market context.
Located at 1015 W Hays St in Downtown Boise, this 1910 Georgian Revival office property combines historic architectural character with substantial modernization. The building contains 6,399 square feet and is fully leased to 12 private offices, providing an established professional-office configuration.
Recent work includes 1,291 square feet of finished lower-level space, along with a new roof, HVAC system, electrical and plumbing systems, siding, and paint. Commercial/multi-family zoning adds flexibility, while the expansive side yard provides additional outdoor space. Architectural work by Tourtellotte and Hummel contributes to the property's documented historic character.
Recent work includes 1,291 square feet of finished lower-level space, along with a new roof, HVAC system, electrical and plumbing systems, siding, and paint. Commercial/multi-family zoning adds flexibility, while the expansive side yard provides additional outdoor space. Architectural work by Tourtellotte and Hummel contributes to the property's documented historic character.
Key Highlights
- 6,399‑square‑foot office property constructed in 1910
- Fully leased to 12 private offices
- Commercial/multi‑family zoning
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
$86,674
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
3.50%
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%
$1,733,480
$1.7M
Cap Rate 7%
$1,238,200
$1.2M
Cap Rate 9%
$963,044
$963.0K
Market Conditions
NOI Build-Up for 6,399 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
$134.4K $21.00/SF
− Vacancy
−$18.8K −$2.94/SF
EGI
$115.6K $18.06/SF
− OpEx
−$28.9K −$4.52/SF
NOI
$86.7K $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%
$1,733,480
Cap Rate 7%
$1,238,200
Cap Rate 9%
$963,044
Alternative Uses
Best Use
Office B
$1.24M
$1.08M – $1.44M
NOI $86,674 @ 7.0% cap · market cap 3.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.77M
$1.55M – $2.06M
NOI $123,705 @ 7.0% cap · market cap 4.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Office units
100%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Commercial/multi-family zoning and full occupancy across private office suites support a range of professional uses.
Where is this office building located?
The property is located at 1015 Hays St Boise, ID.
What is the asking price?
The asking price for this property is $2,477,777.
What are key features of this property?
This property features: 6,399‑square‑foot office property constructed in 1910; Fully leased to 12 private offices; Commercial/multi‑family zoning
