Multi-Tenant Retail Building For
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11801 N 23rd Ave., Boise, ID 83714
Two-tenant retail building in north Boise foothills community.
Property Size5,912 SF
Price / SF$380.58
Days on Market337
Property Features for 11801 N 23rd Ave.
General Information
Standard status
Active
Size
5,912 SF
Class
A
Property subtype
Mixed Use, Retail, Special Purpose
Zoning
PC
Building Details
Year Built
2021
Buildings
1
Stories
1
Listing Agency:
Lee & Associates - Boise
(208) 340-9780
Listed By:
Matt Mahoney · License #ID 31358
Source:
Crexi
Added: Sep 19, 2025
Changed: Aug 9
Last Checked: Aug 21 at 2:38PM
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 Lee & Associates - Boise
Investment Insights
Based on property information with market context.
This multi-tenant retail building, totaling 5,912 square feet, is located in the north Boise foothills community. The property features two tenant spaces. One space is occupied by Hidden Springs Animal Hospital, a veterinary practice. The second unit is a vacant, fully built-out restaurant space that is ready for immediate occupancy. The property serves the surrounding population of Hidden Springs, Cartwright Ranch, Avimor, and North Boise.
Key Highlights
- Multi‑tenant retail building in the growing north Boise foothills community.
- Features a stabilized tenant: Hidden Springs Animal Hospital.
- Includes a vacant, fully built‑out restaurant space ready for immediate occupancy.
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
$74,933
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
3.33%
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%
$1,498,660
$1.5M
Cap Rate 7%
$1,070,471
$1.1M
Cap Rate 9%
$832,589
$832.6K
Market Conditions
NOI Build-Up for 5,912 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
$112.1K $18.96/SF
− Vacancy
−$5.0K −$0.85/SF
EGI
$107.0K $18.11/SF
− OpEx
−$32.1K −$5.43/SF
NOI
$74.9K $12.67/SF
Area
Ada County, ID
Vacancy
4.50%
Lease Rate
$18.96 /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%
$1,498,660
Cap Rate 7%
$1,070,471
Cap Rate 9%
$832,589
Alternative Uses
Best Use
Retail
$1.07M
$936.7K – $1.25M
NOI $74,933 @ 7.0% cap · market cap 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,291 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
410
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Chevron
Shops & Services
12,902 visits/mo
0.5 miles
Jacksons
Shops & Services
3,591 visits/mo
0.5 miles
Demographics for 83714, ID
26,181
Population
11,672
Households
2.2
Avg Household Size
43
Median Age
45%
College-Educated
94%
High-School Grad
54.2 sq mi
ZIP Area
483
Density / Sq Mi
$86,114
Median Household Income
$43,867
Median Earnings
$1,384
Median Rent
$468,100
Median Home Value
Market
Vacancy Rate% for Retail in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Two-tenant retail building in north Boise foothills community.
Where is this retail space located?
The property is located at 11801 N 23rd Ave. Boise, ID.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Multi‑tenant retail building in the growing north Boise foothills community.; Features a stabilized tenant: **Hidden Springs Animal Hospital**.; Includes a vacant, **fully built‑out restaurant space ready for immediate occupancy**.
