Historic Brick Apartment
For Sale
$888,000
1201 W Washington, Boise, ID 83702
The building offers all one-bedroom apartments with tenants currently in place.
Property Size2,888 SF
Price / SF$307.48
Days on Market12
Property Features for 1201 W Washington
General Information
Standard status
Active
Size
2,888 SF
Total Parking Spaces
7
Property subtype
Multi-Family
Building Details
Year Built
1903
Construction
brick
Listed By:
City of Trees Real Estate
(208) 278-6880
Source:
Realestate-idaho
Added: Sep 16
Last Checked: Sep 26 at 6:30AM
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 City of Trees Real Estate
Investment Insights
Based on property information with market context.
Built in 1903, this 2,888-square-foot brick apartment building contains exclusively one-bedroom apartments, with tenants already occupying the units. The property retains period details including a sandstone foundation, sandstone window trim, and some hardwood flooring. Seven paved parking spaces are located behind the building.
Positioned at 1201 W Washington in Boise, the property is directly across from the Boise High Athletic field. The surrounding block includes a line of similarly historic homes, reinforcing the building’s established residential setting.
Positioned at 1201 W Washington in Boise, the property is directly across from the Boise High Athletic field. The surrounding block includes a line of similarly historic homes, reinforcing the building’s established residential setting.
Key Highlights
- 2,888‑square‑foot brick apartment building constructed in 1903
- All units are one‑bedroom apartments with tenants in place
- Seven paved parking spaces located behind the building
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
$30,353
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
3.42%
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%
$607,060
$607.1K
Cap Rate 7%
$433,614
$433.6K
Cap Rate 9%
$337,256
$337.3K
Market Conditions
NOI Build-Up for 2,888 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
$55.8K $19.32/SF
− Vacancy
−$608 −$0.21/SF
EGI
$55.2K $19.11/SF
− OpEx
−$24.8K −$8.60/SF
NOI
$30.4K $10.51/SF
Area
Ada County, ID
Vacancy
1.09%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$607,060
Cap Rate 7%
$433,614
Cap Rate 9%
$337,256
Alternative Uses
Best Use
Apartment 5plus
$433.6K
$379.4K – $505.9K
NOI $30,353 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$797.6K
$697.9K – $930.5K
NOI $55,831 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,231
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - The building offers all one-bedroom apartments with tenants currently in place.
Where is this apartment building located?
The property is located at 1201 W Washington Boise, ID.
What is the asking price?
The asking price for this property is $888,000.
What are key features of this property?
This property features: 2,888‑square‑foot brick apartment building constructed in 1903; All units are one‑bedroom apartments with tenants in place; Seven paved parking spaces located behind the building
