Historic Brick Apartment
New
For Sale
$888,000
1201 W Washington, Boise, ID 83702
Residential Income, Boise, ID
Property Size2,888 SF
Lot Size0.15 Acres
Price / SF$307.48
Days on Market2
Property Features for 1201 W Washington
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 5, Bathroom 5, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 4
Parking
7
Parking features
Driveway
Appliances
Disposal (No Units), Stove/Range (All Units), Refrigerator (All Units)
Subdivision
B C O T
Lot features
Standard Lot 6000-9999 S F, Bus on City Route, Sidewalks
Elementary school
Longfellow
Middle school
North Jr
High school
Boise
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
Corner of 12th and Washington
Standard status
Active
APN
R1013004796
Size
2,888 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
lot 12 block 72 BCOT
Tax Annual Amount
6747
Legal Description
lot 12 block 72 BCOT
Utilities
Heating system
Electric (Heating), Baseboard
Amenities
Hardwood Floors
Building Details
Year built
1903
Number of units
5
Roof type
Composition
Listing Agency:
Keller Williams Realty Boise
(208) 672-9000
Listed By:
Bonnie Burry · License #DB1119
(208) 371-7144
Added: Sep 15
Last Checked: Sep 16 at 9:06AM
MLS# 99000900
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.
Built in 1903, this 2,888-square-foot brick apartment building contains five one-bedroom units. The property features a sandstone foundation, sandstone window trim, some hardwood flooring, a composition roof, and baseboard electric heating. Appliances include a stove or range and refrigerator in each unit, along with disposal equipment listed for the property.
All units are occupied, and the site includes 0.154 acres with seven paved parking spaces at the rear. The property is located at 1201 W Washington in Boise, directly across from the Boise High athletic field and among a line of similar historic homes.
All units are occupied, and the site includes 0.154 acres with seven paved parking spaces at the rear. The property is located at 1201 W Washington in Boise, directly across from the Boise High athletic field and among a line of similar historic homes.
Key Highlights
- 1903 brick apartment building with sandstone foundation and window trim
- Five all‑one‑bedroom units totaling 2,888 square feet
- All units are currently occupied
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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Open Analytics
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 - Five one-bedroom units with seven paved rear parking spaces and original architectural details.
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: 1903 brick apartment building with sandstone foundation and window trim; Five all‑one‑bedroom units totaling 2,888 square feet; All units are currently occupied
