Four-Unit Multifamily
For Sale
$795,000
Pending
1218 N Hartman, Boise, ID 83704
Detached residences with MX-1 zoning, private yards, off-street parking, and multiple development configurations.
Property Size6,216 SF
Lot Size0.96 Acres
Days on Market35
Property Features for 1218 N Hartman
General Information
Standard status
Pending
Size
6,216 SF
Lot size
0.96 Acres
Property subtype
Commercial
Zoning
MX-1
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1BA, 2 x 3BR/2BA
Multifamily Units
4
Amenities
off-street parking
private backyards
1-car garages
central A/C
W/D hookups
vaulted ceilings
private ensuites
Lot Size Area: 0.96, Lot Features: 1/2 - .99 Acre, Lot Size Acres: 0.96, Lot Size Square Feet: 41817.6, Lot Size Units: Acres
Tax Annual Amount: 5955, Tax Legal Description: Exhibit A
Flooring: Concrete
Cooling: Central Air, Wall/Window Unit(s), Cooling YN: t
Heating: Electric, Forced Air, Natural Gas, Heating YN: t
Business Type: Multi-Family, Lease Amount: 6050, Listing Id: 98995791, Listing Service: Full Service, Listing Terms: Cash, Other, List Price: 795000, Mls Status: Pending, Number Of Units Total: 4, Standard Status: Pending
Parking Features: 6 - 10 Spaces, Parking Total: 8
Bedrooms Total: 12
Above Grade Finished Area Units: Square Feet, Below Grade Finished Area Units: Square Feet, Building Area Total: 6216, Building Area Units: Square Feet, Building Name: 1218 N Hartman, Construction Materials: Frame, Stucco, Living Area: 6216, Living Area Units: Square Feet, Stories: 1, Year Built: 1947
Insurance Expense: 4656, Operating Expense Includes: Utilities
City: Boise, Coordinates: -116.257869, 43.616136, Country: US, County Or Parish: Ada, Directions: Fairview, S on Hartman, L into cul-de-sac, Latitude: 43.616136, Longitude: -116.257869, Postal Code: 83704, State Or Province: ID, Street Dir Prefix: N, Street Name: Hartman, Street Number: 1218, Street Number Numeric: 1218, Unparsed Address: 1218 N Hartman, Boise ID 83704
Farm Land Area Units: Square Feet, Leasable Area Units: Square Feet, Parcel Number: S1007110400, MCHAM962705, MCHAM962704, Possible Use: Land Suitable(Multifamily), Multi Family Suitable(Duplex/Triplex/Fourplex, Garden/Low Rise), Residential Income Suitable(Duplex/Triplex/Fourplex, Single Unit/SFR-Condo), Property Attached YN: t, Property Type: Commercial Sale, Road Surface Type: Paved
Utilities: Sewer Connected, Natural Gas Available
Foundation Details: Basement
Water Source: City Service, Well
Building Details
Year Built
1947
Buildings
4
Listing Agency:
Swope Investment Properties
(208) 331-3531
Listed By:
Danielle Costa
(209) 534-2626
Source:
Thgboise
Added: Jul 30
Changed: Sep 2
Last Checked: Sep 1 at 5:19PM
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 Swope Investment Properties
Investment Insights
Based on property information with market context.
This multifamily property includes four detached residences on .96 acres. Two matching homes offer three bedrooms, one bathroom, and one-car garages. The other two residences are 1996 manufactured homes on permanent foundations, each with three bedrooms, two bathrooms, vaulted ceilings, and private ensuites. Improvements include newer roofs, 2016 siding, some central A/C, washer and dryer hookups, off-street parking, and private backyard areas.
The property is located near I84, St. Als Hospital, and nearby apartment communities. MX-1 zoning supports several development formats identified in the property information, including apartment buildings up to four stories, 4plexes, and cottage villages. The existing residences provide a multifamily configuration alongside additional land-use potential.
The property is located near I84, St. Als Hospital, and nearby apartment communities. MX-1 zoning supports several development formats identified in the property information, including apartment buildings up to four stories, 4plexes, and cottage villages. The existing residences provide a multifamily configuration alongside additional land-use potential.
Key Highlights
- Four detached units situated on .96 acres
- Two three‑bedroom, one‑bath homes with one‑car garages
- Two 1996 manufactured homes on permanent foundations
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
$65,331
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
8.22%
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%
$1,306,620
$1.3M
Cap Rate 7%
$933,300
$933.3K
Cap Rate 9%
$725,900
$725.9K
Market Conditions
NOI Build-Up for 6,216 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
$120.1K $19.32/SF
− Vacancy
−$1.3K −$0.21/SF
EGI
$118.8K $19.11/SF
− OpEx
−$53.5K −$8.60/SF
NOI
$65.3K $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%
$1,306,620
Cap Rate 7%
$933,300
Cap Rate 9%
$725,900
Alternative Uses
Best Use
Apartment 5plus
$933.3K
$816.6K – $1.09M
NOI $65,331 @ 7.0% cap · market cap 8.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.50M – $2.00M
NOI $120,168 @ 7.0% cap · market cap 15.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,154
Businesses Nearby
Explore this area
Business Placement
Demographics for 83704, ID
42,430
Population
17,776
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
92%
High-School Grad
8.8 sq mi
ZIP Area
4,822
Density / Sq Mi
$70,806
Median Household Income
$37,201
Median Earnings
$1,363
Median Rent
$354,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Detached residences with MX-1 zoning, private yards, off-street parking, and multiple development configurations.
Where is this multifamily property located?
The property is located at 1218 N Hartman Boise, ID.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Four detached units situated on .96 acres; Two three‑bedroom, one‑bath homes with one‑car garages; Two 1996 manufactured homes on permanent foundations
