Class A Office Investment
For Sale
$11,880,318
401 West Front Street, Boise, ID 83702
Downtown Boise office building with institutional-grade tenants.
Property Size40,491 SF
Price / SF$293.41
Days on Market165
Property Features for 401 West Front Street
General Information
Standard status
Active
Size
40,491 SF
Property subtype
Office
Occupancy
100%
Listing Agency:
TOK Commercial
(208) 947-0835
Listed By:
Mike Greene, SIOR, CCIM · License #SP44833
Source:
Tokcommercial
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:21AM
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 TOK Commercial
Investment Insights
Based on property information with market context.
Located in downtown Boise, 401 W Front Street is a Class A office investment opportunity. The property, built in 2007, consists of 40,491 square feet across three floors within an 80,478-square-foot building. It is currently 100% occupied by tenants including Microsoft and LPL Financial. The property generates $712,819 in actual NOI. The suites feature professional build-outs and flexible layouts. The tenant mix spans various industries. Lease expirations are staggered. Direct access to the parking lot enhances tenant convenience. Microsoft recently committed $1.5 million toward significant improvements to their space. The location is three blocks from the downtown core and surrounded by major employers, civic institutions, and over 132,000 employees within a five-mile radius. Parking income adds stable, diversified revenue with the option to completely redevelop the lot. Microsoft and LPL Financial are two publicly traded companies.
Key Highlights
- Anchored by institutional‑grade tenants Microsoft and LPL Financial, providing secure income.
- Offered below replacement cost, representing immediate value.
- Generates $712,819 in actual NOI with a 6% cap rate.
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
$548,451
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
4.62%
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%
$10,969,020
$11.0M
Cap Rate 7%
$7,835,014
$7.8M
Cap Rate 9%
$6,093,900
$6.1M
Market Conditions
NOI Build-Up for 40,491 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
$850.3K $21.00/SF
− Vacancy
−$119.0K −$2.94/SF
EGI
$731.3K $18.06/SF
− OpEx
−$182.8K −$4.52/SF
NOI
$548.5K $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%
$10,969,020
Cap Rate 7%
$7,835,014
Cap Rate 9%
$6,093,900
Alternative Uses
Best Use
Office B
$7.84M
$6.86M – $9.14M
NOI $548,451 @ 7.0% cap · market cap 4.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.18M
$9.78M – $13.05M
NOI $782,772 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,216
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 - Downtown Boise office building with institutional-grade tenants.
Where is this office building located?
The property is located at 401 West Front Street Boise, ID.
What is the asking price?
The asking price for this property is $11,880,318.
What are key features of this property?
This property features: Anchored by **institutional‑grade tenants Microsoft and LPL Financial**, providing secure income.; Offered below replacement cost, representing immediate value.; Generates **$712,819 in actual NOI with a 6% cap rate.**
