Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1521 Grove St Boise, ID 83702

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    6,098 SF lot in downtown Boise with MX-5 zoning.

    Property size:
    6,098 SF

    Property Features for 1521 Grove St

    General Information

    Standard status
    Active
    Size
    6,098 SF

    We can help!

    Listing Contact
    Casey Collins
    Source: Cbre

    Listing Agent: Casey Collins

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Downtown Boise Lot For Sale

    Located in the heart of downtown Boise, this 6,098 square foot lot presents an exceptional opportunity for acquisition. The property features a highly desirable MX-5 zoning designation, specifically designed to foster a vibrant, compact, and walkable urban center. This Mixed-Use Downtown classification accommodates a diverse range of high-intensity office, commercial, institutional, and residential developments. Situated at the corner of Grove St. & 16th St., this parcel offers significant flexibility for developers envisioning projects that contribute to Boise’s thriving downtown core. It supports growth in the city’s Downtown Planning Area and is ideal for vibrant business and residential activity.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Law Firm Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Boise
    County
    Ada
    State
    Idaho
    Longitude
    -116.2134883
    Latitude
    43.6194001

    Nearby Similar for Sale

    • $899,900
      2,729 SF

      Foothills Multifamily Property with Airbnb Potential

      Unique Boise property near downtown, Hyde Park, and North End.
      4480 N Kitsap Way, Boise, ID 83703
      View Details
    • $745,000
      4,216 SF

      Renovated Multi-Family Home with Views

      Recently renovated 9-bedroom home with income potential and large lot.
      410 S Bitteroot Dr, Boise, ID 83709
      View Details
    • New
      $970,000
      3,920 SF

      Boise Multifamily Investment Opportunity

      Two well-maintained 4-plexes near Boise State and downtown.
      2541 W Malad St, Boise, ID 83705
      View Details
    • $795,000
      2,547 SF

      Modern Townhomes Near Downtown Boise

      Luxury townhomes with rooftop patio, ideal for tenants.
      2043 S Makar Ln, Boise, ID 83706
      View Details
    • $860,000
      2,730 SF

      Remodeled Duplex with Expansion Potential

      Remodeled duplex on oversized lot, potential for a third unit.
      2513 N 31St St, Boise, ID 83703
      View Details
    • New
      $599,900
      1,640 SF

      Boise Bench Duplex Investment

      Charming duplex in Boise's vibrant Bench neighborhood, move-in ready.
      1621 W Olympia Dr, Boise, ID 83705
      View Details
    • $850,000
      4,712 SF

      South Boise 4-Plex Investment

      Well-maintained 4-plex in South Boise with strong returns.
      9212 W Brogan Dr, Boise, ID 83709
      View Details
    • $1,068,999
      3,871 SF

      New Triplex Near I-84

      New triplex near I-84, fully leased until April 2026.
      6726 W Overland Rd, Boise, ID 83709
      View Details
    • New
      $574,900
      2,081 SF

      Well-Maintained Duplex in West Boise

      Duplex in established West Boise neighborhood, ideal for investors.
      10460 W Shiloh Dr, Boise, ID 83704
      View Details
    • New
      $547,000
      1,766 SF

      New Townhomes Near Downtown Boise

      Modern townhomes with rental potential near Greenbelt, parks, and downtown.
      118 E Pennsylvania St, Boise, ID 83706
      View Details
    • New
      $549,900
      1,833 SF

      Charming Boise Bench Multifamily Home

      Multifamily home on Boise Bench with income potential.
      3204 W Rose Hill St, Boise, ID 83705
      View Details
    • $949,500
      4,464 SF

      Boise Multifamily Investment Opportunity

      Remodeled four-unit property with shop and garage rentals.
      393-399 S White Cloud Dr, Boise, ID 83709
      View Details

    FAQs

    What type of property is this?
    Commercial land - 6,098 SF lot in downtown Boise with MX-5 zoning.
    Where is this commercial land located?
    The property is located at 1521 Grove St Boise, ID.
    What are key features of this property?
    This property features: - Prime Downtown Boise Location: Unparalleled access to amenities and attractions.; - Highly Desirable MX-5 Zoning: Allows for diverse development.; - Significant Development Flexibility: Freedom to create projects that enhance Boise's downtown.
    (208) 484-6564
    Request Owner's contact information
    1521 Grove St Boise, ID 83702
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1521 Grove St
    Boise, ID 83702
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1521 Grove St Boise, ID 83702
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Casey Collins
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!