Character Office Building on Large
For Sale
$950,000
397 Blue Lakes Blvd N, Twin Falls, ID 83301
Built in 1939 and currently vacant, this office building is ready for immediate occupancy on a zoned commercial lot.
Property Size4,154 SF
Lot Size0.63 Acres
Price / SF$228.70
Days on Market63
Property Features for 397 Blue Lakes Blvd N
General Information
Standard status
Active
Size
4,154 SF
Lot size
0.63 Acres
Property subtype
Commercial
Zoning
COM
Lease Type
Modified Gross
Taxes and HOA fees
Annual Taxes
$7,008
Amenities
Garage: 11 - 20 Spaces, Trailer Parking
11 - 20 Spaces, Trailer Parking
Building Details
Year Built
1939
Listing Agency:
Westerra Real Estate Group
(208) 280-3000
Listed By:
Erin Callen · License #SP00025822
Source:
Clearwaterproperties
Added: Jun 22
Changed: Aug 23
Last Checked: Aug 23 at 5:33AM
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 Westerra Real Estate Group
Investment Insights
Based on property information with market context.
397 Blue Lakes Boulevard North is a character-rich office building built in 1939, offering approximately 3,000 SF of above-grade usable space. The property is in very good condition, vacant, and ready for immediate occupancy. The building sits on an exceptional 0.625-acre in-city lot measuring approximately 89' x 304'.
The property is zoned Commercial (COM), described as one of Twin Falls’ more permissive designations. The listing states it allows a broad range of uses by right, including professional office, medical clinic, financial institution, and retail, with no special use permit required for the majority of commercial activities.
For ownership, the property is offered for sale. For tenancy, it is available for lease on a modified gross basis; the modified gross lease is stated to include property taxes, building insurance, landscaping, and City of Twin Falls water service.
The property is zoned Commercial (COM), described as one of Twin Falls’ more permissive designations. The listing states it allows a broad range of uses by right, including professional office, medical clinic, financial institution, and retail, with no special use permit required for the majority of commercial activities.
For ownership, the property is offered for sale. For tenancy, it is available for lease on a modified gross basis; the modified gross lease is stated to include property taxes, building insurance, landscaping, and City of Twin Falls water service.
Key Highlights
- Built in 1939; vacant office building ready for immediate occupancy
- ~3,000 SF above‑grade usable space on a 0.625‑acre in‑city commercial lot
- Lot dimensions 89' x 304' on Blue Lakes Blvd N
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
$48,415
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
5.10%
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%
$968,300
$968.3K
Cap Rate 7%
$691,643
$691.6K
Cap Rate 9%
$537,944
$537.9K
Market Conditions
NOI Build-Up for 4,154 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
$87.2K $21.00/SF
− Vacancy
−$6.5K −$1.58/SF
EGI
$80.7K $19.43/SF
− OpEx
−$32.3K −$7.77/SF
NOI
$48.4K $11.66/SF
Area
Twin Falls County, ID
Vacancy
7.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
40.00%
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%
$968,300
Cap Rate 7%
$691,643
Cap Rate 9%
$537,944
Alternative Uses
Best Use
Healthcare Medical
$691.6K
$605.2K – $806.9K
NOI $48,415 @ 7.0% cap · market cap 5.10%
Second Best
Office B
$511.1K
$447.2K – $596.3K
NOI $35,778 @ 7.0% cap · market cap 3.77%
Theoretical Best
Specialty Retail
$952.9K
$833.8K – $1.11M
NOI $66,706 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,298
Businesses Nearby
Explore this area
Business Placement
Demographics for 83301, ID
60,789
Population
24,466
Households
2.5
Avg Household Size
35
Median Age
24%
College-Educated
90%
High-School Grad
295.7 sq mi
ZIP Area
206
Density / Sq Mi
$62,388
Median Household Income
$36,276
Median Earnings
$1,011
Median Rent
$290,600
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Built in 1939 and currently vacant, this office building is ready for immediate occupancy on a zoned commercial lot.
Where is this office building located?
The property is located at 397 Blue Lakes Blvd N Twin Falls, ID.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Built in 1939; vacant office building ready for immediate occupancy; ~3,000 SF above‑grade usable space on a 0.625‑acre in‑city commercial lot; Lot dimensions 89' x 304' on Blue Lakes Blvd N
