Single-Tenant Retail
For Sale
$8,950,000
131 N Milwaukee St, Boise, ID 83704
Renovated single-story Dick's Sporting Goods prototype with long-term lease coverage on a major retail corridor site.
Property Size44,283 SF
Lot Size4.11 Acres
Price / SF$202.11
Days on Market54
Property Features for 131 N Milwaukee St
General Information
Standard status
Active
Size
44,283 SF
Lot size
4.11 Acres
Property subtype
Retail
Occupancy
100%
Additional Details
Cap Rate
6.36%
Building Details
Building Size
44,283 SF
Year Built
1989
Year Renovated
2014
Stories
1
Tenancy
Single
Listing Agency:
TOK Commercial
(208) 947-0852
Listed By:
JP Green, CCIM · License #SP48315
Source:
Tokcommercial
Added: Jun 29
Changed: Aug 13
Last Checked: Aug 21 at 4:19AM
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.
131 N Milwaukee St is a 44,283-square-foot, single-tenant retail building on a 4.11-acre parcel in the heart of West Boise’s primary retail corridor. The mid-box improvement was constructed in 1989 and fully renovated in 2014 to the Dick’s Sporting Goods prototype. The building is single-story and in good condition, currently 100% occupied by Dick’s Sporting Goods (Store #1202).
The property is positioned near Boise Towne Square and is surrounded by major traffic-driving retailers and restaurants, including In-N-Out Burger, Chick-fil-A, Cabela’s, Target, Kohl’s, and Nordstrom Rack. This setting provides established retail adjacency and a strong daytime draw for shopping traffic.
For buyers or operators seeking a stabilized single-tenant structure, the lease is held by Dick’s Sporting Goods as a publicly traded corporation with more than 850 locations nationally. The tenant recently exercised its first five-year renewal option, extending the lease term through January 31, 2031, with three additional five-year options remaining through 2046. Contractual rent increases include minimum rent stepping from $13.50/SF today to $15.00/SF by the final option period.
The property is positioned near Boise Towne Square and is surrounded by major traffic-driving retailers and restaurants, including In-N-Out Burger, Chick-fil-A, Cabela’s, Target, Kohl’s, and Nordstrom Rack. This setting provides established retail adjacency and a strong daytime draw for shopping traffic.
For buyers or operators seeking a stabilized single-tenant structure, the lease is held by Dick’s Sporting Goods as a publicly traded corporation with more than 850 locations nationally. The tenant recently exercised its first five-year renewal option, extending the lease term through January 31, 2031, with three additional five-year options remaining through 2046. Contractual rent increases include minimum rent stepping from $13.50/SF today to $15.00/SF by the final option period.
Key Highlights
- 44,283‑SF single‑tenant retail building on a 4.11‑acre (179,118 SF) parcel
- Originally built in 1989 and fully renovated in 2014 to Dick’s Sporting Goods prototype
- Currently 100% occupied by Dick’s Sporting Goods (Store #1202)
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
$561,276
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
6.27%
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%
$11,225,520
$11.2M
Cap Rate 7%
$8,018,229
$8.0M
Cap Rate 9%
$6,236,400
$6.2M
Market Conditions
NOI Build-Up for 44,283 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
$839.6K $18.96/SF
− Vacancy
−$37.8K −$0.85/SF
EGI
$801.8K $18.11/SF
− OpEx
−$240.5K −$5.43/SF
NOI
$561.3K $12.67/SF
Area
Ada County, ID
Vacancy
4.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$11,225,520
Cap Rate 7%
$8,018,229
Cap Rate 9%
$6,236,400
Alternative Uses
Best Use
Retail
$8.02M
$7.02M – $9.35M
NOI $561,276 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.23M
$10.70M – $14.27M
NOI $856,079 @ 7.0% cap · market cap 9.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,620
Businesses Nearby
1.1M
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 36%
Apparel 29%
Shops & Services 15%
Superstores 12%
Target
Superstores
126,759 visits/mo
0.3 miles
In-N-Out Burger
Dining
75,870 visits/mo
0.2 miles
Cabela's
Apparel
72,162 visits/mo
0.2 miles
Chick-fil-A
Dining
61,216 visits/mo
0.1 miles
Dillard's
Apparel
52,264 visits/mo
0.3 miles
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 Retail in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated single-story Dick's Sporting Goods prototype with long-term lease coverage on a major retail corridor site.
Where is this retail space located?
The property is located at 131 N Milwaukee St Boise, ID.
What is the asking price?
The asking price for this property is $8,950,000.
What are key features of this property?
This property features: 44,283‑SF single‑tenant retail building on a 4.11‑acre (179,118 SF) parcel; Originally built in 1989 and fully renovated in 2014 to Dick’s Sporting Goods prototype; Currently 100% occupied by Dick’s Sporting Goods (Store #1202)
