Building Details

Building Size 7,935 SF

Buildings 1

Construction CMU block

Tenancy Multi

Listing Agency: Lee & Associates Idaho

Listed By: Parker Brakebill Show Phone

Source: Lee-associates

Added: Aug 8 Changed: Oct 2 Last Checked: Oct 5 at 3:37PM

Report an Issue

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 Lee & Associates Idaho

Investment Insights

Based on property information with market context.

The 7,935 SF property is a multi-tenant flex building combining office and warehouse areas within a flexible layout. Durable CMU block construction provides the building shell, while two roll-up doors support warehouse operations. A monument sign is also included.

Located at 1510 E. Watertower St. in Meridian, Idaho, the property is near interstate access points at Eagle Rd. and Meridian Rd. Its central Meridian setting provides connectivity to the surrounding regional market.

Key Highlights

• 7,935 SF multi‑tenant office/warehouse building
• Flexible layout with office and warehouse areas
• Two roll‑up doors for warehouse access

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$116,264

Cap Rate

5.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,325,280 $2.3M

Cap Rate 7%

$1,660,914 $1.7M

Cap Rate 9%

$1,291,822 $1.3M

Market Conditions

NOI Build-Up for 7,935 SF

Gross rent

$176.2K $22.20/SF

− Vacancy

−$21.1K −$2.66/SF

EGI

$155.0K $19.54/SF

− OpEx

−$38.8K −$4.88/SF

NOI

$116.3K $14.65/SF

Area

Meridian, ID

Vacancy

12.00%

Lease Rate

$22.20 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,325,280

Cap Rate 7%

$1,660,914

Cap Rate 9%

$1,291,822

Alternative Uses

Best Use

Office B

$1.66M

$1.45M – $1.94M (±1% cap)

NOI $116,264 @ 7.0% cap · market cap 5.35%

Second Best

Flex RnD

$1.15M

$1.00M – $1.34M (±1% cap)

NOI $80,151 @ 7.0% cap · market cap 3.69%

Theoretical Best

Office A

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,582 @ 7.0% cap · market cap 6.74%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Idaho Board of Licensure ... State Government Office Valley Roofing and Maintenance Roofing Company Damage Restoration Hardware & Home Improvement

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Law Firm Grocery & Convenience Store Food Market Accounting Firm Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

737

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 83642, ID

55,465

Population

22,700

Households

2.4

Avg Household Size

35

Median Age

44%

College-Educated

95%

High-School Grad

41.5 sq mi

ZIP Area

1,337

Density / Sq Mi

$96,361

Median Household Income

$45,824

Median Earnings

$1,629

Median Rent

$492,300

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Multi-Use Flex and Industrial Property

813 E Fairview, Meridian, ID 83642

$1,800,000

6,015 SF

View details

Multi-Suite Office Building

3103 West Sheryl Drive, Meridian, ID 83642

$4,325,000

11,533 SF

View details

Multi-Tenant Flex Building

390 E Corporate Dr, Meridian, ID 83642

$2,900,000

17,004 SF

View details

Office Building with Suite Flexibility

3169 W Belltower Dr, Meridian, ID 83646

$1,649,000

3,550 SF

View details

Meridian Retail/Flex Building For Sale

3131 E Lanark St, Meridian, ID 83642

Contact for pricing

9,072 SF

View details

Meridian Office Building in Development

2708 W Peak Cloud Ln, Meridian, ID 83642

Contact for pricing

6,733 SF

View details

Renovated Four-Suite Office Building

1105 N Meridian Road, Meridian, ID 83642

$835,000

1,446 SF

View details

Office Campus with Expansion Land

2145 E Pine Ave, Meridian, ID 83642

$8,750,000

38,222 SF

View details

Medical Office Building

1588 W Cayuse Creek Drive, Meridian, ID 83646

$3,300,000

8,447 SF

View details

Equestrian Estate with Two Arenas

7600 W Ledgerwood Lane, Meridian, ID 83646

$4,999,999

7,668 SF

View details

Retail and Office Building Development

4855 North Cortona Way, Meridian, ID 83646

$4,947,040

View details

Purpose-Built Day Care Center

1463 E Star Dr, Meridian, ID 83646

$1,776,500

4,207 SF

View details

Frequently Asked Questions

What type of property is this?

Flex space - Office and warehouse areas support flexible occupancy with roll-up access and durable block construction.

Where is this flex space located?

The property is located at 1510 E Watertower St. Meridian, ID.

What is the asking price?

The asking price for this property is $2,175,000.

What are key features of this property?

This property features: 7,935 SF multi‑tenant office/warehouse building; Flexible layout with office and warehouse areas; Two roll‑up doors for warehouse access