Four-Unit Multifamily
For Sale
$517,000
133 E 21st St, Idaho Falls, ID 83404
Two dwellings provide separately accessed rental units, fenced outdoor areas, dedicated driveways, and shared laundry amenities.
Property Size3,800 SF
Price / SF$136.05
Days on Market16
Property Features for 133 E 21st St
General Information
Standard status
Active
Size
3,800 SF
Occupancy
100%
Units
Unit Mix
1 x 2BR, 1 x 2BR/2BA, 2 x 1BR
Multifamily Units
4
Additional Details
Gross Income
$60,600
Utilities to Site
Yes
Amenities
community laundry room
in-unit washer/dryer
fenced yards
Building Details
Year Built
1975
Buildings
2
Listing Agency:
Silvercreek Realty Group
Listed By:
Steven Phaysounlaphong
(208) 523-6111
Source:
Noplacelikeidaho
Added: Aug 21
Changed: Aug 31
Last Checked: Sep 4 at 8:32AM
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 Silvercreek Realty Group
Investment Insights
Based on property information with market context.
Built in 1975, this 3,800-square-foot multifamily property comprises two separate dwellings with four rental units. The front residence contains an upstairs two-bedroom unit with a finished bonus/flex room and a remodeled lower-level unit with two bedrooms and two bathrooms. The rear dwelling includes one-bedroom units on both levels, with the lower unit offering a finished flex room and recent remodeling. Each unit has a private entrance, while the two dwellings have separate driveways and fenced yards.
The property is fully occupied and includes a recently added laundry room with two washers and two dryers. The rear dwelling also has its own washer and dryer. Idaho Falls Power provides service, and tenants pay their own utilities and maintenance. The current owner has operated the property for approximately 20 years.
The property is fully occupied and includes a recently added laundry room with two washers and two dryers. The rear dwelling also has its own washer and dryer. Idaho Falls Power provides service, and tenants pay their own utilities and maintenance. The current owner has operated the property for approximately 20 years.
Key Highlights
- Four rental units across two separate dwellings
- 3,800 square feet; built in 1975
- All units currently fully occupied
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
$28,952
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
5.60%
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%
$579,040
$579.0K
Cap Rate 7%
$413,600
$413.6K
Cap Rate 9%
$321,689
$321.7K
Market Conditions
NOI Build-Up for 3,800 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
$54.7K $14.40/SF
− Vacancy
−$2.1K −$0.55/SF
EGI
$52.6K $13.85/SF
− OpEx
−$23.7K −$6.23/SF
NOI
$29.0K $7.62/SF
Area
Bonneville County, ID
Vacancy
3.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$579,040
Cap Rate 7%
$413,600
Cap Rate 9%
$321,689
Alternative Uses
Best Use
Apartment 5plus
$413.6K
$361.9K – $482.5K
NOI $28,952 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$839.6K
$734.6K – $979.5K
NOI $58,769 @ 7.0% cap · market cap 11.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Explore this area
Business Placement
Demographics for 83404, ID
25,491
Population
9,606
Households
2.7
Avg Household Size
37
Median Age
35%
College-Educated
92%
High-School Grad
25.0 sq mi
ZIP Area
1,020
Density / Sq Mi
$79,211
Median Household Income
$36,802
Median Earnings
$1,013
Median Rent
$355,200
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two dwellings provide separately accessed rental units, fenced outdoor areas, dedicated driveways, and shared laundry amenities.
Where is this multifamily property located?
The property is located at 133 E 21st St Idaho Falls, ID.
What is the asking price?
The asking price for this property is $517,000.
What are key features of this property?
This property features: Four rental units across two separate dwellings; 3,800 square feet; built in 1975; All units currently fully occupied
