Flex Space with Office and
For Sale
$2,790,000
1463 Commerce Way, Idaho Falls, ID 83401
Commercial Sale, Idaho Falls, ID
Property Size23,916 SF
Lot Size1.87 Acres
Price / SF$116.66
Days on Market46
Property Features for 1463 Commerce Way
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
General Zoning: Commercial, Specific Zoning: Bonneville-I&m1-Indust/manuf
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 1, Bathroom 5, Bathroom 3, Bathroom 4, Bathroom 6, Bathroom 2
Parking features
Parking Lot
Accessibility
Accessible Approach with Ramp
Subdivision
St Leon Industrial Park-Bon
Lot features
High Traffic, Industrial Park, Interstate Exit/ Access, Established Lawn, Many Trees, Corner Lot
Directions
From Woodruff and 17th Street, North on Woodruff past Iona Road, West on Commerce Way. Buildings are located right on the corner of Woodruff and Commerce.
Standard status
Active
APN
RPO7060002001O
Size
23,916 SF
Lot size
1.87 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
LOT 1, BLOCK 2, ST LEON INDUSTRIAL PARK E1/2, SEC 5, T 2N, R38
Tax Annual Amount
82978
Legal Description
LOT 1, BLOCK 2, ST LEON INDUSTRIAL PARK E1/2, SEC 5, T 2N, R38
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1996
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Venture One Properties
(208) 542-7979
Listed By:
Shane Murphy · License #DB24210
(208) 542-7979
Added: Jul 10
Changed: Aug 19
Last Checked: Aug 24 at 8:06PM
MLS# 2180812
Copyright © 2026 Snake River Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes 23,916 square feet across three buildings on 1.869 acres. The improvements include an 11,792-square-foot, two-story office building with 30 offices and conference areas, along with 12,034 square feet of shop and warehouse space. The layout supports light industrial and service-oriented operations, with room for an owner-user to occupy all or part of the property.
Approximately 70% of the space is leased, and the existing leases allow for extension or termination on relatively short timelines. Access is available to Highway 20, Highway 26, and I-15. Built in 1996, the property features metal siding, a metal roof, central air, natural gas heat, public water, public sewer, a parking lot, and an accessible approach with ramp.
Approximately 70% of the space is leased, and the existing leases allow for extension or termination on relatively short timelines. Access is available to Highway 20, Highway 26, and I-15. Built in 1996, the property features metal siding, a metal roof, central air, natural gas heat, public water, public sewer, a parking lot, and an accessible approach with ramp.
Key Highlights
- 23,916 SF across three buildings on 1.869 acres
- 11,792 SF two‑story office building with 30 offices and conference areas
- 12,034 SF of shop and warehouse space for light industrial or service use
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
$147,464
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
5.29%
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%
$2,949,280
$2.9M
Cap Rate 7%
$2,106,629
$2.1M
Cap Rate 9%
$1,638,489
$1.6M
Market Conditions
NOI Build-Up for 23,916 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
$243.9K $10.20/SF
− Vacancy
−$17.1K −$0.71/SF
EGI
$226.9K $9.49/SF
− OpEx
−$79.4K −$3.32/SF
NOI
$147.5K $6.17/SF
Area
Bonneville County, ID
Vacancy
7.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
35.00%
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%
$2,949,280
Cap Rate 7%
$2,106,629
Cap Rate 9%
$1,638,489
Alternative Uses
Best Use
Office B
$3.70M
$3.24M – $4.32M
NOI $259,154 @ 7.0% cap · market cap 9.29%
Second Best
Flex RnD
$2.11M
$1.84M – $2.46M
NOI $147,464 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,875 @ 7.0% cap · market cap 13.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
30
Office units
70%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
143
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 83401, ID
47,114
Population
16,026
Households
2.9
Avg Household Size
31
Median Age
30%
College-Educated
90%
High-School Grad
197.3 sq mi
ZIP Area
239
Density / Sq Mi
$75,870
Median Household Income
$35,293
Median Earnings
$1,132
Median Rent
$307,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Multiple buildings combine office, shop, and warehouse areas for flexible occupancy.
Where is this flex space located?
The property is located at 1463 Commerce Way Idaho Falls, ID.
What is the asking price?
The asking price for this property is $2,790,000.
What are key features of this property?
This property features: 23,916 SF across three buildings on 1.869 acres; 11,792 SF two‑story office building with 30 offices and conference areas; 12,034 SF of shop and warehouse space for light industrial or service use
