Retail Shopping
For Sale
$2,400,000
1500 N Locust Grove Rd., Meridian, ID 83642
The center has C-G zoning, signalized access, and ample parking for customers and tenants.
Property Size8,181 SF
Days on Market43
Property Features for 1500 N Locust Grove Rd.
General Information
Standard status
Active
Size
8,181 SF
Property subtype
Retail
Zoning
C-G
Additional Details
Road Access
Yes
Building Details
Building Size
8,181 SF
Tenancy
Multi
Listing Agency:
Lee & Associates - Boise
(208) 999-1743
Listed By:
Michael L. Bergmann, SIOR · License #SP41990
(208) 999-1743
Source:
Lee-associates
Added: Jul 19
Changed: Aug 30
Last Checked: Aug 30 at 1:38AM
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 - Boise
Investment Insights
Based on property information with market context.
This retail shopping center is positioned at a signalized intersection and includes a mix of retail tenants. The property provides customer and tenant parking, along with convenient ingress and egress. C-G zoning is in place for the center.
The property is located at 1500 N. Locust Grove Rd. in Meridian, Idaho, at the intersection of Locust Grove Road and Fairview Avenue. D&B Supply is adjacent, while Fred Meyer is directly across the street, placing the center within an established retail setting.
The center has a stable occupancy history and a documented record of leasing performance. Its tenant mix, access, parking, and surrounding retailers are the primary physical and operational features presented for the property.
The property is located at 1500 N. Locust Grove Rd. in Meridian, Idaho, at the intersection of Locust Grove Road and Fairview Avenue. D&B Supply is adjacent, while Fred Meyer is directly across the street, placing the center within an established retail setting.
The center has a stable occupancy history and a documented record of leasing performance. Its tenant mix, access, parking, and surrounding retailers are the primary physical and operational features presented for the property.
Key Highlights
- Shopping center with a diverse retail tenant mix
- C‑G zoning
- Signalized intersection at Locust Grove Road and Fairview Avenue
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
$116,646
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
4.86%
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%
$2,332,920
$2.3M
Cap Rate 7%
$1,666,371
$1.7M
Cap Rate 9%
$1,296,067
$1.3M
Market Conditions
NOI Build-Up for 8,181 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
$176.7K $21.60/SF
− Vacancy
−$10.1K −$1.23/SF
EGI
$166.6K $20.37/SF
− OpEx
−$50.0K −$6.11/SF
NOI
$116.6K $14.26/SF
Area
Meridian, ID
Vacancy
5.70%
Lease Rate
$21.60 /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%
$2,332,920
Cap Rate 7%
$1,666,371
Cap Rate 9%
$1,296,067
Alternative Uses
Best Use
Retail
$1.67M
$1.46M – $1.94M
NOI $116,646 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,126 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
739
Businesses Nearby
237k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 30%
Dining 29%
Home Improvements & Furnishings 16%
Shops & Services 15%
Fred Meyer
Groceries
70,808 visits/mo
0.2 miles
D&B Supply
Home Improvements & Furnishings
37,192 visits/mo
0.1 miles
McDonald's
Dining
21,071 visits/mo
0.1 miles
Goodwill
Apparel
19,504 visits/mo
0.2 miles
Dutch Bros. Coffee
Dining
19,308 visits/mo
0.2 miles
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 Retail in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Fairview Lakes Retail Center — 900 e fairview ave, meridian, id 83642
- Stonehenge Plaza — 1375 E Fairview Ave, Meridian, ID 83642
- Elm Tree Plaza — 2031-2053, 2031 E Fairview Ave Ste 103, Meridian, ID 83642
- Coinstar Kiosk | Bitcoin ATM — Kroger - Fred Meyer Inc, 1850 E Fairview Ave, Meridian, ID 83642
- Avest Plaza — 1800 N Locust Grove Rd, Meridian, ID 83646
Frequently Asked Questions
What type of property is this?
Shopping center - The center has C-G zoning, signalized access, and ample parking for customers and tenants.
Where is this shopping center located?
The property is located at 1500 N Locust Grove Rd. Meridian, ID.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: Shopping center with a diverse retail tenant mix; C‑G zoning; Signalized intersection at Locust Grove Road and Fairview Avenue
