Multi-Tenant Flex
New
For Sale
$2,175,000
1510 E Watertower St., Meridian, ID 83642
Office and warehouse areas support flexible occupancy with roll-up access and durable block construction.
Property Size7,935 SF
Price / SF$274.10
Days on Market3
Property Features for 1510 E Watertower St.
General Information
Standard status
Active
Size
7,935 SF
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
Monument sign
Building Details
Building Size
7,935 SF
Buildings
1
Construction
CMU block
Tenancy
Multi
Listing Agency:
Lee & Associates - Boise
(208) 995-9823
Listed By:
Parker Brakebill · License #SP47888
(208) 995-9823
Source:
Lee-associates
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 10:31AM
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.
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.
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 = 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
$116,264
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
5.35%
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%
$2,325,280
$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
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
$176.2K $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 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%
$2,325,280
Cap Rate 7%
$1,660,914
Cap Rate 9%
$1,291,822
Alternative Uses
Best Use
Office B
$1.66M
$1.45M – $1.94M
NOI $116,264 @ 7.0% cap · market cap 5.35%
Second Best
Flex RnD
$1.15M
$1.00M – $1.34M
NOI $80,151 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$2.09M
$1.83M – $2.44M
NOI $146,582 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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 - 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
