Updated Duplex with
For Sale
$850,000
1514 1514/1516 S Manitou Ave, Boise, ID 83706
Two separately leased residences offer refreshed interiors, private outdoor areas, and convenient off-street parking.
Property Size2,472 SF
Price / SF$343.85
Days on Market34
Property Features for 1514 1514/1516 S Manitou Ave
General Information
Standard status
Active
Size
2,472 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2.5BA
Multifamily Units
2
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Silvercreek Realty Group
(208) 724-5373
Listed By:
Donna Wade · License #SP44921
Source:
Noplacelikeidaho
Added: Jul 28
Changed: Aug 28
Last Checked: Aug 30 at 7:08PM
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.
This 2006-built duplex at 1514/1516 S Manitou Ave contains two residences totaling 2,472 square feet. Each unit provides approximately 1,236 square feet with two bedrooms, 2.5 bathrooms, open-concept living areas, and upstairs bedroom suites. Flooring, appliances, and additional interior elements were updated in 2025. Detached single-car garages, additional off-street parking, and private outdoor areas serve the property.
Both units are tenant occupied under signed one-year leases. The property is near Boise State University, downtown Boise, the Greenbelt, and multiple parks, with shopping, dining, and commuter routes also nearby.
Both units are tenant occupied under signed one-year leases. The property is near Boise State University, downtown Boise, the Greenbelt, and multiple parks, with shopping, dining, and commuter routes also nearby.
Key Highlights
- 2,472 SF duplex completed in 2006
- Each unit is approximately 1,236 SF with 2 bedrooms and 2.5 bathrooms
- Both residences are leased to tenants on signed one‑year terms
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
$29,796
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
3.51%
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%
$595,920
$595.9K
Cap Rate 7%
$425,657
$425.7K
Cap Rate 9%
$331,067
$331.1K
Market Conditions
NOI Build-Up for 2,472 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
$43.0K $17.40/SF
− Vacancy
−$447 −$0.18/SF
EGI
$42.6K $17.22/SF
− OpEx
−$12.8K −$5.17/SF
NOI
$29.8K $12.05/SF
Area
Ada County, ID
Vacancy
1.04%
Lease Rate
$17.40 /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%
$595,920
Cap Rate 7%
$425,657
Cap Rate 9%
$331,067
Alternative Uses
Best Use
Multifamily LT 5
$425.7K
$372.5K – $496.6K
NOI $29,796 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$371.2K
$324.8K – $433.0K
NOI $25,981 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$682.7K
$597.4K – $796.5K
NOI $47,789 @ 7.0% cap · market cap 5.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
987
Businesses Nearby
Explore this area
Business Placement
Demographics for 83706, ID
34,446
Population
15,992
Households
2.2
Avg Household Size
31
Median Age
57%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
4,655
Density / Sq Mi
$81,101
Median Household Income
$33,331
Median Earnings
$1,378
Median Rent
$488,900
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?
Duplex - Two separately leased residences offer refreshed interiors, private outdoor areas, and convenient off-street parking.
Where is this duplex located?
The property is located at 1514 1514/1516 S Manitou Ave Boise, ID.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 2,472 SF duplex completed in 2006; Each unit is approximately 1,236 SF with 2 bedrooms and 2.5 bathrooms; Both residences are leased to tenants on signed one‑year terms
