Three-Building Apartment
For Sale
$2,910,000
Pending
1521 1527 1535 W Alexandra Ln, Boise, ID 83705
Three multi-family buildings totaling 12 units with occupied 2-bed, 2-bath layouts and in-unit washer/dryer.
Property Size11,400 SF
Days on Market145
Property Features for 1521 1527 1535 W Alexandra Ln
General Information
Standard status
Pending
Size
11,400 SF
Total Parking Spaces
12
Property subtype
Apartment
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
12 x 2BR/2BA
Multifamily Units
12
Parking per Unit
1
Amenities
refrigerator
range/oven
microwave
dishwasher
in-unit washer and dryer
Lot Features: 10000SF - .49, Irrigation, Sidewalks, Lot Size Acres: 0.38, Lot Size Area: 0.38, Lot Size Square Feet: 16552.8, Lot Size Units: Acres
Tax Annual Amount: 24572.64, Tax Legal Description: See Exhibit A, Tax Year: 2025
Carport YN: t
Gross Scheduled Income: 20340, Gross Income: 205800, Net Operating Income: 129840
Cooling: Central Air, Cooling YN: t
Heating: Electric, Forced Air, Heating YN: t
Laundry Features: Washer/Dryer Hookups (All Units)
Listing Id: 98983297, Listing Service: Full Service, Listing Terms: Cash, Conventional, FHA, List Price: 2910000, Mls Status: Pending, Number Of Units Total: 12, Standard Status: Pending, Total Actual Rent: 17150
Parking Features: Carport, Parking Total: 12
Elementary School: Hawthorne, Elementary School District: Boise School District #1, High School: Borah, High School District: Boise School District #1, Middle Or Junior School: South Boise Jr, Middle Or Junior School District: Boise School District #1
Bedrooms Total: 24
Above Grade Finished Area Units: Square Feet, Below Grade Finished Area Units: Square Feet, Building Area Total: 11400, Building Area Units: Square Feet, Construction Materials: Frame, Living Area: 11400, Living Area Units: Square Feet, Year Built: 2013
Insurance Expense: 6000, Maintenance Expense: 24085, Manager Expense: 9792, Operating Expense: 75960, Other Expense: 24573
City: Boise, Coordinates: -116.200494, 43.571152, Country: US, County Or Parish: Ada, Directions: N Vista Ave, E Canal St, S Victory Rd, S Lindsay Ave, W Alexandra Ln, Latitude: 43.571152, Longitude: -116.200494, Postal Code: 83705, State Or Province: ID, Street Name: 1521, 1527, 1535 W Alexandra Ln, Subdivision Name: Lloyd, Unparsed Address: 1521, 1527, 1535 W Alexandra Ln, Boise ID 83705
Current Use: 5+ Units, Farm Land Area Units: Square Feet, Leasable Area Units: Square Feet, Parcel Number: R5292910070, R5292910080, R5292910090, Property Sub Type: Apartment, Property Type: Residential Income
Bathrooms Total Integer: 24
Gas: Unit 1 Separate Meter, Unit 2 Separate Meter, Unit 3 Separate Meter, Utilities: Sewer Connected
Irrigation Source: Irrigation District: Yes, New York Irr, Water Source: City Service
Appliances: Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Building Details
Year Built
2013
Buildings
3
Listing Agency:
Silvercreek Realty Group
(208) 377-0422
Listed By:
Kim Christianson · License #SP44513
(208) 631-7905
Source:
Thgboise
Added: Apr 23
Changed: Sep 13
Last Checked: Sep 13 at 10:43AM
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 offering includes three multi-family buildings sold together, totaling 12 well-maintained units. Each building has four spacious units, and every unit features a 2-bedroom, 2-bathroom layout. All 12 units are fully occupied, providing immediate rental occupancy for the next owner.
Each unit is equipped with a full suite of appliances, including a refrigerator, range/oven, microwave, and dishwasher, plus an in-unit washer and dryer. A covered carport parking space is included with every unit. The property is positioned for convenience, with easy access to public transportation, and close proximity to Boise State University, the Boise Airport, and the interstate. Downtown Boise is less than four miles away.
Built in 2013, the portfolio totals approximately 11,400 SF and provides a straightforward, multi-building structure for acquiring a small apartment portfolio in a highly accessible area.
Each unit is equipped with a full suite of appliances, including a refrigerator, range/oven, microwave, and dishwasher, plus an in-unit washer and dryer. A covered carport parking space is included with every unit. The property is positioned for convenience, with easy access to public transportation, and close proximity to Boise State University, the Boise Airport, and the interstate. Downtown Boise is less than four miles away.
Built in 2013, the portfolio totals approximately 11,400 SF and provides a straightforward, multi-building structure for acquiring a small apartment portfolio in a highly accessible area.
Key Highlights
- Three multi‑family buildings sold together totaling 12 units
- Four units per building, with 2 bedrooms and 2 bathrooms in each unit
- All units fully occupied at the time of sale
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
$119,816
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
4.12%
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%
$2,396,320
$2.4M
Cap Rate 7%
$1,711,657
$1.7M
Cap Rate 9%
$1,331,289
$1.3M
Market Conditions
NOI Build-Up for 11,400 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
$220.2K $19.32/SF
− Vacancy
−$2.4K −$0.21/SF
EGI
$217.8K $19.11/SF
− OpEx
−$98.0K −$8.60/SF
NOI
$119.8K $10.51/SF
Area
Ada County, ID
Vacancy
1.09%
Lease Rate
$19.32 /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%
$2,396,320
Cap Rate 7%
$1,711,657
Cap Rate 9%
$1,331,289
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.50M – $2.00M
NOI $119,816 @ 7.0% cap · market cap 4.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.15M
$2.75M – $3.67M
NOI $220,385 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
12
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
Explore this area
Business Placement
Demographics for 83705, ID
27,756
Population
13,228
Households
2.1
Avg Household Size
35
Median Age
38%
College-Educated
93%
High-School Grad
16.2 sq mi
ZIP Area
1,713
Density / Sq Mi
$62,605
Median Household Income
$37,283
Median Earnings
$1,166
Median Rent
$378,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Three multi-family buildings totaling 12 units with occupied 2-bed, 2-bath layouts and in-unit washer/dryer.
Where is this apartment building located?
The property is located at 1521 1527 1535 W Alexandra Ln Boise, ID.
What is the asking price?
The asking price for this property is $2,910,000.
What are key features of this property?
This property features: Three multi‑family buildings sold together totaling 12 units; Four units per building, with 2 bedrooms and 2 bathrooms in each unit; All units fully occupied at the time of sale
