Fully Leased Fourplex Income
For Sale
$970,000
1535 Alexandra Ln, Boise, ID 83705
Fully occupied fourplex with four 2-bedroom, 2-bath units, each with in-unit laundry and covered carport parking.
Property Size3,800 SF
Price / SF$255.26
Days on Market36
Property Features for 1535 Alexandra Ln
General Information
Standard status
Active
Size
3,800 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,186
Amenities
in-unit washer/dryer
covered carport parking
Garage: Carport
8
8.00
Carport
Building Details
Year Built
2013
Tenancy
Multi
Listing Agency:
Silvercreek Realty Group
(208) 472-5353
Listed By:
Kim Christianson · License #SP25575
Source:
Clearwaterproperties
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 29 at 5:42AM
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 fully leased fourplex offers immediate occupancy with four separate units. Each unit provides a spacious 2-bedroom, 2-bathroom layout and includes a full appliance package with refrigerator, range/oven, microwave, and dishwasher, along with an in-unit washer/dryer. Each unit is also paired with the convenience of a covered carport parking space.
The property is located close to public transit, Boise State University, Boise Airport access, and interstate access. Downtown Boise is less than four miles away, supporting convenient access to the city’s dining and entertainment options.
Designed for low-maintenance operation with all units leased, this is a turnkey residential income property for investors seeking a stabilized, cash-flowing asset.
The property is located close to public transit, Boise State University, Boise Airport access, and interstate access. Downtown Boise is less than four miles away, supporting convenient access to the city’s dining and entertainment options.
Designed for low-maintenance operation with all units leased, this is a turnkey residential income property for investors seeking a stabilized, cash-flowing asset.
Key Highlights
- Fully occupied fourplex built in 2013 with four 2‑bedroom, 2‑bath units
- Each unit includes an appliance package: refrigerator, range/oven, microwave, and dishwasher
- In‑unit washer/dryer in all four units
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
$45,803
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
4.72%
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%
$916,060
$916.1K
Cap Rate 7%
$654,329
$654.3K
Cap Rate 9%
$508,922
$508.9K
Market Conditions
NOI Build-Up for 3,800 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
$66.1K $17.40/SF
− Vacancy
−$688 −$0.18/SF
EGI
$65.4K $17.22/SF
− OpEx
−$19.6K −$5.17/SF
NOI
$45.8K $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%
$916,060
Cap Rate 7%
$654,329
Cap Rate 9%
$508,922
Alternative Uses
Best Use
Multifamily LT 5
$654.3K
$572.5K – $763.4K
NOI $45,803 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$570.6K
$499.2K – $665.7K
NOI $39,939 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$1.05M
$918.3K – $1.22M
NOI $73,462 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully occupied fourplex with four 2-bedroom, 2-bath units, each with in-unit laundry and covered carport parking.
Where is this quadplex located?
The property is located at 1535 Alexandra Ln Boise, ID.
What is the asking price?
The asking price for this property is $970,000.
What are key features of this property?
This property features: Fully occupied fourplex built in 2013 with four 2‑bedroom, 2‑bath units; Each unit includes an appliance package: refrigerator, range/oven, microwave, and dishwasher; In‑unit washer/dryer in all four units
