Historic North End
For Sale
$949,900
1605 11th St, Boise, ID 83702
Three apartments with separate kitchens, in-unit laundry, fenced outdoor space, and off-street parking.
Property Size2,327 SF
Price / SF$408.21
Days on Market46
Property Features for 1605 11th St
General Information
Standard status
Active
Size
2,327 SF
Property subtype
Triplex
Units
Unit Mix
1 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,949
Amenities
fenced backyard
garden space
storage shed
in-unit washer/dryer
5
3.00
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Keller Williams Realty Boise
(208) 672-9000
Listed By:
April Florczyk · License #SP26238
Source:
Clearwaterproperties
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 30 at 7:09PM
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 Keller Williams Realty Boise
Investment Insights
Based on property information with market context.
Built in 1910, this historic triplex contains three apartments totaling 2,327 square feet. The main-level residence offers one bedroom and one bathroom, a generous living area with hardwood flooring, original built-ins, a brick fireplace, and a full kitchen. Two additional apartments each include two bedrooms, one bathroom, and a full kitchen; both also have in-unit washers and dryers.
The property includes a fenced backyard with garden space, a storage shed, and off-street parking. It is located two blocks from Hyde Park in Boise’s North End, with cafés, restaurants, shops, Camel’s Back Park, downtown, and the Greenbelt nearby. Camel’s Back Park provides access to more than 210 miles of hiking and biking trails. The property is currently operated as a short-term rental and can also accommodate long-term tenants.
The property includes a fenced backyard with garden space, a storage shed, and off-street parking. It is located two blocks from Hyde Park in Boise’s North End, with cafés, restaurants, shops, Camel’s Back Park, downtown, and the Greenbelt nearby. Camel’s Back Park provides access to more than 210 miles of hiking and biking trails. The property is currently operated as a short-term rental and can also accommodate long-term tenants.
Key Highlights
- Three‑unit property with a 1‑bedroom apartment and two 2‑bedroom apartments
- 2,327 square feet across three apartments
- Main‑level unit features hardwood floors, original built‑ins, and a brick fireplace
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
$28,048
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
2.95%
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%
$560,960
$561.0K
Cap Rate 7%
$400,686
$400.7K
Cap Rate 9%
$311,644
$311.6K
Market Conditions
NOI Build-Up for 2,327 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
$40.5K $17.40/SF
− Vacancy
−$421 −$0.18/SF
EGI
$40.1K $17.22/SF
− OpEx
−$12.0K −$5.17/SF
NOI
$28.0K $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%
$560,960
Cap Rate 7%
$400,686
Cap Rate 9%
$311,644
Alternative Uses
Best Use
Multifamily LT 5
$400.7K
$350.6K – $467.5K
NOI $28,048 @ 7.0% cap · market cap 2.95%
Second Best
Apartment 5plus
$349.4K
$305.7K – $407.6K
NOI $24,457 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$642.7K
$562.3K – $749.8K
NOI $44,986 @ 7.0% cap · market cap 4.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
775
Businesses Nearby
Explore this area
Business Placement
Demographics for 83702, ID
23,951
Population
12,771
Households
1.9
Avg Household Size
40
Median Age
61%
College-Educated
97%
High-School Grad
31.4 sq mi
ZIP Area
763
Density / Sq Mi
$82,586
Median Household Income
$48,200
Median Earnings
$1,175
Median Rent
$708,000
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?
Triplex - Three apartments with separate kitchens, in-unit laundry, fenced outdoor space, and off-street parking.
Where is this triplex located?
The property is located at 1605 11th St Boise, ID.
What is the asking price?
The asking price for this property is $949,900.
What are key features of this property?
This property features: Three‑unit property with a 1‑bedroom apartment and two 2‑bedroom apartments; 2,327 square feet across three apartments; Main‑level unit features hardwood floors, original built‑ins, and a brick fireplace
