Fully Leased Boise Office
For Sale
Contact for pricing
Pending
1625 W State St, Boise, ID 83702
Fully leased office building in prime Boise location for sale.
Property Size3,424 SF
Lot Size0.28 Acres
Days on Market1482
Property Features for 1625 W State St
General Information
Standard status
Pending
Size
3,424 SF
Class
B
Total Parking Spaces
9
Lot size
0.28 Acres
Property subtype
Office
Zoning
City of Boise-PC/D
Occupancy
100%
Investment Type
Owner/User
Building Details
Units
11
Tenancy
Multi
Listing Agency:
TOK Commercial
(208) 947-0804
Listed By:
Sam McCaskill · License #ID 46959
Source:
Crexi
Added: Aug 2, 2022
Changed: Aug 8
Last Checked: Jul 24 at 1:25PM
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 TOK Commercial
Investment Insights
Based on property information with market context.
The property at 1625 W. State Street is a fully leased, 3,424 square foot office building situated on a 0.28-acre corner parcel. The property is located at the gateway between Downtown Boise and the North End, a high-density residential neighborhood. The building is 100% occupied by two established tenants: State Farm Insurance and Trailhead Sports Clinic. Zoned MX-3, the property offers long-term adaptability in an urban corridor. There are 9 on-site parking spaces. The property is prominently positioned at a signalized intersection along State Street, a primary downtown accessway, providing visibility with monument signage and exposure to over 24,000 vehicles per day. The corner location enhances daily exposure and tenant accessibility. The surrounding area features traffic drivers such as Albertsons, Starbucks, and Saint Alphonsus. The property has walkable connectivity to public transportation and close proximity to Downtown’s employment base. It is located blocks from the Connector. The location offers access to the area's most dense and desirable residential area, with views of the Boise River and the foothills.
Key Highlights
- Fully leased office investment with 100% occupancy and two established tenants providing immediate income stability.
- Prime location at the gateway between Downtown Boise and the North End.
- Exceptional visibility with prominent monument signage and exposure to 24,000+ vehicles per day on State Street.
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
$46,378
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
3.86%
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%
$927,560
$927.6K
Cap Rate 7%
$662,543
$662.5K
Cap Rate 9%
$515,311
$515.3K
Market Conditions
NOI Build-Up for 3,424 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
$71.9K $21.00/SF
− Vacancy
−$10.1K −$2.94/SF
EGI
$61.8K $18.06/SF
− OpEx
−$15.5K −$4.52/SF
NOI
$46.4K $13.54/SF
Area
Ada County, ID
Vacancy
14.00%
Lease Rate
$21.00 /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%
$927,560
Cap Rate 7%
$662,543
Cap Rate 9%
$515,311
Alternative Uses
Best Use
Office B
$662.5K
$579.7K – $773.0K
NOI $46,378 @ 7.0% cap · market cap 3.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$945.6K
$827.4K – $1.10M
NOI $66,193 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,917
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 Office in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully leased office building in prime Boise location for sale.
Where is this office building located?
The property is located at 1625 W State St Boise, ID.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Fully leased office investment with 100% occupancy and two established tenants providing immediate income stability.; Prime location at the gateway between Downtown Boise and the North End.; Exceptional visibility with prominent monument signage and exposure to 24,000+ vehicles per day on State Street.
