Residential Income Home with Open
For Sale
$404,900
Pending
1653 E Horse Creek Ct, Meridian, ID 83642
Residential Income, Meridian, ID
Property Size1,620 SF
Lot Size0.11 Acres
Days on Market65
Property Features for 1653 E Horse Creek Ct
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-8
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 2
Parking
2
Fireplace
1
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units)
Subdivision
Wind Walker
Lot features
Small Lot 5999 S F, Irrigation
Elementary school
Pepperridge
Middle school
Lewis and Clark
High school
Mountain View
Elementary school district
West Ada School District
Middle school district
West Ada School District
High school district
West Ada School District
Directions
S on Eagle, W on Victory, N on Bayou Bar, W on Lake Creek which becomes Simmental Ave, E on Horse Creek Ct
Standard status
Pending
APN
R946591070
Size
1,620 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
lot 6 blk 2 Wind Walker Sub
Tax Annual Amount
1914
HOA Fee
$350 Quarterly
Legal Description
lot 6 blk 2 Wind Walker Sub
Utilities
Heating system
Forced Air, Fireplace(s), Natural Gas
Cooling system
Central Air
Building Details
Year built
2014
Number of units
1
Flooring type
Vinyl
Building materials
Frame, Stucco
Roof type
Composition
Listing Agency:
Keller Williams Realty Boise
(208) 672-9000
Listed By:
Terri Schroeder · License #SP16518
(208) 867-1025
Added: Jun 19
Changed: Aug 19
Last Checked: Aug 22 at 4:06AM
MLS# 98991033
Copyright © 2026 Intermountain Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This residential income property offers an open floor plan with a beautiful kitchen and large bedrooms. The spacious master suite includes a full tile master bath flooring, and the home is described as beautifully maintained throughout. With a total size of 1,620 square feet on a 0.1136-acre lot, it is presented as a lock-and-go option.
HOA services include common area coverage, lawn maintenance, tree care, exterior water and sprinklers, and snow removal, along with exterior landscaping. The property is located at 1653 E Horse Creek Ct in Meridian, Idaho (Ada County), near 83642.
HOA services include common area coverage, lawn maintenance, tree care, exterior water and sprinklers, and snow removal, along with exterior landscaping. The property is located at 1653 E Horse Creek Ct in Meridian, Idaho (Ada County), near 83642.
Key Highlights
- Year built 2014 with frame and stucco construction
- Open floor plan with a kitchen and spacious bedrooms
- Master suite with a full tile master bath flooring
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
$16,251
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
4.01%
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%
$325,020
$325.0K
Cap Rate 7%
$232,157
$232.2K
Cap Rate 9%
$180,567
$180.6K
Market Conditions
NOI Build-Up for 1,620 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
$30.7K $18.96/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$29.5K $18.24/SF
− OpEx
−$13.3K −$8.21/SF
NOI
$16.3K $10.03/SF
Area
Meridian, ID
Vacancy
3.80%
Lease Rate
$18.96 /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%
$325,020
Cap Rate 7%
$232,157
Cap Rate 9%
$180,567
Alternative Uses
Best Use
Apartment 5plus
$232.2K
$203.1K – $270.9K
NOI $16,251 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$427.5K
$374.1K – $498.8K
NOI $29,926 @ 7.0% cap · market cap 7.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
Explore this area
Business Placement
Demographics for 83642, ID
55,465
Population
22,700
Households
2.4
Avg Household Size
35
Median Age
44%
College-Educated
95%
High-School Grad
41.5 sq mi
ZIP Area
1,337
Density / Sq Mi
$96,361
Median Household Income
$45,824
Median Earnings
$1,629
Median Rent
$492,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Well-maintained lock-and-go home in Meridian featuring an open floor plan and a spacious master suite.
Where is this single family property located?
The property is located at 1653 E Horse Creek Ct Meridian, ID.
What is the asking price?
The asking price for this property is $404,900.
What are key features of this property?
This property features: Year built 2014 with frame and stucco construction; Open floor plan with a kitchen and spacious bedrooms; Master suite with a full tile master bath flooring
