Remodeled Multifamily
For Sale
$475,000
1889 Pilgrim Ave, Boise, ID 83704
Occupied rental asset with updated interiors and an existing lease extending through December 2026.
Property Size1,442 SF
Price / SF$329.40
Days on Market37
Property Features for 1889 Pilgrim Ave
General Information
Standard status
Active
Size
1,442 SF
Property subtype
Multi-Family
Financials
Gross Income
$28,200
Average Monthly Rent
$2,350
Additional Details
Multifamily Units
1
Building Details
Year Built
1992
Year Renovated
2025
Buildings
1
Listing Agency:
Silvercreek Realty Group
(208) 781-1523
Listed By:
Jacob Blewett · License #4071649
Source:
Noplacelikeidaho
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 29 at 11:35AM
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 multifamily property offers 1,442 square feet of space and was originally built in 1992. Interior improvements were completed in 2025, providing a recently refreshed residential income asset with tenants already in place under lease through December 2026.
The property is located at 1889 Pilgrim Ave in Boise, Idaho, with access to shopping centers, dining, and major transportation routes. Showings require 48-hour notice.
The property is located at 1889 Pilgrim Ave in Boise, Idaho, with access to shopping centers, dining, and major transportation routes. Showings require 48-hour notice.
Key Highlights
- 1,442‑square‑foot multifamily property
- Interior remodeling completed in 2025
- Tenants are in place under lease through December 2026
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
$15,156
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
3.19%
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%
$303,120
$303.1K
Cap Rate 7%
$216,514
$216.5K
Cap Rate 9%
$168,400
$168.4K
Market Conditions
NOI Build-Up for 1,442 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
$27.9K $19.32/SF
− Vacancy
−$304 −$0.21/SF
EGI
$27.6K $19.11/SF
− OpEx
−$12.4K −$8.60/SF
NOI
$15.2K $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%
$303,120
Cap Rate 7%
$216,514
Cap Rate 9%
$168,400
Alternative Uses
Best Use
Apartment 5plus
$216.5K
$189.5K – $252.6K
NOI $15,156 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$398.2K
$348.5K – $464.6K
NOI $27,877 @ 7.0% cap · market cap 5.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
659
Businesses Nearby
Explore this area
Business Placement
Demographics for 83704, ID
42,430
Population
17,776
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
92%
High-School Grad
8.8 sq mi
ZIP Area
4,822
Density / Sq Mi
$70,806
Median Household Income
$37,201
Median Earnings
$1,363
Median Rent
$354,400
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?
Multifamily property - Occupied rental asset with updated interiors and an existing lease extending through December 2026.
Where is this multifamily property located?
The property is located at 1889 Pilgrim Ave Boise, ID.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,442‑square‑foot multifamily property; Interior remodeling completed in 2025; Tenants are in place under lease through December 2026
