Class A Downtown Office
For Sale
Contact for pricing
199 North Capitol Boulevard, Boise, ID 83702
Contiguous office units offer private rooms, meeting areas, open collaboration space, reception, and a kitchen break area.
Property Size10,093 SF
Price / SF$208.06
Days on Market76
Property Features for 199 North Capitol Boulevard
General Information
Standard status
Active
Size
10,093 SF
Class
A
Property subtype
Office
Lease Type
NNN
Building Details
Year Built
1995
Year Renovated
2018
Buildings
1
Units
1
Listing Agency:
Rocky Mountain Companies
Listed By:
Ben Zamzow · License #DB34601
Source:
Crexi
Added: Jun 17
Changed: Aug 29
Last Checked: Aug 30 at 5:49PM
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 Rocky Mountain Companies
Investment Insights
Based on property information with market context.
The fourth floor of Tower Plaza Building includes Suites 400, 401, and 402 along with the shared fourth-floor area, totaling 10,093 SF. Built in 1995, the Class A office condominium combines private offices, conference rooms, collaborative workspace, reception, and a kitchen break area within a modern open layout. Floor-to-ceiling glass windows provide views toward Downtown, City Hall, and the surrounding Foothills.
The property is located at Capitol and Idaho in Downtown Boise. An adjacent CCDC-operated parking garage has stalls available for $195/month, and basement storage units are available for lease.
The property is located at Capitol and Idaho in Downtown Boise. An adjacent CCDC-operated parking garage has stalls available for $195/month, and basement storage units are available for lease.
Key Highlights
- 10,093 SF Class A office condominium on the fourth floor
- Three contiguous units: Suites 400, 401, and 402
- Private offices, conference rooms, collaborative workspace, reception, and kitchen break area
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
$136,710
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
6.51%
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%
$2,734,200
$2.7M
Cap Rate 7%
$1,953,000
$2.0M
Cap Rate 9%
$1,519,000
$1.5M
Market Conditions
NOI Build-Up for 10,093 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
$212.0K $21.00/SF
− Vacancy
−$29.7K −$2.94/SF
EGI
$182.3K $18.06/SF
− OpEx
−$45.6K −$4.52/SF
NOI
$136.7K $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%
$2,734,200
Cap Rate 7%
$1,953,000
Cap Rate 9%
$1,519,000
Alternative Uses
Best Use
Office B
$1.95M
$1.71M – $2.28M
NOI $136,710 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.79M
$2.44M – $3.25M
NOI $195,118 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,887
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 units - Contiguous office units offer private rooms, meeting areas, open collaboration space, reception, and a kitchen break area.
Where is this office units located?
The property is located at 199 North Capitol Boulevard Boise, ID.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 10,093 SF Class A office condominium on the fourth floor; Three contiguous units: Suites 400, 401, and 402; Private offices, conference rooms, collaborative workspace, reception, and kitchen break area
