Medical Office
For Sale
$969,000
203 Fort St, Boise, ID 83702
Historic two-story building offers medical reception and exam rooms on the ground floor, plus three offices and a break room upstairs.
Property Size2,177 SF
Price / SF$445.11
Days on Market92
Property Features for 203 Fort St
General Information
Standard status
Active
Size
2,177 SF
Property subtype
Commercial
Occupancy
100%
Additional Details
Business Included
Yes
Office Units
3
Amenities
Garage: 1 - 5 Spaces
1 - 5 Spaces
Building Details
Year Built
1910
Stories
2
Listing Agency:
Powerhouse Real Estate Group
(208) 870-9002
Listed By:
Beau Reinhard · License #SP37196
Source:
Clearwaterproperties
Added: May 25
Changed: Aug 23
Last Checked: Aug 23 at 6:40AM
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 Powerhouse Real Estate Group
Investment Insights
Based on property information with market context.
Historic Wells Home has been repurposed for medical and office use. The ground floor includes a reception area and exam rooms, while the second floor provides three separate offices and a break room.
The property is located in Boise’s medical district across from St. Luke’s main campus, offering straightforward access to downtown and other parts of Boise.
A dedicated parking lot has recently been refinished. The building has been maintained with modern mechanical upgrades, while preserving the original architecture. The property is described as a turn-key offering with 100% occupancy, with flexibility for an owner-user seeking to establish a practice or business.
The property is located in Boise’s medical district across from St. Luke’s main campus, offering straightforward access to downtown and other parts of Boise.
A dedicated parking lot has recently been refinished. The building has been maintained with modern mechanical upgrades, while preserving the original architecture. The property is described as a turn-key offering with 100% occupancy, with flexibility for an owner-user seeking to establish a practice or business.
Key Highlights
- Historic two‑story building repurposed for medical and office use in Boise’s medical district
- Ground floor includes a reception area and exam rooms
- Second floor has three separate offices and a break room
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
$29,487
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
3.04%
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%
$589,740
$589.7K
Cap Rate 7%
$421,243
$421.2K
Cap Rate 9%
$327,633
$327.6K
Market Conditions
NOI Build-Up for 2,177 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
$45.7K $21.00/SF
− Vacancy
−$6.4K −$2.94/SF
EGI
$39.3K $18.06/SF
− OpEx
−$9.8K −$4.52/SF
NOI
$29.5K $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%
$589,740
Cap Rate 7%
$421,243
Cap Rate 9%
$327,633
Alternative Uses
Best Use
Office B
$421.2K
$368.6K – $491.5K
NOI $29,487 @ 7.0% cap · market cap 3.04%
Second Best
Healthcare Medical
$393.5K
$344.4K – $459.1K
NOI $27,548 @ 7.0% cap · market cap 2.84%
Theoretical Best
Office A
$601.2K
$526.1K – $701.4K
NOI $42,086 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
5,391
Businesses Nearby
Balanced
Demand for This Use
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?
Medical Office Space - Historic two-story building offers medical reception and exam rooms on the ground floor, plus three offices and a break room upstairs.
Where is this medical office space located?
The property is located at 203 Fort St Boise, ID.
What is the asking price?
The asking price for this property is $969,000.
What are key features of this property?
This property features: Historic two‑story building repurposed for medical and office use in Boise’s medical district; Ground floor includes a reception area and exam rooms; Second floor has three separate offices and a break room
