Two-Story Medical Office
For Sale
$909,900
203 W Fort St, Boise, ID 83702
Commercial Sale, Boise, ID
Property Size2,177 SF
Lot Size0.13 Acres
Price / SF$417.96
Days on Market110
Property Features for 203 W Fort St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
R-3
Parking
4
Exterior features
Paved Outside Area
Accessibility
Accessible Approach with Ramp
Lot features
Sm Lot 5999 S F, Lawn Sprinklers, On City Bus Route
Directions
Intersection of State St & 2nd St, North on State St to address. Property on corner of 2nd St & Fort St.
Standard status
Active
APN
R1013007165
Size
2,177 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Description
Lot 12 Blk 106 B C O T Bk 7 Pg 309 #95089303
Legal Description
Lot 12 Blk 106 B C O T Bk 7 Pg 309 #95089303
Utilities
Utilities
Propane
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1910
Floors in Building
2
Number of units
4
Flooring type
Wood
Building materials
Frame, Wood Siding
Roof type
Composition
Listing Agency:
Keller Williams Realty Boise
(208) 672-9000
Listed By:
Beau Reinhard · License #SP37196
(208) 870-9002
Added: May 6
Changed: Aug 23
Last Checked: Aug 23 at 8:06PM
MLS# 98984989
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.
Built in 1910, this 2,177-square-foot medical office property occupies a 0.13-acre site and retains its original frame construction, wood siding, and wood flooring. The ground floor includes a reception area and exam rooms, while the second level provides three separate offices and a break room. Natural gas forced-air heat and central air support the building, with a composition roof and propane utilities. An accessible approach with ramp serves the property.
The building is positioned across from St. Lukes main campus in Boise’s medical district, with medical offices in the surrounding area and access to downtown. A dedicated paved parking lot has recently been refinished. The property is reported at 100% occupancy and combines medical functionality with multiple office areas.
The building is positioned across from St. Lukes main campus in Boise’s medical district, with medical offices in the surrounding area and access to downtown. A dedicated paved parking lot has recently been refinished. The property is reported at 100% occupancy and combines medical functionality with multiple office areas.
Key Highlights
- 2,177‑square‑foot medical office property on a 0.13‑acre site
- Ground‑floor reception area and exam rooms
- Second floor includes 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
3.24%
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 3.24%
Second Best
Healthcare Medical
$393.5K
$344.4K – $459.1K
NOI $27,548 @ 7.0% cap · market cap 3.03%
Theoretical Best
Office A
$601.2K
$526.1K – $701.4K
NOI $42,086 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Ground-floor reception and exam rooms provide a practical clinical layout with additional private offices upstairs.
Where is this medical office space located?
The property is located at 203 W Fort St Boise, ID.
What is the asking price?
The asking price for this property is $909,900.
What are key features of this property?
This property features: 2,177‑square‑foot medical office property on a 0.13‑acre site; Ground‑floor reception area and exam rooms; Second floor includes three separate offices and a break room
