Four-Unit Apartment
New
For Sale
$669,000
2114 Meppen Drive, Idaho Falls, ID 83401
MULTI_FAMILY - Idaho Falls, ID
Property Size4,000 SF
Lot Size0.30 Acres
Price / SF$167.25
Days on Market2
Property Features for 2114 Meppen Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
General Zoning: Res-Multi-Family, Specific Zoning: Idaho Falls-R3a-Res Mixed Use
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bedroom 10, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 12, Bedroom 7, Bedroom 1, Bathroom 4, Bedroom 5, Bedroom 11, Bedroom 8, Bedroom 9, Bathroom 3
Parking
8
Parking features
Off Street, Garage
Interior features
Ceiling Fan(s)
Appliances
Separate Water Heaters, Refrigerator, Oven, Stove
Subdivision
Melbourne Park-Bon
Lot features
Established Lawn, Sprinkler- Auto
Elementary school
Falls Valley 93EL
Middle school
Sandcreek 93JH
High school
Hillcrest 93HS
Directions
https://maps.app.goo.gl/zp2D8xNCgBCNWv1z5
Standard status
Active
APN
RPS8740000001O
Size
4,000 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit #1, Somerset Estates, Lots 14-16, Part Lot 17, Block 10, Melbourne Park Addition No. 8, 4 Units
Tax Annual Amount
5254
Legal Description
Unit #1, Somerset Estates, Lots 14-16, Part Lot 17, Block 10, Melbourne Park Addition No. 8, 4 Units
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
washer/dryer hookups
Building Details
Year built
1990
Number of units
4
Building materials
Vinyl Siding
Roof type
Composition
Listing Agency:
eXp Realty LLC
(208) 890-7776
Listed By:
Grider Peterson Real Estate Team
(208) 890-7776
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 7:06PM
MLS# 2188443
Copyright © 2026 Snake River Regional MLS. 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 1990, this four-unit apartment property contains 4,000 square feet across four residences. Each unit provides approximately 1,000 sq. ft. with three bedrooms, one full bathroom, an open living arrangement, and washer and dryer hookups. Interior updates have been completed, and the property includes refrigerators, ovens, stoves, ceiling fans, separate water heaters, vinyl siding, composition roofing, and electric heat.
The property occupies 0.3 acres at 2114 Meppen Drive in Idaho Falls, Idaho. Off-street parking and garage space support resident use, while public water and public sewer serve the property. Its 12-bedroom, 4-bathroom configuration provides a consistent layout across all four residences.
The property occupies 0.3 acres at 2114 Meppen Drive in Idaho Falls, Idaho. Off-street parking and garage space support resident use, while public water and public sewer serve the property. Its 12-bedroom, 4-bathroom configuration provides a consistent layout across all four residences.
Key Highlights
- Four units totaling 4,000 sq. ft. on 0.3 acres
- 12 bedrooms and 4 bathrooms; each unit has 3 bedrooms and 1 full bath
- Approximately 1,000 sq. ft. per unit with open layouts
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
$33,692
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
5.04%
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%
$673,840
$673.8K
Cap Rate 7%
$481,314
$481.3K
Cap Rate 9%
$374,356
$374.4K
Market Conditions
NOI Build-Up for 4,000 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
$50.4K $12.60/SF
− Vacancy
−$2.3K −$0.57/SF
EGI
$48.1K $12.03/SF
− OpEx
−$14.4K −$3.61/SF
NOI
$33.7K $8.42/SF
Area
Bonneville County, ID
Vacancy
4.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$673,840
Cap Rate 7%
$481,314
Cap Rate 9%
$374,356
Alternative Uses
Best Use
Multifamily LT 5
$481.3K
$421.2K – $561.5K
NOI $33,692 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$435.4K
$381.0K – $507.9K
NOI $30,476 @ 7.0% cap · market cap 4.56%
Theoretical Best
Office A
$883.7K
$773.3K – $1.03M
NOI $61,862 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
673
Businesses Nearby
Explore this area
Business Placement
Demographics for 83401, ID
47,114
Population
16,026
Households
2.9
Avg Household Size
31
Median Age
30%
College-Educated
90%
High-School Grad
197.3 sq mi
ZIP Area
239
Density / Sq Mi
$75,870
Median Household Income
$35,293
Median Earnings
$1,132
Median Rent
$307,700
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?
Quadplex - Four separate residences feature open layouts, washer and dryer hookups, and off-street parking with garage access.
Where is this quadplex located?
The property is located at 2114 Meppen Drive Idaho Falls, ID.
What is the asking price?
The asking price for this property is $669,000.
What are key features of this property?
This property features: Four units totaling 4,000 sq. ft. on 0.3 acres; 12 bedrooms and 4 bathrooms; each unit has 3 bedrooms and 1 full bath; Approximately 1,000 sq. ft. per unit with open layouts
