7-Unit Triplex
For Sale
$1,795,000
2132 S Gekeler, Boise, ID 83706
Single-level layouts include private patios, covered parking, and exterior storage for each tenant.
Property Size8,064 SF
Price / SF$222.59
Days on Market28
Property Features for 2132 S Gekeler
General Information
Standard status
Active
Size
8,064 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
7
Amenities
private patios
covered parking
exterior storage
Building Details
Year Built
1992
Buildings
2
Stories
1
Listing Agency:
Colliers Treasure Valley, LLC
(208) 343-9300
Listed By:
Maurice Therrien · License #AB16062
Source:
Westrealestategroup
Added: Aug 2
Changed: Aug 28
Last Checked: Aug 29 at 12:01PM
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 Colliers Treasure Valley, LLC
Investment Insights
Based on property information with market context.
This 8,064-square-foot multifamily property combines a single-level triplex and fourplex on one tax parcel, creating a total of 7 units. Built in 1992, the residences feature 2 bed/2 bath floor plans, private patios, covered parking spaces, and exterior storage assigned to each tenant.
The property is located at 2132 S Gekeler in Boise, Idaho 83706. The two-building configuration and one-parcel ownership structure provide a consolidated multifamily asset with separately identified residential units and tenant amenities.
The property is located at 2132 S Gekeler in Boise, Idaho 83706. The two-building configuration and one-parcel ownership structure provide a consolidated multifamily asset with separately identified residential units and tenant amenities.
Key Highlights
- 7 units across a single‑level triplex and fourplex
- 8,064 square feet on one tax parcel
- Built in 1992
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
$97,198
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
5.41%
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%
$1,943,960
$1.9M
Cap Rate 7%
$1,388,543
$1.4M
Cap Rate 9%
$1,079,978
$1.1M
Market Conditions
NOI Build-Up for 8,064 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
$140.3K $17.40/SF
− Vacancy
−$1.5K −$0.18/SF
EGI
$138.9K $17.22/SF
− OpEx
−$41.7K −$5.17/SF
NOI
$97.2K $12.05/SF
Area
Ada County, ID
Vacancy
1.04%
Lease Rate
$17.40 /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%
$1,943,960
Cap Rate 7%
$1,388,543
Cap Rate 9%
$1,079,978
Alternative Uses
Best Use
Multifamily LT 5
$1.39M
$1.21M – $1.62M
NOI $97,198 @ 7.0% cap · market cap 5.41%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,754 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $155,893 @ 7.0% cap · market cap 8.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
829
Businesses Nearby
Explore this area
Business Placement
Demographics for 83706, ID
34,446
Population
15,992
Households
2.2
Avg Household Size
31
Median Age
57%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
4,655
Density / Sq Mi
$81,101
Median Household Income
$33,331
Median Earnings
$1,378
Median Rent
$488,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Single-level layouts include private patios, covered parking, and exterior storage for each tenant.
Where is this triplex located?
The property is located at 2132 S Gekeler Boise, ID.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: 7 units across a single‑level triplex and fourplex; 8,064 square feet on one tax parcel; Built in 1992
