Two-Tenant Flex
For Sale
$850,000
215 Hannibal Street, Caldwell, ID 83605
Commercial Sale, Caldwell, ID
Property Size4,960 SF
Lot Size0.23 Acres
Price / SF$171.37
Days on Market754
Property Features for 215 Hannibal Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
C-3 General Commercial
Exterior features
Paved Outside Area
Accessibility
Accessible Approach with Ramp
Lot features
10000 S F - .49 Acre
Directions
From Boise, west on I-84, take Exit 28 (Caldwell City Center) north on Illinois Ave, west on Hannibal to property.
Standard status
Active
APN
R0208101100
Size
4,960 SF
Lot size
0.23 Acres
Utilities
Utilities
Propane
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
2024
Floors in Building
1
Number of units
1
Flooring type
Concrete
Building materials
Steel Siding
Roof type
Metal
Listing Agency:
Coldwell Banker Tomlinson · Coldwell Banker Real Estate
(208) 336-3393
Listed By:
Rick Mcgraw · License #AB17400
(208) 880-8889
Added: Aug 13, 2024
Changed: Sep 3
Last Checked: Sep 5 at 3:06AM
MLS# 98920481
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.
This 4,960-square-foot flex building is under construction with an October 2024 completion date. The two-tenant layout provides a clear-span warehouse area in each space, with 20-foot center height, one 12' x 12' roll-up door, one office, and one restroom per suite. Each space is also designed with 3-Phase Power and a 200 AMP panel. Concrete flooring, a metal roof, steel siding, forced-air natural gas heating, and central air complete the building improvements.
The property occupies 0.23 acres at 215 Hannibal Street in Caldwell, Idaho. Exterior features include a paved outside area, while an accessible approach with ramp provides site access. Propane is listed among the property utilities.
The property occupies 0.23 acres at 215 Hannibal Street in Caldwell, Idaho. Exterior features include a paved outside area, while an accessible approach with ramp provides site access. Propane is listed among the property utilities.
Key Highlights
- 4,960SF two‑tenant industrial building under construction
- October 2024 completion date; year built 2024
- Each space includes one 12' x 12' roll‑up door, office, and restroom
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
$51,262
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
6.03%
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%
$1,025,240
$1.0M
Cap Rate 7%
$732,314
$732.3K
Cap Rate 9%
$569,578
$569.6K
Market Conditions
NOI Build-Up for 4,960 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
$62.5K $12.60/SF
− Vacancy
−$2.2K −$0.44/SF
EGI
$60.3K $12.16/SF
− OpEx
−$9.0K −$1.82/SF
NOI
$51.3K $10.34/SF
Area
Canyon County, ID
Vacancy
3.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
15.00%
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%
$1,025,240
Cap Rate 7%
$732,314
Cap Rate 9%
$569,578
Alternative Uses
Best Use
Warehouse
$732.3K
$640.8K – $854.4K
NOI $51,262 @ 7.0% cap · market cap 6.03%
Second Best
Flex RnD
$708.0K
$619.5K – $826.0K
NOI $49,559 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$1.32M
$1.16M – $1.54M
NOI $92,477 @ 7.0% cap · market cap 10.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
2
Office units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
231
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 83605, ID
38,561
Population
14,197
Households
2.7
Avg Household Size
32
Median Age
14%
College-Educated
80%
High-School Grad
24.6 sq mi
ZIP Area
1,568
Density / Sq Mi
$60,657
Median Household Income
$31,806
Median Earnings
$973
Median Rent
$300,900
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Steel-sided commercial building with clear-span warehouse areas, dedicated offices, restrooms, and separate utility infrastructure.
Where is this flex space located?
The property is located at 215 Hannibal Street Caldwell, ID.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 4,960SF two‑tenant industrial building under construction; October 2024 completion date; year built 2024; Each space includes one 12' x 12' roll‑up door, office, and restroom
