Seven-Unit Multifamily with
For Sale
$1,795,000
2208 S Gekeler, Boise, ID 83706
Single-level tri-plex and four-plex on one tax parcel featuring private patios, covered parking, and exterior storage.
Property Size8,064 SF
Price / SF$222.59
Days on Market147
Property Features for 2208 S Gekeler
General Information
Standard status
Active
Size
8,064 SF
Property subtype
Apartment
Units
Unit Mix
2BR/2BA
Multifamily Units
7
Amenities
private patios
covered parking
exterior storage
Lot Features: 1/2 - .99 Acre, Lot Size Acres: 0.99, Lot Size Area: 0.99, Lot Size Square Feet: 43124.4, Lot Size Units: Acres
Tax Annual Amount: 13550.4, Tax Legal Description: LOT 4 VEAZEY PARK ADD RESUB OF LOT 1 #0016-R, Tax Year: 2025
Carport YN: t, Covered Spaces: 2, Garage Spaces: 2, Garage YN: t
Gross Income: 150477, Gross Scheduled Income: 11725, Net Operating Income: 100477
Cooling: Central Air, All Units, Cooling YN: t
Laundry Features: Washer/Dryer Hookups (All Units)
Listing Id: 98982836, Listing Service: Full Service, List Price: 1795000, Mls Status: Active, Number Of Units Total: 7, Standard Status: Active, Total Actual Rent: 11160
Parking Features: Two Car, Carport, Parking Total: 18
Elementary School: White Pine, Elementary School District: Boise School District #1, High School: Timberline, High School District: Boise School District #1, Middle Or Junior School: Les Bois, Middle Or Junior School District: Boise School District #1
Bedrooms Total: 14
Above Grade Finished Area Units: Square Feet, Below Grade Finished Area Units: Square Feet, Building Area Total: 8064, Building Area Units: Square Feet, Living Area: 8064, Living Area Units: Square Feet, Year Built: 1991
Operating Expense: 50000
City: Boise, Coordinates: -116.182903, 43.583799, Country: US, County Or Parish: Ada, Directions: E on Boise Avenue, S on Gekeler OR Federal Way, E on Bergeson N on Gekeler, Latitude: 43.583799, Longitude: -116.182903, Postal Code: 83706, State Or Province: ID, Street Dir Prefix: S, Street Name: Gekeler, Street Number: 2208, Street Number Numeric: 2208, Subdivision Name: Veazey Park Add, Unparsed Address: 2208 S Gekeler, Boise ID 83706
Current Use: 5+ Units, Farm Land Area Units: Square Feet, Leasable Area Units: Square Feet, Parcel Number: R8992000034, Property Sub Type: Apartment, Property Type: Residential Income
Bathrooms Total Integer: 14
Utilities: Sewer Connected
Irrigation Source: Irrigation District: No, Water Source: City Service
Appliances: Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units)
Association YN: t
Building Details
Year Built
1991
Buildings
2
Stories
1
Listing Agency:
Colliers Treasure Valley, LLC
(208) 345-9000
Listed By:
Maurice Therrien · License #AB16062
(208) 859-7935
Source:
Thgboise
Added: Apr 20
Changed: Sep 12
Last Checked: Sep 13 at 9:57AM
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 seven-unit multifamily property consists of a single-level tri-plex and a four-plex on one tax parcel. The units offer large 2-bedroom, 2-bath layouts with private patios. Each tenant also benefits from covered parking spaces and exterior storage.
The property is located at 2208 S Gekeler in Boise, ID 83706.
According to the provided remarks, rental history has been excellent, and the monthly rents may be increased. The offering also includes the noted unit configuration across the tri-plex and four-plex within the same ownership and parcel.
The property is located at 2208 S Gekeler in Boise, ID 83706.
According to the provided remarks, rental history has been excellent, and the monthly rents may be increased. The offering also includes the noted unit configuration across the tri-plex and four-plex within the same ownership and parcel.
Key Highlights
- 1991‑built single‑level tri‑plex and four‑plex on one tax parcel (7 units total)
- All units feature large 2 bed/2 bath floor plans with private patios
- Covered parking spaces and exterior storage provided for each tenant
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
587
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Apartment building - Single-level tri-plex and four-plex on one tax parcel featuring private patios, covered parking, and exterior storage.
Where is this apartment building located?
The property is located at 2208 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: 1991‑built single‑level tri‑plex and four‑plex on one tax parcel (7 units total); All units feature large 2 bed/2 bath floor plans with private patios; Covered parking spaces and exterior storage provided for each tenant
