Duplex Income
For Sale
$720,000
2221 & 2223 Pacific St, Boise, ID 83705
Two-unit duplex near BSU, St. Luke’s, and the airport, offering two clean, well-kept residences with solid rental history.
Property Size2,834 SF
Price / SF$254.06
Days on Market52
Property Features for 2221 & 2223 Pacific St
General Information
Standard status
Active
Size
2,834 SF
Property subtype
Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,221
Amenities
Garage: Two Car, Attached, Finished Driveway
Garage Spaces: 2
6
6.00
Two Car, Attached, Finished Driveway
2
Building Details
Year Built
2002
Listing Agency:
Premier Group Realty West
(208) 741-1087
Listed By:
Christine Tyler · License #SP10997
Source:
Clearwaterproperties
Added: Jun 26
Changed: Aug 16
Last Checked: Aug 15 at 7:54AM
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 Premier Group Realty West
Investment Insights
Based on property information with market context.
This for-sale duplex includes two separate units at 2221 and 2223 S Pacific St. Each unit features a kitchen with lots of cabinets, a breakfast bar, and a pantry, along with a master bath that includes a shower and double sinks. The main bath in each unit offers a shower and tub, and the property is described as clean and well kept throughout. Public remarks also note good rental history for both units.
The property’s convenience is a key consideration, with proximity to BSU, St. Luke’s, and the airport noted in the available information. This makes the asset a practical option for tenants who want access to major destinations in the Boise area.
For buyers, the duplex format provides two income-producing units in a single property package, with both residences supported by the stated rental history and strong day-to-day livability features. The well-maintained interior details, including the cabinet-rich kitchens and dual-sink master bath, support a tenant-ready offering for residential income strategies.
The property’s convenience is a key consideration, with proximity to BSU, St. Luke’s, and the airport noted in the available information. This makes the asset a practical option for tenants who want access to major destinations in the Boise area.
For buyers, the duplex format provides two income-producing units in a single property package, with both residences supported by the stated rental history and strong day-to-day livability features. The well-maintained interior details, including the cabinet-rich kitchens and dual-sink master bath, support a tenant-ready offering for residential income strategies.
Key Highlights
- Two‑unit duplex near BSU, St. Luke’s, and the airport
- 6 bedrooms and 6 total bathrooms across both units
- Year built 2002
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
$34,159
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
4.74%
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%
$683,180
$683.2K
Cap Rate 7%
$487,986
$488.0K
Cap Rate 9%
$379,544
$379.5K
Market Conditions
NOI Build-Up for 2,834 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
$49.3K $17.40/SF
− Vacancy
−$513 −$0.18/SF
EGI
$48.8K $17.22/SF
− OpEx
−$14.6K −$5.17/SF
NOI
$34.2K $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%
$683,180
Cap Rate 7%
$487,986
Cap Rate 9%
$379,544
Alternative Uses
Best Use
Multifamily LT 5
$488.0K
$427.0K – $569.3K
NOI $34,159 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$425.5K
$372.3K – $496.4K
NOI $29,786 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$782.7K
$684.8K – $913.1K
NOI $54,787 @ 7.0% cap · market cap 7.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Explore this area
Business Placement
Demographics for 83705, ID
27,756
Population
13,228
Households
2.1
Avg Household Size
35
Median Age
38%
College-Educated
93%
High-School Grad
16.2 sq mi
ZIP Area
1,713
Density / Sq Mi
$62,605
Median Household Income
$37,283
Median Earnings
$1,166
Median Rent
$378,800
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?
Duplex - Two-unit duplex near BSU, St. Luke’s, and the airport, offering two clean, well-kept residences with solid rental history.
Where is this duplex located?
The property is located at 2221 & 2223 Pacific St Boise, ID.
What is the asking price?
The asking price for this property is $720,000.
What are key features of this property?
This property features: Two‑unit duplex near BSU, St. Luke’s, and the airport; 6 bedrooms and 6 total bathrooms across both units; Year built 2002
