Duplex with Rental
For Sale
$684,000
2221 & 2223 S Pacific St, Boise, ID 83705
Two residential units offer established rental performance and practical kitchen and bath layouts.
Property Size2,834 SF
Price / SF$241.35
Days on Market28
Property Features for 2221 & 2223 S Pacific St
General Information
Standard status
Active
Size
2,834 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
2002
Listing Agency:
Premier Group Realty West
(208) 741-1087
Listed By:
Christine Tyler · License #SP10997
Source:
Scotreidrealty
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 30 at 8:19PM
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 2002 duplex contains two residential units totaling 2,834 square feet. Each unit includes a kitchen with extensive cabinetry, a breakfast bar, and a pantry. The primary bathroom features a shower and dual sinks, while the additional bathroom combines a shower and tub. Both units are described as clean and well maintained, with a demonstrated rental history.
The property is located at 2221 & 2223 S Pacific St in Boise, near BSU, St. Luke’s, and the airport. Its two-unit configuration and existing rental record provide a straightforward residential income property profile.
The property is located at 2221 & 2223 S Pacific St in Boise, near BSU, St. Luke’s, and the airport. Its two-unit configuration and existing rental record provide a straightforward residential income property profile.
Key Highlights
- Two‑unit duplex completed in 2002
- 2,834 square feet total
- Both units have established rental history
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
4.99%
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 4.99%
Second Best
Apartment 5plus
$425.5K
$372.3K – $496.4K
NOI $29,786 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$782.7K
$684.8K – $913.1K
NOI $54,787 @ 7.0% cap · market cap 8.01%
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer established rental performance and practical kitchen and bath layouts.
Where is this duplex located?
The property is located at 2221 & 2223 S Pacific St Boise, ID.
What is the asking price?
The asking price for this property is $684,000.
What are key features of this property?
This property features: Two‑unit duplex completed in 2002; 2,834 square feet total; Both units have established rental history
