Duplex with Updated Kitchen
New
For Sale
$684,000
2221 & 2223 S Pacific St, Boise, ID 83705
Two well-maintained units offer established rental performance and practical kitchen and bath layouts.
Property Size2,834 SF
Price / SF$241.35
Days on Market2
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
Listed By:
Christine Tyler · License #SP10997
(208) 741-1087
Source:
Platzplace
Added: Sep 13
Last Checked: Sep 13 at 3:25PM
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 duplex contains two residential units totaling 2,834 square feet, constructed in 2002. Both units are described as clean and well kept, with kitchens featuring ample cabinetry, a breakfast bar, and a pantry. The primary bathrooms include showers and double sinks, while the main bathrooms provide both showers and tubs.
The property is located near Boise State University, St. Luke’s, and the airport. Both units have a good rental history, providing an established operating record for the existing duplex configuration.
The property is located near Boise State University, St. Luke’s, and the airport. Both units have a good rental history, providing an established operating record for the existing duplex configuration.
Key Highlights
- Two‑unit property totaling 2,834 square feet
- Built in 2002
- Kitchens include ample cabinetry, breakfast bars, and pantries
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
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two well-maintained 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 property totaling 2,834 square feet; Built in 2002; Kitchens include ample cabinetry, breakfast bars, and pantries
