Duplex with Central Air and Gas
For Sale
$720,000
2221 & 2223 S Pacific St, Boise, ID 83705
MULTI_FAMILY - Boise, ID
Property Size2,834 SF
Lot Size0.17 Acres
Price / SF$254.06
Days on Market52
Property Features for 2221 & 2223 S Pacific St
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
City of Boise-R-1C
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 6, Bedroom 2, Bathroom 3, Bedroom 1, Bathroom 5, Bedroom 5
Parking
2
Parking features
Driveway
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
Home Acrs S Ada
Lot features
Standard Lot 6000-9999 S F
Elementary school
Whitney
Middle school
South Boise Jr
High school
Borah
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
N on Overland, L on W Targee St, R on S Pacific, property on R
Standard status
Active
APN
R3719170738
Size
2,834 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PAR #0738 @ N & W SIDE OF LOT 16 BLK 3 HOME ACRES SUB NO 17 PARCEL B R/S 5539 #0740-S
Tax Annual Amount
6221
Legal Description
PAR #0738 @ N & W SIDE OF LOT 16 BLK 3 HOME ACRES SUB NO 17 PARCEL B R/S 5539 #0740-S
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Building Details
Year built
2002
Number of units
2
Flooring type
Vinyl
Building materials
Frame
Roof type
Composition
Listing Agency:
Premier Group Realty West
(208) 452-5655
Listed By:
Christine Tyler · License #SP10997
(208) 741-1087
Added: Jun 22
Changed: Aug 1
Last Checked: Aug 12 at 2:06AM
MLS# 98991203
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.
Duplex located at 2221 & 2223 S Pacific St in Boise, ID 83705, on a 0.17-acre lot. The property totals 2,834 square feet and features frame construction with a composition roof. Interior finishes include vinyl flooring, and each unit has a kitchen with lots of cabinets, a breakfast bar, and a pantry. The master bath includes a shower and double sinks, and the main bath includes a shower and tub.
Heating is forced air with natural gas, and cooling is central air. The units include appliances such as disposal, stove/range, refrigerator, and washer/dryer, and the property provides driveway parking. The duplex was built in 2002 and both units are described as clean and well kept, with a rental history.
The location is noted as near Boise State University, St. Luke’s, and the airport, supporting convenient access for tenants.
Heating is forced air with natural gas, and cooling is central air. The units include appliances such as disposal, stove/range, refrigerator, and washer/dryer, and the property provides driveway parking. The duplex was built in 2002 and both units are described as clean and well kept, with a rental history.
The location is noted as near Boise State University, St. Luke’s, and the airport, supporting convenient access for tenants.
Key Highlights
- 2221 & 2223 S Pacific St, Boise, ID 83705 duplex on a 0.17‑acre lot
- Total building size of 2,834 square feet
- Built in 2002 with frame construction and a composition roof
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
Multi-tenant
Tenancy
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-unit duplex with central air, forced-air natural gas heat, and driveway parking near BSU and St Luke's.
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 $720,000.
What are key features of this property?
This property features: 2221 & 2223 S Pacific St, Boise, ID 83705 duplex on a 0.17‑acre lot; Total building size of 2,834 square feet; Built in 2002 with frame construction and a composition roof
