Broadway Avenue Office/Retail
For Sale
Contact for pricing
2234 S Broadway Ave, Boise, ID 83706
Highly visible Boise office/retail asset with redevelopment potential.
Property Size1,957 SF
Lot Size0.16 Acres
Price / SF$357.69
Days on Market144
Property Features for 2234 S Broadway Ave
General Information
Standard status
Active
Size
1,957 SF
Total Parking Spaces
5
Lot size
0.16 Acres
Property subtype
Mixed Use, Office, Retail
Investment Type
Owner/User
Building Details
Year Built
2004
Buildings
1
Stories
2
Listing Agency:
Goldman Ryden
Listed By:
Matt Ryden · License #SP55166
Source:
Crexi
Added: Mar 23
Changed: Aug 7
Last Checked: Aug 12 at 11:28AM
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 Goldman Ryden
Investment Insights
Based on property information with market context.
The property at 2234 S Broadway Avenue offers a unique opportunity to acquire a highly visible office/retail asset. The building contains approximately 1,957 square feet and is situated on a 0.155-acre parcel. The property will be delivered vacant, offering immediate occupancy for an owner-user or a repositioning opportunity for an investor. Benefiting from strong exposure along South Broadway Avenue, with approximately 26,750 vehicles per day, the property has direct access to Downtown Boise, Boise State University, and Interstate 84. The site is surrounded by dense residential and student housing and is well-positioned for a wide range of office, medical, retail, or service uses. This asset provides a flexible, infill opportunity in a supply-constrained submarket.
Key Highlights
- Highly visible location on South Broadway Avenue (±26,750 VPD) with direct access to Downtown Boise, Boise State University, and Interstate 84.
- Vacant ±1,957 SF building on a 0.155‑acre parcel, offering immediate occupancy.
- Flexible infill opportunity suitable for a wide range of office, medical, retail, or service uses.
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
$26,508
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
3.79%
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%
$530,160
$530.2K
Cap Rate 7%
$378,686
$378.7K
Cap Rate 9%
$294,533
$294.5K
Market Conditions
NOI Build-Up for 1,957 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
$41.1K $21.00/SF
− Vacancy
−$5.8K −$2.94/SF
EGI
$35.3K $18.06/SF
− OpEx
−$8.8K −$4.52/SF
NOI
$26.5K $13.54/SF
Area
Ada County, ID
Vacancy
14.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$530,160
Cap Rate 7%
$378,686
Cap Rate 9%
$294,533
Alternative Uses
Best Use
Office B
$378.7K
$331.4K – $441.8K
NOI $26,508 @ 7.0% cap · market cap 3.79%
Second Best
Retail
$354.4K
$310.1K – $413.4K
NOI $24,805 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$540.5K
$472.9K – $630.6K
NOI $37,833 @ 7.0% cap · market cap 5.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
444
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
Market
Vacancy Rate% for Office in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Highly visible Boise office/retail asset with redevelopment potential.
Where is this mixed-use property located?
The property is located at 2234 S Broadway Ave Boise, ID.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Highly visible location on South Broadway Avenue (±26,750 VPD) with direct access to Downtown Boise, Boise State University, and Interstate 84.; Vacant ±1,957 SF building on a 0.155‑acre parcel, offering immediate occupancy.; Flexible infill opportunity suitable for a wide range of office, medical, retail, or service uses.
