Three-Building Apartment
For Sale
$1,050,000
224 S Water Ave, Idaho Falls, ID 83402
Income-producing multifamily property with separate buildings, off-street parking, and a detached two-stall garage.
Property Size5,900 SF
Price / SF$177.97
Days on Market8
Property Features for 224 S Water Ave
General Information
Standard status
Active
Size
5,900 SF
Property subtype
Multi-Family
Occupancy
80%
Additional Details
Gross Income
$98,100
Utilities to Site
Yes
Multifamily Units
10
Building Details
Year Built
1940
Buildings
4
Tenancy
Multi
Listing Agency:
Silvercreek Realty Group
(208) 523-6111
Listed By:
Eli Dahlin · License #51423
Source:
Griderpeterson
Added: Aug 24
Changed: Aug 28
Last Checked: Aug 30 at 6:45PM
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 Silvercreek Realty Group
Investment Insights
Based on property information with market context.
This multifamily offering combines three separate apartment buildings at 224 S Water Ave, 240 S Water Ave, and 170 Maple St, along with a detached two-stall garage. The portfolio contains 5,900 total square feet and 10 units, with 8 currently active. Each apartment includes a refrigerator and range, while off-street parking serves residents across the properties. The buildings date to 1940 and are supported by public utilities with no HOA.
The property is located in Idaho Falls, Idaho, and includes leases already in place. Current operating performance reflects a cap rate above 7.12%, while two additional units are being marketed. The separate-building layout provides a distributed multifamily configuration with an additional garage component.
The property is located in Idaho Falls, Idaho, and includes leases already in place. Current operating performance reflects a cap rate above 7.12%, while two additional units are being marketed. The separate-building layout provides a distributed multifamily configuration with an additional garage component.
Key Highlights
- Three apartment buildings plus a detached two‑stall garage
- 5,900 total square feet across 10 units
- 8 of 10 units currently active
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
$44,952
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
4.28%
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%
$899,040
$899.0K
Cap Rate 7%
$642,171
$642.2K
Cap Rate 9%
$499,467
$499.5K
Market Conditions
NOI Build-Up for 5,900 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
$85.0K $14.40/SF
− Vacancy
−$3.2K −$0.55/SF
EGI
$81.7K $13.85/SF
− OpEx
−$36.8K −$6.23/SF
NOI
$45.0K $7.62/SF
Area
Bonneville County, ID
Vacancy
3.80%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$899,040
Cap Rate 7%
$642,171
Cap Rate 9%
$499,467
Alternative Uses
Best Use
Apartment 5plus
$642.2K
$561.9K – $749.2K
NOI $44,952 @ 7.0% cap · market cap 4.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,247 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
80%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,834
Businesses Nearby
Explore this area
Business Placement
Demographics for 83402, ID
28,452
Population
11,983
Households
2.4
Avg Household Size
34
Median Age
31%
College-Educated
92%
High-School Grad
171.0 sq mi
ZIP Area
166
Density / Sq Mi
$72,064
Median Household Income
$35,593
Median Earnings
$904
Median Rent
$301,400
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?
Apartment building - Income-producing multifamily property with separate buildings, off-street parking, and a detached two-stall garage.
Where is this apartment building located?
The property is located at 224 S Water Ave Idaho Falls, ID.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: Three apartment buildings plus a detached two‑stall garage; 5,900 total square feet across 10 units; 8 of 10 units currently active
