Multifamily Portfolio with Detached
For Sale
$995,000
224 S Water Avenue, Idaho Falls, ID 83402
Residential Income, Idaho Falls, ID
Property Size5,900 SF
Lot Size0.36 Acres
Price / SF$168.64
Days on Market106
Property Features for 224 S Water Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
General Zoning: Not Verified, Specific Zoning: Not Verified
Bedrooms
12
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 3, Bedroom 8, Bedroom 9, Bathroom 6, Bedroom 11, Bedroom 5, Bathroom 9, Bathroom 2, Bathroom 3, Bathroom 7, Bathroom 4, Bathroom 1, Bedroom 7, Bathroom 10, Bedroom 6, Bedroom 1, Bedroom 12, Bedroom 2, Bedroom 4, Bathroom 8, Bedroom 10, Bathroom 5, Basement
Parking
2
Basement
Partial, Finished
Subdivision
Original Townsite
Elementary school
Hawthorne 91EL
Middle school
Taylor View 91JH
High school
Idaho Falls 91HS
Directions
From S Blvd and Elm - Head E on Elm, then right onto Water to property address
Standard status
Active
APN
RPA1740020010A
Size
5,900 SF
Lot size
0.36 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Exhibit A
Tax Annual Amount
4489
Legal Description
Exhibit A
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
Amenities
off-street parking
refrigerator
range
Building Details
Year built
1940
Number of units
10
Building materials
Block, Frame, Block, Hardboard/Composition
Roof type
Metal, Membrane
Listing Agency:
Silvercreek Realty Group
(208) 523-6111
Listed By:
Eli Dahlin · License #3003_9965
(208) 223-5853
Added: Jul 3
Changed: Oct 16
Last Checked: Oct 16 at 10:06PM
MLS# 2187531
Copyright © 2026 Snake River Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This multifamily offering combines three separate residential buildings with a detached two-stall garage. The portfolio contains 5,900 square feet across a 0.3558-acre site and includes 10 units, with 8 currently active. Individual units are equipped with a refrigerator and range, while off-street parking serves the buildings. Construction includes block, frame, and hardboard/composition materials, with electric heating and metal and membrane roofing.
The property is located at 224 S Water Avenue in Idaho Falls, with additional buildings at 240 S Water Avenue and 170 Maple Street. Public water and public sewer serve the property. The buildings date to 1940, and leases are already in place. The offering also includes a short-term rental unit and two units being marketed for occupancy.
The property is located at 224 S Water Avenue in Idaho Falls, with additional buildings at 240 S Water Avenue and 170 Maple Street. Public water and public sewer serve the property. The buildings date to 1940, and leases are already in place. The offering also includes a short-term rental unit and two units being marketed for occupancy.
Key Highlights
- 5,900 square feet across a 0.3558‑acre multifamily portfolio
- Three separate buildings plus a detached 2‑stall garage
- 10 total units, with 8 currently active
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$44,952
Cap Rate
4.52%
Suggested Prices Based on Cap Rates
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
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 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 4.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,247 @ 7.0% cap · market cap 9.17%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
10
Residential units
80%
Occupancy
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Multifamily property - Three-building residential portfolio with individual units, off-street parking, public utilities, and a detached garage.
Where is this multifamily property located?
The property is located at 224 S Water Avenue Idaho Falls, ID.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5,900 square feet across a 0.3558‑acre multifamily portfolio; Three separate buildings plus a detached 2‑stall garage; 10 total units, with 8 currently active
