Multifamily Portfolio with Detached
224 S Water Avenue Idaho Falls, ID 83402
For Sale
$1,100,000
MULTI_FAMILY - Idaho Falls, ID
Property Size5,900 SF
Lot Size0.36 Acres
Price / SF$186.44
Days on Market28
Property Features for 224 S Water Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
12
Bathrooms
10
Rooms
Bedroom 10, Bedroom 4, Bathroom 4, Bathroom 10, Bathroom 3, Bathroom 5, Bedroom 1, Bathroom 8, Bedroom 9, Bathroom 2, Bedroom 5, Bedroom 12, Basement, Bedroom 3, Bedroom 11, Bedroom 8, Bedroom 6, Bathroom 7, Bedroom 2, Bathroom 6, Bedroom 7, Bathroom 1, Bathroom 9
Parking
2
Basement
Finished, Partial
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
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Water source
Public
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 #SP51423
(208) 523-6111
Added: Jul 3
Changed: Jul 28
Last Checked: Jul 30 at 7:06AM
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.
Investment Insights
Based on property information with market context.
The portfolio includes three separate multifamily buildings plus a detached 2-stall garage: 224 S Water Ave, 240 S Water Ave, and 170 Maple St. The total building area across the portfolio is approximately 5,900 square feet, with each unit presented as move-in ready and equipped with a refrigerator and range. Units are provided individually across the separate buildings, and off-street parking supports day-to-day tenant access.
As of the information provided, 8 of 10 units are currently active, and two additional units are being marketed. The remarks also note that one active unit is an Airbnb unit. Reported gross rent is $8,175 per month (approximately $98,100 per year), and the listing states an over 7.12% cap rate based on current occupancy, with a projected stabilized cap rate nearing 10% once the marketed units are filled. The property is offered with leases already in place, and the listing notes there is no HOA.
For buyers and operators seeking a turnkey multifamily collection, this offering packages multiple income-producing units into a single acquisition, with existing occupancy and move-in-ready apartments. The detached garage and off-street parking can help support tenant convenience, while the listed tax figure for 2025 is $4,489. Utilities are described as public, and the portfolio is positioned to provide a straightforward path to stabilization based on the two currently marketed units.
As of the information provided, 8 of 10 units are currently active, and two additional units are being marketed. The remarks also note that one active unit is an Airbnb unit. Reported gross rent is $8,175 per month (approximately $98,100 per year), and the listing states an over 7.12% cap rate based on current occupancy, with a projected stabilized cap rate nearing 10% once the marketed units are filled. The property is offered with leases already in place, and the listing notes there is no HOA.
For buyers and operators seeking a turnkey multifamily collection, this offering packages multiple income-producing units into a single acquisition, with existing occupancy and move-in-ready apartments. The detached garage and off-street parking can help support tenant convenience, while the listed tax figure for 2025 is $4,489. Utilities are described as public, and the portfolio is positioned to provide a straightforward path to stabilization based on the two currently marketed units.
Key Highlights
- Multi‑family portfolio with 3 buildings at 224 S Water Ave, 240 S Water Ave, and 170 Maple St plus a detached 2‑stall garage
- 10 total units: 8 units currently active, including a cash‑flowing Airbnb unit; 2 additional units being marketed
- Gross rent of $8,175/month ($98,100/year) reported at over a 7.12% cap rate; stabilized cap rate projected to almost 10% once filled
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $85.0k | $14.40 |
| − Vacancy | −$3.2k | −$0.55 |
| EGI | $81.7k | $13.85 |
| − OpEx | −$36.8k | −$6.23 |
| NOI | $45.0k | $7.62 |
5,900 SF · lease $14.40/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$642.2K
$561.9K – $749.2K
NOI $44,952 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,247 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - Three building multifamily portfolio with off-street parking and in-unit appliances, offering largely leased income units in Idaho Falls.
Where is this apartment building 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 $1,100,000.
What are key features of this property?
This property features: Multi‑family portfolio with 3 buildings at 224 S Water Ave, 240 S Water Ave, and 170 Maple St plus a detached 2‑stall garage; 10 total units: 8 units currently active, including a cash‑flowing Airbnb unit; 2 additional units being marketed; Gross rent of $8,175/month ($98,100/year) reported at over a 7.12% cap rate; stabilized cap rate projected to almost 10% once filled
