Triplex with Three-Level
For Sale
$799,900
2304 N Montana Ave, Caldwell, ID 83605
Multifamily property with room-by-room leasing and two additional income-producing units.
Property Size6,819 SF
Price / SF$117.30
Days on Market22
Property Features for 2304 N Montana Ave
General Information
Standard status
Active
Size
6,819 SF
Property subtype
Multi-Family
Additional Details
Cap Rate
7.3%
Building Details
Year Built
1970
Listing Agency:
Coldwell Banker Tomlinson
(208) 672-0447
Listed By:
Edenn Jablonski · License #AB27022
Source:
Bktidaho
Added: Aug 8
Changed: Aug 28
Last Checked: Aug 28 at 1:01PM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
Built in 1970, this 6,819 SF triplex includes a main residence configured for room-by-room rental, a 1,500 SF studio apartment arranged across three levels, and an attached two-bedroom ADU. The property contains 10 bedrooms and 7 bathrooms, creating a multi-unit configuration with distinct living arrangements.
The property is located at 2304 N Montana Ave in Caldwell, Idaho, across from the Caldwell Rim area and surrounding million-dollar homes. Current operations include multiple rental income streams, with a stated 7.3% cap rate. The layout may accommodate an owner-occupant alongside separate rental spaces, subject to applicable requirements and operating considerations.
The property is located at 2304 N Montana Ave in Caldwell, Idaho, across from the Caldwell Rim area and surrounding million-dollar homes. Current operations include multiple rental income streams, with a stated 7.3% cap rate. The layout may accommodate an owner-occupant alongside separate rental spaces, subject to applicable requirements and operating considerations.
Key Highlights
- 10‑bedroom, 7‑bath triplex configuration
- 6,819 SF property built in 1970
- 1,500 SF studio apartment spans 3 levels
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
$40,912
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
5.11%
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%
$818,240
$818.2K
Cap Rate 7%
$584,457
$584.5K
Cap Rate 9%
$454,578
$454.6K
Market Conditions
NOI Build-Up for 6,819 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
$60.6K $8.88/SF
− Vacancy
−$2.1K −$0.31/SF
EGI
$58.4K $8.57/SF
− OpEx
−$17.5K −$2.57/SF
NOI
$40.9K $6.00/SF
Area
Canyon County, ID
Vacancy
3.48%
Lease Rate
$8.88 /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%
$818,240
Cap Rate 7%
$584,457
Cap Rate 9%
$454,578
Alternative Uses
Best Use
Apartment 5plus
$1.40M
$1.22M – $1.63M
NOI $97,990 @ 7.0% cap · market cap 12.25%
Second Best
Multifamily LT 5
$584.5K
$511.4K – $681.9K
NOI $40,912 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$1.82M
$1.59M – $2.12M
NOI $127,138 @ 7.0% cap · market cap 15.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
646
Businesses Nearby
Explore this area
Business Placement
Demographics for 83605, ID
38,561
Population
14,197
Households
2.7
Avg Household Size
32
Median Age
14%
College-Educated
80%
High-School Grad
24.6 sq mi
ZIP Area
1,568
Density / Sq Mi
$60,657
Median Household Income
$31,806
Median Earnings
$973
Median Rent
$300,900
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?
Triplex - Multifamily property with room-by-room leasing and two additional income-producing units.
Where is this triplex located?
The property is located at 2304 N Montana Ave Caldwell, ID.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 10‑bedroom, 7‑bath triplex configuration; 6,819 SF property built in 1970; 1,500 SF studio apartment spans 3 levels
