3-Unit Multifamily
New
For Sale
$595,000
2323 Hillcrest, Caldwell, ID 83605
Established rental property with three units near shopping, schools, services, and College of Idaho.
Property Size2,288 SF
Price / SF$260.05
Days on Market2
Property Features for 2323 Hillcrest
General Information
Standard status
Active
Size
2,288 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$2,953
Amenities
Garage: Finished Driveway
5
3.00
Finished Driveway
Building Details
Year Built
1979
Listing Agency:
Elite Homes and Property
Listed By:
Richard Fried · License #32033
(800) 372-3630
Source:
Clearwaterproperties
Added: Sep 15
Last Checked: Sep 15 at 7:29AM
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 Elite Homes and Property
Investment Insights
Based on property information with market context.
Built in 1979, this 2,288-square-foot triplex offers three residential units within a single multifamily property. The units are reported as consistently rented, providing an existing rental profile for a buyer seeking a residential income asset.
The property is located in Caldwell near College of Idaho, shopping, restaurants, schools, and everyday services. Downtown Caldwell, Indian Creek Plaza, and freeway access are also nearby, giving residents convenient connections to local destinations and transportation routes.
The property is located in Caldwell near College of Idaho, shopping, restaurants, schools, and everyday services. Downtown Caldwell, Indian Creek Plaza, and freeway access are also nearby, giving residents convenient connections to local destinations and transportation routes.
Key Highlights
- Triplex with three residential units
- 2,288 square feet built in 1979
- Units reported as consistently rented with low vacancy
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
$32,879
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
5.53%
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%
$657,580
$657.6K
Cap Rate 7%
$469,700
$469.7K
Cap Rate 9%
$365,322
$365.3K
Market Conditions
NOI Build-Up for 2,288 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
$62.1K $27.12/SF
− Vacancy
−$2.3K −$0.99/SF
EGI
$59.8K $26.13/SF
− OpEx
−$26.9K −$11.76/SF
NOI
$32.9K $14.37/SF
Area
Canyon County, ID
Vacancy
3.66%
Lease Rate
$27.12 /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%
$657,580
Cap Rate 7%
$469,700
Cap Rate 9%
$365,322
Alternative Uses
Best Use
Apartment 5plus
$469.7K
$411.0K – $548.0K
NOI $32,879 @ 7.0% cap · market cap 5.53%
Second Best
Multifamily LT 5
$196.1K
$171.6K – $228.8K
NOI $13,727 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$609.4K
$533.2K – $711.0K
NOI $42,659 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
172
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Established rental property with three units near shopping, schools, services, and College of Idaho.
Where is this triplex located?
The property is located at 2323 Hillcrest Caldwell, ID.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Triplex with three residential units; 2,288 square feet built in 1979; Units reported as consistently rented with low vacancy
