Six-Unit Apartment
New
For Sale
$799,900
2406 Indiana Ave, Caldwell, ID 83605
Residential Income, Caldwell, ID
Property Size4,080 SF
Lot Size0.22 Acres
Price / SF$196.05
Days on Market3
Property Features for 2406 Indiana Ave
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 3, Bathroom 1, Bathroom 3, Bathroom 4, Bedroom 4, Bedroom 5, Bathroom 6, Bedroom 2, Bathroom 2, Bathroom 5, Bedroom 1, Bedroom 6
Parking
6
Appliances
Stove/Range (All Units), Refrigerator (All Units)
Subdivision
College Heights
Lot features
Standard Lot 6000-9999 S F, Bus on City Route, Irrigation, Sidewalks
Elementary school
Wilson
Middle school
Syringa Middle
High school
Caldwell
Elementary school district
Caldwell School District #132
Middle school district
Caldwell School District #132
High school district
Caldwell School District #132
Directions
From I-84 Franklin rd exit, S on 21st Ave, SE on Cleveland Blvd, S on Indiana to property
Standard status
Active
APN
R0093100000
Size
4,080 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
27-4N-3W Se College Heights Add Tax 1 Of Lots 1,2,3 & 4 & Tax 2 Of Lots 4 & 5 Blk 21
Tax Annual Amount
5798
Legal Description
27-4N-3W Se College Heights Add Tax 1 Of Lots 1,2,3 & 4 & Tax 2 Of Lots 4 & 5 Blk 21
Utilities
Heating system
Ceiling, Electric (Heating), Baseboard
Cooling system
Window Unit(s), Wall/Window Unit(s)
Amenities
washer/dryer hookups
Building Details
Year built
1975
Number of units
6
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
Homes of Idaho
(208) 442-8500
Listed By:
Ashley Kaiser · License #SP48438
(208) 904-8556
Added: Aug 27
Last Checked: Aug 29 at 1:06AM
MLS# 98998842
Copyright © 2026 Intermountain Multiple Listing Service. 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 property includes six single-level apartment units within a 4,080-square-foot building on 0.22 acres. Each residence has one bedroom, one bathroom, a full kitchen, a living area, and washer/dryer hookups. Every unit includes a stove/range and refrigerator, while three units have been remodeled. The improvements feature wood siding, a composition roof, electric ceiling and baseboard heating, window or wall/window cooling, and a full sprinkler system with irrigation water.
Located at 2406 Indiana Ave in Caldwell, the property is within walking distance of the College of Idaho campus. Six dedicated off-street parking spaces are provided. Built in 1975, the building offers a consistent six-unit configuration with individual kitchen and laundry-hookup provisions.
Located at 2406 Indiana Ave in Caldwell, the property is within walking distance of the College of Idaho campus. Six dedicated off-street parking spaces are provided. Built in 1975, the building offers a consistent six-unit configuration with individual kitchen and laundry-hookup provisions.
Key Highlights
- Six apartment units in a single‑level 4,080‑square‑foot building
- 0.22‑acre property with six dedicated off‑street parking spaces
- Each unit includes 1 bedroom, 1 bathroom, a full kitchen, living area, and washer/dryer hookups
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
$58,630
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
7.33%
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%
$1,172,600
$1.2M
Cap Rate 7%
$837,571
$837.6K
Cap Rate 9%
$651,444
$651.4K
Market Conditions
NOI Build-Up for 4,080 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
$110.6K $27.12/SF
− Vacancy
−$4.0K −$0.99/SF
EGI
$106.6K $26.13/SF
− OpEx
−$48.0K −$11.76/SF
NOI
$58.6K $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%
$1,172,600
Cap Rate 7%
$837,571
Cap Rate 9%
$651,444
Alternative Uses
Best Use
Apartment 5plus
$837.6K
$732.9K – $977.2K
NOI $58,630 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$950.9K – $1.27M
NOI $76,070 @ 7.0% cap · market cap 9.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
483
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?
Apartment building - Single-level property with one-bedroom units, dedicated parking, and on-site laundry hookups.
Where is this apartment building located?
The property is located at 2406 Indiana 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: Six apartment units in a single‑level 4,080‑square‑foot building; 0.22‑acre property with six dedicated off‑street parking spaces; Each unit includes 1 bedroom, 1 bathroom, a full kitchen, living area, and washer/dryer hookups
