Six-Unit Apartment
New
For Sale
$799,900
2406 S Indiana Ave, Caldwell, ID 83605
Single-level property with one-bedroom units, full kitchens, living areas, and washer/dryer hookups.
Property Size4,080 SF
Price / SF$196.05
Days on Market6
Property Features for 2406 S Indiana Ave
General Information
Standard status
Active
Size
4,080 SF
Total Parking Spaces
6
Property subtype
Residential Income
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Additional Details
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$5,797
Amenities
washer/dryer hookups
Building Details
Stories
1
Listing Agency:
Homes of Idaho
(208) 904-8556
Listed By:
Ashley Kaiser · License #SP48438
(208) 904-8556
Source:
Exprealty
Added: Aug 27
Changed: Aug 31
Last Checked: Aug 31 at 7:30PM
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 Homes of Idaho
Investment Insights
Based on property information with market context.
This 4,080-square-foot, single-level apartment building contains six one-bedroom, one-bathroom units. Each residence includes a full kitchen, living area, and washer/dryer hookups, while three units have been remodeled. The property also includes six dedicated off-street parking spaces.
Located at 2406 S Indiana Ave in Caldwell, the property is within walking distance of the College of Idaho campus. A full sprinkler system and irrigation water serve the site, adding established functional infrastructure to the apartment improvements.
Located at 2406 S Indiana Ave in Caldwell, the property is within walking distance of the College of Idaho campus. A full sprinkler system and irrigation water serve the site, adding established functional infrastructure to the apartment improvements.
Key Highlights
- Six one‑bedroom, one‑bathroom apartment units
- 4,080 square feet in a single‑level building
- Six dedicated off‑street parking spaces
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
479
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Single-level property with one-bedroom units, full kitchens, living areas, and washer/dryer hookups.
Where is this apartment building located?
The property is located at 2406 S 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 one‑bedroom, one‑bathroom apartment units; 4,080 square feet in a single‑level building; Six dedicated off‑street parking spaces
