Office Suite with Shared
New
For Sale
$849,000
2490 N Locust Grove, Meridian, ID 83646
A private workspace is complemented by shared common areas, on-site parking, and an ADA-accessible ramp.
Property Size2,656 SF
Price / SF$319.65
Days on Market2
Property Features for 2490 N Locust Grove
General Information
Standard status
Active
Size
2,656 SF
Additional Details
Highway Access
Yes
Amenities
reception/waiting areas
conference space
break room facilities
restrooms
monument signage
ADA-accessible ramp access
Building Details
Year Built
1954
Listing Agency:
Point Realty LLC
Listed By:
Kristina Cleaver
(208) 830-1204
Source:
Truenorthrealestategroupllc
Added: Sep 24
Last Checked: Sep 24 at 1:52PM
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 Point Realty LLC
Investment Insights
Based on property information with market context.
This office suite provides dedicated private office space alongside shared common areas. The building, constructed in 1954, has on-site parking, designated accessible parking, and ramp access for people with disabilities. Monument signage is also present at the property.
The suite is at 2490 N Locust Grove in Meridian, Idaho, with access to I-84 and nearby retail, dining, and service businesses. Its shared-area configuration combines private office space with common areas at the property.
The suite is at 2490 N Locust Grove in Meridian, Idaho, with access to I-84 and nearby retail, dining, and service businesses. Its shared-area configuration combines private office space with common areas at the property.
Key Highlights
- Dedicated private office space with access to shared common areas
- On‑site parking, including designated accessible parking
- ADA‑accessible ramp access
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
$38,916
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
4.58%
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%
$778,320
$778.3K
Cap Rate 7%
$555,943
$555.9K
Cap Rate 9%
$432,400
$432.4K
Market Conditions
NOI Build-Up for 2,656 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
$59.0K $22.20/SF
− Vacancy
−$7.1K −$2.66/SF
EGI
$51.9K $19.54/SF
− OpEx
−$13.0K −$4.88/SF
NOI
$38.9K $14.65/SF
Area
Meridian, ID
Vacancy
12.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$778,320
Cap Rate 7%
$555,943
Cap Rate 9%
$432,400
Alternative Uses
Best Use
Office B
$555.9K
$486.5K – $648.6K
NOI $38,916 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$700.9K
$613.3K – $817.7K
NOI $49,064 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
447
Businesses Nearby
Explore this area
Business Placement
Demographics for 83646, ID
69,818
Population
26,829
Households
2.6
Avg Household Size
36
Median Age
44%
College-Educated
96%
High-School Grad
27.3 sq mi
ZIP Area
2,557
Density / Sq Mi
$101,040
Median Household Income
$47,397
Median Earnings
$1,814
Median Rent
$488,000
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - A private workspace is complemented by shared common areas, on-site parking, and an ADA-accessible ramp.
Where is this office units located?
The property is located at 2490 N Locust Grove Meridian, ID.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Dedicated private office space with access to shared common areas; On‑site parking, including designated accessible parking; ADA‑accessible ramp access
