Listing Agency: Homes of Idaho d***@homesofidaho.com Show Phone

Listed By: Kent Corbett · License #SP23628 Show Phone

Added: Sep 14 Changed: Oct 17 Last Checked: Nov 5 at 12:06PM

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MLS# 99000805

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Investment Insights

Based on property information with market context.

This 0.74-acre commercial land parcel includes an existing 2,055-square-foot residence. The property carries a Commercial future land use designation, while any conversion or additional development remains subject to applicable approvals. The site also offers room for vehicle, equipment, or material storage.

Located on E Franklin Rd in Meridian, the property records approximately 19,614 VPD according to ITD data from 2024. Access to I-84 supports connections throughout the Treasure Valley. An adjoining 4.34-acre parcel to the west is also available and is scheduled for sale on the same day.

Key Highlights

• 0.74‑acre commercial land parcel
• Existing 2,055 SF residence
• Commercial future land use designation

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$26,941

Cap Rate

9.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$538,820 $538.8K

Cap Rate 7%

$384,871 $384.9K

Cap Rate 9%

$299,344 $299.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,055 SF

Gross rent

$46.9K $22.80/SF

− Vacancy

−$3.7K −$1.82/SF

EGI

$43.1K $20.98/SF

− OpEx

−$16.2K −$7.87/SF

NOI

$26.9K $13.11/SF

Area

Meridian, ID

Vacancy

8.00%

Lease Rate

$22.80 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$538,820

Cap Rate 7%

$384,871

Cap Rate 9%

$299,344

Alternative Uses

Best Use

Office B

$430.1K

$376.4K – $501.8K (±1% cap)

NOI $30,110 @ 7.0% cap · market cap 10.07%

Second Best

Mixed Use

$384.9K

$336.8K – $449.0K (±1% cap)

NOI $26,941 @ 7.0% cap · market cap 9.01%

Theoretical Best

Office A

$542.3K

$474.5K – $632.7K (±1% cap)

NOI $37,962 @ 7.0% cap · market cap 12.70%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Commercial land

Suggested Use

Top Pick Storage Facility Parking Lot & Garage (Bike/Boat/Book/etc) Store Locksmith Bakery Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,198

Businesses Nearby

Explore this area Business Placement

Demographics for 83642, ID

55,465

Population

22,700

Households

2.4

Avg Household Size

35

Median Age

44%

College-Educated

95%

High-School Grad

41.5 sq mi

ZIP Area

1,337

Density / Sq Mi

$96,361

Median Household Income

$45,824

Median Earnings

$1,629

Median Rent

$492,300

Median Home Value

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Commercial land - Commercial future land use designation paired with an existing residence and space for storage, subject to required approvals.

Where is this commercial land located?

The property is located at 2630 E Franklin Rd Meridian, ID.

What is the asking price?

The asking price for this property is $299,000.

What are key features of this property?

This property features: 0.74‑acre commercial land parcel; Existing 2,055 SF residence; Commercial future land use designation