Brand-New Warehouse Condo
For Sale
$350,000
2850 N Spitfire Street, Idaho Falls, ID 83401
COMMERCIAL - Idaho Falls, ID
Property Size2,586 SF
Lot Size0.06 Acres
Price / SF$135.34
Days on Market87
Property Features for 2850 N Spitfire Street
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning description
General Zoning: Bonneville Gen Com, Specific Zoning: Bonneville-C2-General Commerci
Parking
2
Parking features
Parking Lot, Assigned, Off Street
Accessibility
Accessible Approach with Ramp
Lot features
Industrial Park, Interstate Exit/ Access, Level
Directions
from Hwy 20 head south on St Leon, take a left on Piper and a Right on Spitfire, property is on the left.
Standard status
Active
APN
RPO0160004005O
Size
2,586 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MGM Industrial Condominiums Unit 2
Tax Annual Amount
0
Legal Description
MGM Industrial Condominiums Unit 2
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
2026
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Axen Realty
(208) 437-7122
Listed By:
Natalie Bateman
(208) 437-7122
Added: May 27
Changed: Aug 5
Last Checked: Aug 21 at 10:06PM
MLS# 2179930
Copyright © 2026 Snake River Regional MLS. 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.
Unit 2 is currently under construction with an estimated mid-2026 completion for a brand-new warehouse condo. The space is designed as a flexible industrial layout with a main-level warehouse footprint of just under 1,800 square feet, with the ability to add up to an approximately 850-square-foot second-level mezzanine. The configuration supports practical combinations of shop space, inventory storage, and a custom office, with build-outs that may also include a caretaker living space option.
The unit is built for heavy-duty use with 20-foot ceilings and 16-foot overhead doors, along with 3-phase power and fiber internet availability. The offering includes dedicated reserved parking plus access to community overflow parking, with highway access described as fast and the property positioned close to city amenities.
Reserved parking and the option for mezzanine expansion make this unit well-suited for operational flexibility within a modern warehouse condo setting being delivered on a new build timeline.
The unit is built for heavy-duty use with 20-foot ceilings and 16-foot overhead doors, along with 3-phase power and fiber internet availability. The offering includes dedicated reserved parking plus access to community overflow parking, with highway access described as fast and the property positioned close to city amenities.
Reserved parking and the option for mezzanine expansion make this unit well-suited for operational flexibility within a modern warehouse condo setting being delivered on a new build timeline.
Key Highlights
- Under‑construction 2026 warehouse condo (Unit 2) at 2850 N Spitfire St with estimated mid‑2026 completion
- Just under 1,800 SF on the main level plus option to add up to an 850 SF second‑level mezzanine
- 20‑foot ceilings with massive 16‑foot overhead doors for heavy‑duty loading and storage
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
$15,945
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
4.56%
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%
$318,900
$318.9K
Cap Rate 7%
$227,786
$227.8K
Cap Rate 9%
$177,167
$177.2K
Market Conditions
NOI Build-Up for 2,586 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
$26.4K $10.20/SF
− Vacancy
−$1.8K −$0.71/SF
EGI
$24.5K $9.49/SF
− OpEx
−$8.6K −$3.32/SF
NOI
$15.9K $6.17/SF
Area
Bonneville County, ID
Vacancy
7.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
35.00%
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%
$318,900
Cap Rate 7%
$227,786
Cap Rate 9%
$177,167
Alternative Uses
Best Use
Flex RnD
$227.8K
$199.3K – $265.8K
NOI $15,945 @ 7.0% cap · market cap 4.56%
Second Best
Warehouse
$184.6K
$161.6K – $215.4K
NOI $12,925 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$571.3K
$499.9K – $666.6K
NOI $39,994 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 83401, ID
47,114
Population
16,026
Households
2.9
Avg Household Size
31
Median Age
30%
College-Educated
90%
High-School Grad
197.3 sq mi
ZIP Area
239
Density / Sq Mi
$75,870
Median Household Income
$35,293
Median Earnings
$1,132
Median Rent
$307,700
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - Unit 2 is under construction for mid-2026 delivery with 20-foot ceilings and large overhead doors.
Where is this flex space located?
The property is located at 2850 N Spitfire Street Idaho Falls, ID.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Under‑construction 2026 warehouse condo (Unit 2) at 2850 N Spitfire St with estimated mid‑2026 completion; Just under 1,800 SF on the main level plus option to add up to an 850 SF second‑level mezzanine; 20‑foot ceilings with massive 16‑foot overhead doors for heavy‑duty loading and storage
