8-Unit Apartment
For Sale
$2,200,000
2985 North Meridian Road, Meridian, ID 83646
Modern multifamily property with one-, two-, and three-bedroom floor plans.
Property Size10,112 SF
Days on Market160
Property Features for 2985 North Meridian Road
General Information
Standard status
Active
Size
10,112 SF
Class
Class A
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
8
Building Details
Building Size
10,112 SF
Year Built
2018
Units
8
Listing Agency:
Lee & Associates Idaho
(208) 995-9823
Listed By:
Parker Brakebill
Source:
Commercialcafe
Added: Mar 27
Changed: Aug 29
Last Checked: Aug 29 at 5:48PM
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 Lee & Associates Idaho
Investment Insights
Based on property information with market context.
This 8-unit apartment property was constructed in 2018 and includes modern residential layouts ranging from 1,186 SF to 1,387 SF. The unit mix includes one-, two-, and three-bedroom configurations, providing varied floor plan options within the complex. The property is currently 100% occupied.
Located on North Meridian Road in Meridian, Idaho, the property sits within the Treasure Valley and near The Village at Meridian, retail centers, schools, and major employment centers. Its setting provides access to established commercial, educational, and employment destinations in the surrounding area.
The combination of contemporary construction, multiple bedroom configurations, and full occupancy gives the asset a clearly defined multifamily profile for continued residential operation.
Located on North Meridian Road in Meridian, Idaho, the property sits within the Treasure Valley and near The Village at Meridian, retail centers, schools, and major employment centers. Its setting provides access to established commercial, educational, and employment destinations in the surrounding area.
The combination of contemporary construction, multiple bedroom configurations, and full occupancy gives the asset a clearly defined multifamily profile for continued residential operation.
Key Highlights
- 8‑unit multifamily property constructed in 2018
- 100% occupied
- Floor plans range from 1,186 SF to 1,387 SF
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
$101,441
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
4.61%
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%
$2,028,820
$2.0M
Cap Rate 7%
$1,449,157
$1.4M
Cap Rate 9%
$1,127,122
$1.1M
Market Conditions
NOI Build-Up for 10,112 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
$191.7K $18.96/SF
− Vacancy
−$7.3K −$0.72/SF
EGI
$184.4K $18.24/SF
− OpEx
−$83.0K −$8.21/SF
NOI
$101.4K $10.03/SF
Area
Meridian, ID
Vacancy
3.80%
Lease Rate
$18.96 /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%
$2,028,820
Cap Rate 7%
$1,449,157
Cap Rate 9%
$1,127,122
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,441 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.67M
$2.33M – $3.11M
NOI $186,797 @ 7.0% cap · market cap 8.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
254
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
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 - Modern multifamily property with one-, two-, and three-bedroom floor plans.
Where is this apartment building located?
The property is located at 2985 North Meridian Road Meridian, ID.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 8‑unit multifamily property constructed in 2018; 100% occupied; Floor plans range from 1,186 SF to 1,387 SF
