Modern 28-Unit Multifamily
324 NE 3rd St. Meridian, ID 83642
324 NE 3rd St., Meridian, ID, 83642
$6,950,000
For Sale
$6,950,000
2018-built 28-unit property with in-unit laundry, abundant parking, and a clubhouse, supported by strong occupancy history.
Property Size28,238 SF
Price / SF$246.12
Days on Market51
Property Features for 324 NE 3rd St.
General Information
- Standard status
- Active
- Size
- 28,238 SF
- Property subtype
- Income
Building Details
- Year Built
- 2018
Listing Agency
Real Broker LLC
(208) 869-9639
Listed by
Tyler Gestrin
(208) 869-9639
Source
Homesofidaho
Added: May 29 Checked: Jun 3 at 2:19 am
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 Real Broker LLC
Investment Insights
Based on property information with market context.
324 NE 3rd Street is a 28-unit multifamily property built in 2018, positioned as an investment-grade asset that is designed to be straightforward to operate and maintain. The unit mix is virtually identical two-bedroom, two-bath layouts, with a primary bedroom and private bath. Residents benefit from in-unit laundry, separate kitchen and dining areas, and spacious living rooms. The development also includes a common-area clubhouse, creating a base for tenant-focused amenities.
The property is part of the Third Street Square plat and includes eight parcel numbers assigned to each building, along with a common-area clubhouse, offering flexibility for investors. On-site parking is a standout feature, with 30 covered carport stalls plus additional surface parking to support resident parking needs.
With near 100% occupancy since 2018 and a demonstrated rental track record, this offering is suited to buyers seeking income stability with upside potential relative to market rents. The consistent unit configuration and manageable property design can appeal to investors looking for repeatable operations, while the clubhouse and parking support resident experience and retention.
The property is part of the Third Street Square plat and includes eight parcel numbers assigned to each building, along with a common-area clubhouse, offering flexibility for investors. On-site parking is a standout feature, with 30 covered carport stalls plus additional surface parking to support resident parking needs.
With near 100% occupancy since 2018 and a demonstrated rental track record, this offering is suited to buyers seeking income stability with upside potential relative to market rents. The consistent unit configuration and manageable property design can appeal to investors looking for repeatable operations, while the clubhouse and parking support resident experience and retention.
Key Highlights
- 2018‑built 28‑unit multifamily property with a clubhouse on the Third Street Square plat
- Unit mix: virtually identical 2‑bedroom, 2‑bath units with a primary bedroom and private bath
- In‑unit laundry with washer/dryer hookups in all units; laminate flooring
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $535.4k | $18.96 |
| − Vacancy | −$20.3k | −$0.72 |
| EGI | $515.0k | $18.24 |
| − OpEx | −$231.8k | −$8.21 |
| NOI | $283.3k | $10.03 |
28,238 SF · lease $18.96/SF/yr · vacancy 3.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$4.05M
$3.54M – $4.72M
NOI $283,276 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.45M
$6.52M – $8.69M
NOI $521,635 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
324 NE 3rd ...
Apartment Building
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - 2018-built 28-unit property with in-unit laundry, abundant parking, and a clubhouse, supported by strong occupancy history.
Where is this apartment building located?
The property is located at 324 NE 3rd St. Meridian, ID.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: 2018‑built 28‑unit multifamily property with a clubhouse on the Third Street Square plat; Unit mix: virtually identical 2‑bedroom, 2‑bath units with a primary bedroom and private bath; In‑unit laundry with washer/dryer hookups in all units; laminate flooring
