28-Unit Apartment
For Sale
$6,950,000
Pending
324 NE 3rd St., Meridian, ID 83642
Built in 2018, the property offers two-bedroom, two-bath residences with in-unit laundry.
Property Size28,238 SF
Days on Market97
Property Features for 324 NE 3rd St.
General Information
Standard status
Pending
Size
28,238 SF
Property subtype
Apartment
Units
Unit Mix
28 x 2BR/2BA
Multifamily Units
28
Additional Details
Asking Price
$6,950,000
Amenities
in-unit laundry
clubhouse
Lot Features: 1 - 4.99 Acres, Lot Size Units: Acres
Fencing: Full, Vinyl, Wood
Tax Annual Amount: 29169, Tax Legal Description: Lot 1 in Block 1, Lots 1 through 6 of Block 2, and Lot 1 in Block 3 of Third Street Square Subdivision, according to the official plat thereof, filed in Book 117 of Plats at Page(s) 17687 through 17689, records of Ada County, Idaho., Tax Year: 2025
Flooring: Laminate
Carport YN: t
Cooling: Central Air, Cooling YN: t
Heating: Forced Air, Natural Gas, Heating YN: t
Laundry Features: Washer/Dryer Hookups (All Units)
Listing Id: 98988433, Listing Service: Full Service, Listing Terms: Cash, Conventional, List Price: 6950000, Mls Status: Pending, Number Of Units Total: 28, Standard Status: Pending
Parking Features: Carport, Parking Total: 40
Elementary School: Meridian, Elementary School District: West Ada School District, High School: Meridian, High School District: West Ada School District, Middle Or Junior School: Meridian Middle, Middle Or Junior School District: West Ada School District
Above Grade Finished Area Units: Square Feet, Below Grade Finished Area Units: Square Feet, Building Area Total: 28238, Building Area Units: Square Feet, Construction Materials: HardiPlank Type, Living Area: 28238, Living Area Units: Square Feet, Year Built: 2018
City: Meridian, Coordinates: -116.38744312, 43.60657599, Country: US, County Or Parish: Ada, Directions: Franklin to 3rd. St., Latitude: 43.60657599, Longitude: -116.38744312, Postal Code: 83642, State Or Province: ID, Street Dir Prefix: NE, Street Name: 3rd St., Street Number: 324, Street Number Numeric: 324, Subdivision Name: 0 Not Applic., Unparsed Address: 324 NE 3rd St., Meridian ID 83642
Current Use: 5+ Units, Farm Land Area Units: Square Feet, Leasable Area Units: Square Feet, Parcel Number: R8393710040, Property Sub Type: Apartment, Property Type: Residential Income
Utilities: Sewer Connected
Foundation Details: Crawl Space
Irrigation Source: Irrigation District: Yes, Water Source: Other
Appliances: Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Association Fee Frequency: Annually
Building Details
Year Built
2018
Listing Agency:
Real Broker LLC
(855) 450-0442
Listed By:
Robert Santangelo · License #01007143
(760) 505-2222
Source:
Thgboise
Added: May 29
Changed: Aug 31
Last Checked: Sep 1 at 6:19PM
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.
Located at 324 NE 3rd Street in Meridian, Idaho, this 28-unit apartment property contains 28,238 square feet and was completed in 2018. The residences follow a consistent two-bedroom, two-bath layout with primary bedrooms, private baths, separate kitchens and dining areas, spacious living rooms, and in-unit laundry.
The development includes a shared clubhouse and is organized across the Third Street Square plat, with eight parcel numbers assigned to the buildings and common area. Parking includes 30 covered carport stalls along with additional surface spaces. The property has maintained near-100% occupancy since 2018, and the offering reflects a 5.42% going-in capitalization rate based on stabilized pro forma income at estimated market rents.
The development includes a shared clubhouse and is organized across the Third Street Square plat, with eight parcel numbers assigned to the buildings and common area. Parking includes 30 covered carport stalls along with additional surface spaces. The property has maintained near-100% occupancy since 2018, and the offering reflects a 5.42% going-in capitalization rate based on stabilized pro forma income at estimated market rents.
Key Highlights
- 28‑unit multifamily property totaling 28,238 square feet
- Completed in 2018 with consistent two‑bedroom, two‑bath unit layouts
- Each residence includes in‑unit laundry, separate kitchen and dining areas, and a private primary bath
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
$283,276
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
4.08%
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%
$5,665,520
$5.7M
Cap Rate 7%
$4,046,800
$4.0M
Cap Rate 9%
$3,147,511
$3.1M
Market Conditions
NOI Build-Up for 28,238 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
$535.4K $18.96/SF
− Vacancy
−$20.3K −$0.72/SF
EGI
$515.0K $18.24/SF
− OpEx
−$231.8K −$8.21/SF
NOI
$283.3K $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%
$5,665,520
Cap Rate 7%
$4,046,800
Cap Rate 9%
$3,147,511
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
28
Residential units
Location Intelligence
Trade Area within ½ mile
1,424
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Built in 2018, the property offers two-bedroom, two-bath residences with in-unit laundry.
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: 28‑unit multifamily property totaling 28,238 square feet; Completed in 2018 with consistent two‑bedroom, two‑bath unit layouts; Each residence includes in‑unit laundry, separate kitchen and dining areas, and a private primary bath
