28-Unit Apartment
For Sale
$6,950,000
Pending
324 NE 3rd St., Meridian, ID 83642
Residential Income, Meridian, ID
Property Size28,238 SF
Days on Market96
Property Features for 324 NE 3rd St.
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking
40
Parking features
Carport
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
0 Not Applic.
Lot features
1 - 4.99 Acres
Elementary school
Meridian
Middle school
Meridian Middle
High school
Meridian
Elementary school district
West Ada School District
Middle school district
West Ada School District
High school district
West Ada School District
Directions
Franklin to 3rd. St.
Standard status
Pending
APN
R8393710040
Size
28,238 SF
Taxes and HOA fees
Tax Year
2025
Tax 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 Annual Amount
29169
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.
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Amenities
common-area clubhouse
in-unit laundry
Building Details
Year built
2018
Number of units
28
Flooring type
Laminate
Building materials
HardiPlank Type
Roof type
Composition
Listing Agency:
Real Broker LLC
(855) 450-0442
Listed By:
Robert Santangelo · License #01007143
(760) 505-2222
Added: May 29
Changed: Aug 28
Last Checked: Sep 1 at 8:06PM
MLS# 98988433
Copyright © 2026 Intermountain Multiple Listing Service. 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.
This 28-unit apartment property at 324 NE 3rd Street includes substantially similar two-bedroom, two-bath residences, each with a primary bedroom and private bath. Individual units offer in-unit laundry, separate kitchen and dining areas, and spacious living rooms. Built in 2018, the property contains 28,238 square feet and includes a common-area clubhouse within the Third Street Square plat.
Parking includes 30 covered carport stalls along with additional surface spaces. Property systems and finishes include central air, forced-air natural gas heating, laminate flooring, HardiPlank-style exterior materials, composition roofing, and unit appliances including refrigerators, ranges, disposals, and washer/dryer sets. Occupancy has remained near 100% since 2018.
Parking includes 30 covered carport stalls along with additional surface spaces. Property systems and finishes include central air, forced-air natural gas heating, laminate flooring, HardiPlank-style exterior materials, composition roofing, and unit appliances including refrigerators, ranges, disposals, and washer/dryer sets. Occupancy has remained near 100% since 2018.
Key Highlights
- 28‑unit multifamily property with 28,238 square feet
- Two‑bedroom, two‑bath units with private primary‑bedroom baths
- In‑unit washer/dryer, separate kitchens and dining areas
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
1,429
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 - Recently constructed multifamily property with consistent occupancy, private baths, in-unit laundry, and shared resident amenities.
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 with 28,238 square feet; Two‑bedroom, two‑bath units with private primary‑bedroom baths; In‑unit washer/dryer, separate kitchens and dining areas
