Renovated 27-Unit Apartment
For Sale
$4,250,000
350 E St, Idaho Falls, ID 83402
Updated apartment property with studio and one-bedroom residences, secured entry, assigned parking, and private storage for tenants.
Property Size22,578 SF
Price / SF$188.24
Days on Market131
Property Features for 350 E St
General Information
Standard status
Active
Size
22,578 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
27
Taxes and HOA fees
Annual Taxes
$24,599
Amenities
high-speed fiber internet
free laundry
assigned parking
individual storage
secured access
Building Details
Year Renovated
2022
Buildings
1
Listing Agency:
Armstrong Flinders and Associates
(208) 521-1406
Listed By:
Matthew Flinders · License #5452254-SA00
(208) 521-1406
Source:
Exprealty
Added: Apr 7
Changed: Aug 14
Last Checked: Aug 15 at 11:51AM
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 Armstrong Flinders and Associates
Investment Insights
Based on property information with market context.
This 27-unit apartment building offers a mix of studios and one-bedroom residences following a comprehensive renovation completed in 2022. Interior features include 9-foot ceilings, sound-dampened walls, LED lighting, secured access, efficient building systems, high-speed fiber internet, complimentary laundry, assigned parking, and individual tenant storage. High-credit tenants are in place, and rent roll and cap rate information are available.
The property is located in downtown Idaho Falls, one block from the Riverwalk. The Museum of Idaho, restaurants, the farmers market, bars, shops, and the public library are all within the surrounding walkable area. A nearby sister property is also available, and the offering includes parcels RPA1980007009A and RPA1980007008B, with all information subject to buyer verification.
The property is located in downtown Idaho Falls, one block from the Riverwalk. The Museum of Idaho, restaurants, the farmers market, bars, shops, and the public library are all within the surrounding walkable area. A nearby sister property is also available, and the offering includes parcels RPA1980007009A and RPA1980007008B, with all information subject to buyer verification.
Key Highlights
- 27‑unit apartment building with studio and one‑bedroom residences
- Renovated in 2022 with 9‑foot ceilings, LED lighting, and sound‑dampened walls
- High‑speed fiber internet, laundry, assigned parking, and individual storage for every tenant
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
$172,023
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
4.05%
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%
$3,440,460
$3.4M
Cap Rate 7%
$2,457,471
$2.5M
Cap Rate 9%
$1,911,367
$1.9M
Market Conditions
NOI Build-Up for 22,578 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
$325.1K $14.40/SF
− Vacancy
−$12.4K −$0.55/SF
EGI
$312.8K $13.85/SF
− OpEx
−$140.7K −$6.23/SF
NOI
$172.0K $7.62/SF
Area
Bonneville County, ID
Vacancy
3.80%
Lease Rate
$14.40 /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%
$3,440,460
Cap Rate 7%
$2,457,471
Cap Rate 9%
$1,911,367
Alternative Uses
Best Use
Apartment 5plus
$2.46M
$2.15M – $2.87M
NOI $172,023 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.99M
$4.36M – $5.82M
NOI $349,182 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
27
Residential units
Location Intelligence
Trade Area within ½ mile
1,484
Businesses Nearby
Explore this area
Business Placement
Demographics for 83402, ID
28,452
Population
11,983
Households
2.4
Avg Household Size
34
Median Age
31%
College-Educated
92%
High-School Grad
171.0 sq mi
ZIP Area
166
Density / Sq Mi
$72,064
Median Household Income
$35,593
Median Earnings
$904
Median Rent
$301,400
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 - Updated apartment property with studio and one-bedroom residences, secured entry, assigned parking, and private storage for tenants.
Where is this apartment building located?
The property is located at 350 E St Idaho Falls, ID.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 27‑unit apartment building with studio and one‑bedroom residences; Renovated in 2022 with 9‑foot ceilings, LED lighting, and sound‑dampened walls; High‑speed fiber internet, laundry, assigned parking, and individual storage for every tenant
