Renovated Apartment
For Sale
$4,250,000
350 E Street, Idaho Falls, ID 83402
Residential Income, Idaho Falls, ID
Property Size22,578 SF
Lot Size0.41 Acres
Price / SF$188.24
Days on Market139
Property Features for 350 E Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
General Zoning: If Central Commerc, Specific Zoning: Idaho Falls-Cc-Central Commer
Bedrooms
27
Bathrooms
27
Full bathrooms
27
Rooms
Bedroom 20, Bathroom 25, Bathroom 18, Bedroom 16, Bedroom 2, Bedroom 18, Bedroom 12, Bathroom 14, Bedroom 27, Bathroom 26, Basement, Bedroom 23, Bathroom 13, Bedroom 19, Bathroom 6, Bedroom 21, Bathroom 1, Bedroom 22, Bathroom 7, Bedroom 26, Bathroom 11, Bedroom 3, Bedroom 11, Bathroom 22, Bedroom 10, Bathroom 4, Bedroom 6, Bathroom 2, Bathroom 17, Bedroom 1, Bathroom 9, Bedroom 9, Bathroom 27, Bathroom 23, Bedroom 24, Bedroom 13, Bedroom 25, Bathroom 12, Bathroom 20, Bathroom 15, Bathroom 8, Bedroom 14, Bathroom 10, Bathroom 24, Bedroom 5, Bathroom 21, Bedroom 17, Bathroom 19, Bedroom 4, Bedroom 15, Bathroom 3, Bathroom 5, Bedroom 7, Bathroom 16, Bedroom 8
Parking
28
Parking features
Off Street
Interior features
Ceiling Fan(s), Newly Renovated, Storage
Exterior features
Lighting
Basement
Partially Finished, Full
Appliances
Common Water Heaters, Dishwasher, Microwave, Refrigerator, Oven
Subdivision
Railroad Addition-Bon
Lot features
Interstate Exit/ Access, Near Green Belt, Near Mall/ Shop, Near Park, Near Public Transit, Near Stream/ River, Concrete Curbing, Level
Elementary school
Hawthorne 91EL
Middle school
Eagle Rock 91JH
High school
Idaho Falls 91HS
Directions
-
Standard status
Active
APN
RPA1980007008B
Size
22,578 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
13,692 SQ FT LOTS 9-11, BLOCK 7 & E 30 FT LOT 8, BLOCK 7
Tax Annual Amount
24599
Legal Description
13,692 SQ FT LOTS 9-11, BLOCK 7 & E 30 FT LOT 8, BLOCK 7
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Ductless (Heating)
Cooling system
Zoned, Ductless
Water source
Public
Amenities
high-speed fiber internet
free laundry
assigned parking
individual storage
secured access
Building Details
Year built
1948
Number of units
27
Building materials
Stucco
Roof type
Membrane
Additional Structures
Storage
Listing Agency:
Armstrong Flinders and Associates
(801) 375-1075
Listed By:
Matthew Flinders · License #5452254
(208) 521-1406
Added: Apr 28
Changed: Sep 13
Last Checked: Sep 13 at 6:06PM
MLS# 2185323
Copyright © 2026 Snake River Regional MLS. 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.
The Wellington is a 27-unit apartment property totaling 22,578 square feet on 0.41 acres. Originally built in 1948 and renovated in 2022, the building offers studio and one-bedroom residences with 9-foot ceilings, sound-dampened walls, LED lighting, secured access, and individual storage. Common amenities include laundry, assigned parking, high-speed fiber internet, dishwashers, microwaves, refrigerators, and ovens. Heating and cooling are provided through heat pump and ductless systems with zoned cooling.
Located at 350 E Street in Idaho Falls, the property is one block from the Riverwalk and within walking distance of the Museum of Idaho, dining, shops, bars, the farmers market, and the public library. Public water and sewer serve the property, with off-street parking and a membrane roof.
Located at 350 E Street in Idaho Falls, the property is one block from the Riverwalk and within walking distance of the Museum of Idaho, dining, shops, bars, the farmers market, and the public library. Public water and sewer serve the property, with off-street parking and a membrane roof.
Key Highlights
- 27‑unit apartment building with studio and one‑bedroom residences
- 22,578 square feet on 0.41 acres
- Renovated in 2022; originally built in 1948
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
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Open Analytics
Current Use
Lease Details
27
Residential units
Location Intelligence
Trade Area within ½ mile
1,589
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with secured entry, assigned parking, storage, laundry, and high-speed fiber internet.
Where is this apartment building located?
The property is located at 350 E Street 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; 22,578 square feet on 0.41 acres; Renovated in 2022; originally built in 1948
