Renovated Apartment Building Near
For Sale
$4,250,000
350 E Street, Idaho Falls, ID 83402
MULTI_FAMILY - Idaho Falls, ID
Property Size22,578 SF
Lot Size0.41 Acres
Price / SF$188.24
Days on Market94
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
Bathroom 7, Bedroom 17, Bathroom 11, Bedroom 24, Bathroom 20, Bedroom 6, Bedroom 11, Bedroom 19, Bedroom 4, Bedroom 21, Bedroom 13, Bathroom 15, Bathroom 3, Bedroom 1, Bathroom 14, Bedroom 23, Bathroom 18, Bathroom 24, Bedroom 22, Bathroom 26, Bathroom 4, Bathroom 27, Bedroom 3, Bathroom 1, Bathroom 17, Bedroom 5, Bedroom 18, Bathroom 19, Bedroom 16, Bedroom 9, Bedroom 27, Bedroom 7, Bedroom 14, Bathroom 21, Bathroom 23, Bathroom 5, Bedroom 12, Bathroom 9, Bathroom 6, Bedroom 15, Bathroom 10, Bathroom 12, Bathroom 13, Bathroom 25, Bathroom 22, Bedroom 10, Bedroom 25, Bedroom 2, Bathroom 2, Bathroom 16, Basement, Bedroom 20, Bedroom 26, Bedroom 8, Bathroom 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
Ductless (Heating), Heat Pump (Heating)
Cooling system
Ductless, Zoned
Water source
Public
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-SA00
(801) 375-1075
Added: Apr 28
Changed: Jul 12
Last Checked: Jul 30 at 1:06PM
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 fully renovated 27-unit apartment building located in downtown Idaho Falls, one block from the Riverwalk. The property features stylish studios and 1-bedroom apartments designed for long-term renters, traveling nurses, and remote workers. Renovated in 2022, the building includes 9' ceilings, sound-dampened walls, LED lighting, secured access, and efficient systems. The property offers low-maintenance operations. Tenants benefit from high-speed fiber internet, free laundry, assigned parking, and individual storage. The location is walkable to the Museum of Idaho, dining options, a farmers market, bars, shops, and the public library. The property, situated on a 0.41-acre lot, spans 22,578 square feet. It presents an opportunity for investors seeking a 1031 exchange or portfolio addition. The property is suitable for residential income and multifamily use. High-credit tenants are currently in place, supported by strong rental demand and limited downtown inventory. Sister property nearby also available.
Key Highlights
- Fully renovated 27‑unit apartment building in downtown Idaho Falls, one block from the Riverwalk
- Renovated in 2022 with 9' ceilings, sound‑dampened walls, and LED lighting
- Secured access plus assigned parking and individual storage for tenants
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 | $325.1k | $14.40 |
| − Vacancy | −$12.4k | −$0.55 |
| EGI | $312.8k | $13.85 |
| − OpEx | −$140.7k | −$6.23 |
| NOI | $172.0k | $7.62 |
22,578 SF · lease $14.40/SF/yr · vacancy 3.80% · expense 45.00%
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
Property Profile
Current Use
Lease Details
9 ft
Clear height
27
Residential units
Turnkey business
Opportunity
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 - Fully renovated 27-unit apartment building in downtown Idaho Falls.
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: Fully renovated 27‑unit apartment building in downtown Idaho Falls, one block from the Riverwalk; Renovated in 2022 with 9' ceilings, sound‑dampened walls, and LED lighting; Secured access plus assigned parking and individual storage for tenants
