West Boise Multi-Tenant Office
For Sale
$7,550,000
350 N Mitchell St, Boise, ID 83704
43,142 SF office building in West Boise for sale.
Property Size43,142 SF
Price / SF$175
Days on Market107
Property Features for 350 N Mitchell St
General Information
Standard status
Active
Size
43,142 SF
Property subtype
Office
Occupancy
87%
Net Operating Income
$566,117
Building Details
Building Size
43,142 SF
Listing Agency:
TOK Commercial
(208) 280-3130
Listed By:
Kekaula Kaniho
(208) 280-3130
Source:
Tokcommercial
Added: May 16
Changed: Aug 26
Last Checked: Aug 30 at 3:11PM
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 TOK Commercial
Investment Insights
Based on property information with market context.
Cottonwood Plaza is a 43,142 square foot multi-tenant office building located in West Boise. Constructed in 2000, the property is currently 87% occupied. The building houses four tenants: Zayo, Bartlett Roofing, Giltner Logistics, and Accel Therapies, all operating under NNN leases with 3% annual rent escalations. The current net operating income is $566,117. There is currently 5,625 square feet of vacant space. Bartlett Roofing has notified ownership that they expect to vacate at their lease expiration of 08/31/2027, making 17,404 square feet available on 09/01/2027. Located in the heart of West Boise near Emerald Street and minutes from I-184, Cottonwood Plaza provides access to Downtown Boise, the Boise Airport, and the broader Treasure Valley. The property is surrounded by retail, dining, and business services, with nearby national retailers and major employment hubs.
Key Highlights
- High‑traffic West Boise location, conveniently located near I‑184 and amenities.
- Strong existing cash flow from nationally recognized tenants under NNN leases.
- Value‑add opportunity through lease‑up of current vacancy and future vacancy in 2027.
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
$584,358
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
7.74%
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%
$11,687,160
$11.7M
Cap Rate 7%
$8,347,971
$8.3M
Cap Rate 9%
$6,492,867
$6.5M
Market Conditions
NOI Build-Up for 43,142 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
$906.0K $21.00/SF
− Vacancy
−$126.8K −$2.94/SF
EGI
$779.1K $18.06/SF
− OpEx
−$194.8K −$4.52/SF
NOI
$584.4K $13.54/SF
Area
Ada County, ID
Vacancy
14.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$11,687,160
Cap Rate 7%
$8,347,971
Cap Rate 9%
$6,492,867
Alternative Uses
Best Use
Office B
$8.35M
$7.30M – $9.74M
NOI $584,358 @ 7.0% cap · market cap 7.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.91M
$10.43M – $13.90M
NOI $834,021 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
485
Businesses Nearby
Explore this area
Business Placement
Demographics for 83704, ID
42,430
Population
17,776
Households
2.4
Avg Household Size
37
Median Age
32%
College-Educated
92%
High-School Grad
8.8 sq mi
ZIP Area
4,822
Density / Sq Mi
$70,806
Median Household Income
$37,201
Median Earnings
$1,363
Median Rent
$354,400
Median Home Value
Market
Vacancy Rate% for Office in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 43,142 SF office building in West Boise for sale.
Where is this office building located?
The property is located at 350 N Mitchell St Boise, ID.
What is the asking price?
The asking price for this property is $7,550,000.
What are key features of this property?
This property features: High‑traffic West Boise location, conveniently located near I‑184 and amenities.; Strong existing cash flow from nationally recognized tenants under NNN leases.; Value‑add opportunity through lease‑up of current vacancy and future vacancy in 2027.
