Under-Construction Four-Unit
For Sale
$850,000
Pending
3608 N Felix Way, Idaho Falls, ID 83401
Residential Income, Idaho Falls, ID
Property Size4,712 SF
Lot Size0.31 Acres
Days on Market138
Property Features for 3608 N Felix Way
General Information
Property type
Residential Multi Family
Property subtype
Other
Property condition
Under Construction
Zoning description
General Zoning: Not Verified, Specific Zoning: Not Verified
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 2, Bathroom 1
Appliances
Common Water Heaters, Dishwasher, Microwave, Refrigerator, Oven, Stove
Subdivision
Freedom Acres-Bon
Lot features
Sprinkler- Auto
Elementary school
Ucon 93EL
Middle school
Rocky Mountain 93JH
High school
Bonneville 93HS
Directions
From Beach's Corner go North on Hwy towards Ucon to East Gample Ave, go East to Silver Fox Road and go South to address.
Standard status
Pending
Size
4,712 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
L15 B6 Freedom Acres Div 3
Tax Annual Amount
0
HOA Fee
$125 Annually
Legal Description
L15 B6 Freedom Acres Div 3
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Electric (Heating)
Water source
Public
Building Details
Year built
2026
Number of units
4
Flooring type
Carpet - Full, Carpet
Building materials
Stone, Vinyl Siding
Listing Agency:
Keller Williams Realty East Idaho
(208) 529-8888
Listed By:
Ryan Webster · License #SP30269
(208) 529-8888
Added: Apr 7
Changed: Aug 19
Last Checked: Aug 22 at 7:06PM
MLS# 2184656
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.
Located at 3608 N Felix Way in Idaho Falls, this four-unit quadplex is under construction in Freedom Acres, with an estimated completion date of August 2026. The design includes granite counters and an open-concept layout, along with spacious bedrooms.
The property is being built using stone and vinyl siding materials. Heating is provided by electric radiant systems, and the unit interiors feature carpet flooring (carpet - full). The available appliance package includes dishwasher, microwave, refrigerator, oven, and stove, along with common water heaters. Photos shown for an alternate unit are described as representative of the interior finishes for this unit.
The site sits on a 0.31-acre lot with a total property size of 4,712 square feet. Public water and public sewer services support the community. Room information includes three bedrooms and two bathrooms.
The property is being built using stone and vinyl siding materials. Heating is provided by electric radiant systems, and the unit interiors feature carpet flooring (carpet - full). The available appliance package includes dishwasher, microwave, refrigerator, oven, and stove, along with common water heaters. Photos shown for an alternate unit are described as representative of the interior finishes for this unit.
The site sits on a 0.31-acre lot with a total property size of 4,712 square feet. Public water and public sewer services support the community. Room information includes three bedrooms and two bathrooms.
Key Highlights
- Estimated completion August 2026 for this under‑construction four‑unit quadplex
- 0.31‑acre lot with 4,712 square feet total property size
- Freedom Acres new 4‑plex with granite counters and open‑concept layout
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
$39,690
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
4.67%
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%
$793,800
$793.8K
Cap Rate 7%
$567,000
$567.0K
Cap Rate 9%
$441,000
$441.0K
Market Conditions
NOI Build-Up for 4,712 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
$59.4K $12.60/SF
− Vacancy
−$2.7K −$0.57/SF
EGI
$56.7K $12.03/SF
− OpEx
−$17.0K −$3.61/SF
NOI
$39.7K $8.42/SF
Area
Bonneville County, ID
Vacancy
4.50%
Lease Rate
$12.60 /SF/Yr
Expense Ratio
30.00%
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%
$793,800
Cap Rate 7%
$567,000
Cap Rate 9%
$441,000
Alternative Uses
Best Use
Multifamily LT 5
$567.0K
$496.1K – $661.5K
NOI $39,690 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$512.9K
$448.8K – $598.4K
NOI $35,901 @ 7.0% cap · market cap 4.22%
Theoretical Best
Office A
$1.04M
$910.9K – $1.21M
NOI $72,874 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,749
Businesses Nearby
Explore this area
Business Placement
Demographics for 83401, ID
47,114
Population
16,026
Households
2.9
Avg Household Size
31
Median Age
30%
College-Educated
90%
High-School Grad
197.3 sq mi
ZIP Area
239
Density / Sq Mi
$75,870
Median Household Income
$35,293
Median Earnings
$1,132
Median Rent
$307,700
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?
Quadplex - Under construction four-unit quadplex with public water and public sewer, electric radiant heat.
Where is this quadplex located?
The property is located at 3608 N Felix Way Idaho Falls, ID.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Estimated completion August 2026 for this under‑construction four‑unit quadplex; 0.31‑acre lot with 4,712 square feet total property size; Freedom Acres new 4‑plex with granite counters and open‑concept layout
