Fourplex Apartment
3695-3703 W Morris Hill Road Boise, ID 83706
3695-3703 W Morris Hill Road, Boise, ID, 83706
$3,475,000
For Sale
$3,475,000
Four individually parceled fourplex buildings totaling 16 units, each with covered parking and private patio or deck.
Property Size12,480 SF
Price / SF$278.45
Days on Market21
Property Features for 3695-3703 W Morris Hill Road
General Information
- Standard status
- Active
- Size
- 12,480 SF
- Property subtype
- Apartment
Building Details
- Year Built
- 1987
Listing agency
Coldwell Banker Tomlinson
(208) 863-4856
Listed by
Bob Van Allen · License #DB27351
(208) 863-4856
Source
Thgboise
Added: Jul 2 Updated: Jul 21 at 10:49AM Checked: Jul 22 at 5:18AM
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 Coldwell Banker Tomlinson
Investment Insights
Based on property information with market context.
The Morris Hill Apartment complex consists of four fourplex buildings (16 units total), with each building individually parceled to offer flexibility with financing and/or potential subdivision. Each building is configured with two units on the main level with a slab patio and two units upstairs with a deck. Units include 2 bedrooms and 1 full bathroom, along with a living room, kitchen, dining room, and washer/dryer hookups. Every unit features a patio or deck, covered parking, and an exterior storage closet.
The property is described as only minutes from downtown Boise, Boise State University, Ann Morrison Park, Kathryn Albertson Park, and freeway access, with large local area employers nearby.
Recent exterior and systems updates include replacement of front stairs/landings at all buildings within the last five years, exterior paint work at multiple addresses including 3701 in 2022 and several buildings in 2015, fascia and gutters at 3701 in 2024, and HVAC and water heater replacements in select units during 2024–2025. During typical turnovers, carpet and flooring are replaced as needed, interior paint is refreshed, and appliances are evaluated.
The property is described as only minutes from downtown Boise, Boise State University, Ann Morrison Park, Kathryn Albertson Park, and freeway access, with large local area employers nearby.
Recent exterior and systems updates include replacement of front stairs/landings at all buildings within the last five years, exterior paint work at multiple addresses including 3701 in 2022 and several buildings in 2015, fascia and gutters at 3701 in 2024, and HVAC and water heater replacements in select units during 2024–2025. During typical turnovers, carpet and flooring are replaced as needed, interior paint is refreshed, and appliances are evaluated.
Key Highlights
- Morris Hill Apartment complex built in 1987 with 4 individually parceled fourplex buildings and 16 total units
- Unit layout: each unit has 780 SF with 2 bedrooms, 1 full bathroom, living room, kitchen, dining room, and washer/dryer hookups/closet
- Each building has 2 main‑level units with slab patio and 2 upstairs units with deck
Local 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 | $241.1k | $19.32 |
| − Vacancy | −$2.6k | −$0.21 |
| EGI | $238.5k | $19.11 |
| − OpEx | −$107.3k | −$8.60 |
| NOI | $131.2k | $10.51 |
12,480 SF · lease $19.32/SF/yr · vacancy 1.09% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.19M
NOI $131,167 @ 7.0% cap · market cap 3.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.02M
NOI $241,263 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Four individually parceled fourplex buildings totaling 16 units, each with covered parking and private patio or deck.
Where is this apartment building located?
The property is located at 3695-3703 W Morris Hill Road Boise, ID.
What is the asking price?
The asking price for this property is $3,475,000.
What are key features of this property?
This property features: Morris Hill Apartment complex built in 1987 with 4 individually parceled fourplex buildings and 16 total units; Unit layout: each unit has 780 SF with 2 bedrooms, 1 full bathroom, living room, kitchen, dining room, and washer/dryer hookups/closet; Each building has 2 main‑level units with slab patio and 2 upstairs units with deck
