Fourplex Apartment
For Sale
$3,275,000
3695-3703 W Morris Hill Road, Boise, ID 83706
Four individually parceled fourplex buildings totaling 16 units, each with covered parking and private patio or deck.
Property Size12,480 SF
Price / SF$262.42
Days on Market55
Property Features for 3695-3703 W Morris Hill Road
General Information
Standard status
Active
Size
12,480 SF
Property subtype
Apartment
Additional Details
Highway Access
Yes
Multifamily Units
16
Amenities
Lot Features: 1/2 - .99 Acre, Sidewalks, Lot Size Dimensions: 330x125, Lot Size Units: Acres
Fencing: Full
Tax Annual Amount: 28937, Tax Legal Description: Lots 1, 2, 5, and 6 in Block 1 of Kristina Terrace, according to the plat thereof, filed in Book 55 of Plats at Page(s) 5027-5028, records of Ada County, Idaho, Tax Year: 2025
Flooring: Vinyl
Carport YN: t, Garage YN: t, Open Parking YN: t
Gross Income: 235800, Gross Scheduled Income: 10800, Net Operating Income: 171600
Cooling: Central Air, All Units, Cooling YN: t
Heating: Electric, Forced Air, Heating YN: t
Laundry Features: Washer/Dryer Hookups (All Units)
Listing Id: 98992534, Listing Service: Full Service, Listing Terms: Cash, Consider All, Conventional, 1031 Exchange, List Price: 3275000, Mls Status: Active, Number Of Units Total: 16, Standard Status: Active, Total Actual Rent: 9820
Parking Features: Carport, Detached, Finished Driveway, Parking Total: 20
Elementary School: Jefferson, Elementary School District: Boise School District #1, High School: Borah, High School District: Boise School District #1, Middle Or Junior School: South Boise Jr, Middle Or Junior School District: Boise School District #1
Bedrooms Total: 16
Above Grade Finished Area Units: Square Feet, Below Grade Finished Area Units: Square Feet, Building Area Total: 12480, Building Area Units: Square Feet, Construction Materials: Brick, Frame, Wood Siding, Living Area: 12480, Living Area Units: Square Feet, Year Built: 1987
Operating Expense: 64200
City: Boise, Coordinates: -116.22725221, 43.6075838, Country: US, County Or Parish: Ada, Directions: Emerald/Americana, S on Latah, E on Morris Hill, S into complex on the right, Latitude: 43.6075838, Longitude: -116.22725221, Postal Code: 83706, State Or Province: ID, Street Dir Prefix: W, Street Name: Morris Hill Road, Street Number: 3695-3703, Street Number Numeric: 3695, Subdivision Name: Kristina Terrace, Unparsed Address: 3695-3703 W Morris Hill Road, Boise ID 83706
Current Use: 2-4 Units, Farm Land Area Units: Square Feet, Leasable Area Units: Square Feet, Parcel Number: R5042770010, R5042770020, R5042770070, R5042770080, Property Sub Type: Apartment, Property Type: Residential Income
Bathrooms Total Integer: 8
Electric: Unit 1 Separate Meter, Unit 2 Separate Meter, Unit 3 Separate Meter, Unit 4 Separate Meter, Unit 5 Separate Meter, Unit 6 Separate Meter, Unit 7 Separate Meter, Unit 8 Separate Meter, Utilities: Sewer Connected, Cable Connected
Irrigation Source: Irrigation District: Yes, Water Source: City Service
Appliances: Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (No Units)
Association YN: t
Building Details
Year Built
1987
Stories
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Tomlinson
(208) 863-4856
Listed By:
Bob Van Allen · License #DB27351
(208) 863-4856
Source:
Thgboise
Added: Jul 2
Changed: Aug 24
Last Checked: Aug 24 at 6:20AM
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
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
$131,167
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
4.01%
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%
$2,623,340
$2.6M
Cap Rate 7%
$1,873,814
$1.9M
Cap Rate 9%
$1,457,411
$1.5M
Market Conditions
NOI Build-Up for 12,480 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
$241.1K $19.32/SF
− Vacancy
−$2.6K −$0.21/SF
EGI
$238.5K $19.11/SF
− OpEx
−$107.3K −$8.60/SF
NOI
$131.2K $10.51/SF
Area
Ada County, ID
Vacancy
1.09%
Lease Rate
$19.32 /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%
$2,623,340
Cap Rate 7%
$1,873,814
Cap Rate 9%
$1,457,411
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.64M – $2.19M
NOI $131,167 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.45M
$3.02M – $4.02M
NOI $241,263 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
911
Businesses Nearby
Explore this area
Business Placement
Demographics for 83706, ID
34,446
Population
15,992
Households
2.2
Avg Household Size
31
Median Age
57%
College-Educated
95%
High-School Grad
7.4 sq mi
ZIP Area
4,655
Density / Sq Mi
$81,101
Median Household Income
$33,331
Median Earnings
$1,378
Median Rent
$488,900
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 - 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 $3,275,000.
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
