Fourplex Apartment
For Sale
$3,275,000
3695 3695-3703 W Morris Hill Rd, Boise, ID 83706
Four individually parceled buildings provide a 16-unit residential income property near downtown Boise and Boise State University.
Property Size12,480 SF
Price / SF$262.42
Days on Market31
Property Features for 3695 3695-3703 W Morris Hill Rd
General Information
Standard status
Active
Size
12,480 SF
Property subtype
Multi-Family
Building Details
Year Built
1987
Listing Agency:
Coldwell Banker Tomlinson
(208) 336-3393
Listed By:
Bob Van Allen · License #DB27351
Source:
Myrecollab
Added: Aug 2
Changed: Aug 30
Last Checked: Aug 31 at 6:45PM
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.
Built in 1987, the Morris Hill apartment complex comprises four fourplex buildings with 16 units total. Each residence measures 780 SF and includes two bedrooms, one full bathroom, a living room, kitchen, dining area, washer/dryer hookups and closet, an exterior storage closet, and either a slab patio or an upstairs deck. Covered parking serves each unit. The buildings are separately parceled, providing distinct ownership and financing considerations for the four structures.
Capital improvements include replacement of front stairs and landings at all buildings within the last 5 years, exterior painting at 3701 in 2022 and at 3695, 3697, and 3703 in 2015, and fascia and gutter work at 3701 in 2024. HVAC systems were replaced in units #10, 11, and 12 in 2024, while water heaters were replaced in units #6, 10, and 14 in 2024-2025. The property is near downtown Boise, BSU, Ann Morrison Park, Kathryn Albertson Park, freeway access, and large local area employers.
Capital improvements include replacement of front stairs and landings at all buildings within the last 5 years, exterior painting at 3701 in 2022 and at 3695, 3697, and 3703 in 2015, and fascia and gutter work at 3701 in 2024. HVAC systems were replaced in units #10, 11, and 12 in 2024, while water heaters were replaced in units #6, 10, and 14 in 2024-2025. The property is near downtown Boise, BSU, Ann Morrison Park, Kathryn Albertson Park, freeway access, and large local area employers.
Key Highlights
- 16‑unit apartment complex arranged as four fourplex buildings
- Each unit offers 780 SF with 2 bedrooms and 1 full bathroom
- Buildings are individually parceled
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
Property Profile
Current Use
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 buildings provide a 16-unit residential income property near downtown Boise and Boise State University.
Where is this apartment building located?
The property is located at 3695 3695-3703 W Morris Hill Rd 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: 16‑unit apartment complex arranged as four fourplex buildings; Each unit offers 780 SF with 2 bedrooms and 1 full bathroom; Buildings are individually parceled
