Building Details

Year Built 1987

Listing Agency: Coldwell Banker Tomlinson

Listed By: Bob Van Allen · License #DB27351 Show Phone

Source: Myrecollab

Added: Aug 2 Changed: Oct 13 Last Checked: Oct 7 at 4:33PM

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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.

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 / Yr

$131,167

Cap Rate

4.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,623,340 $2.6M

Cap Rate 7%

$1,873,814 $1.9M

Cap Rate 9%

$1,457,411 $1.5M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,480 SF

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 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 (±1% cap)

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 (±1% cap)

NOI $241,263 @ 7.0% cap · market cap 7.37%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Locksmith Catering Service (Bike/Boat/Book/etc) Store Butcher Florist Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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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