Multi-Tenant Flex Space
For Sale
$2,900,000
390 E Corporate Dr, Meridian, ID 83642
Combines office and warehouse areas with leased tenants, on-site parking, and multiple power configurations.
Property Size17,004 SF
Price / SF$170.55
Days on Market247
Property Features for 390 E Corporate Dr
General Information
Standard status
Active
Size
17,004 SF
Additional Details
Utilities to Site
Yes
Three-Phase Power
Yes
Building Details
Tenancy
Multi
Listing Agency:
1st Place Realty, LLC
(208) 283-6313
Listed By:
Joeanne Santy-greene
(208) 283-6313
Source:
Exprealty
Added: Dec 8, 2025
Changed: Aug 12
Last Checked: Aug 12 at 5:15AM
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 1st Place Realty, LLC
Investment Insights
Based on property information with market context.
This 17,004-square-foot flex space building combines office and warehouse areas within one commercial property. The building is occupied by 5 tenants with leases in place, providing an established multi-tenant configuration. Electrical service includes 110V, 220V, and 3 phase power, while parking is available on the property.
The property is located at 390 E Corporate Dr in Meridian, ID. Its combination of office, warehouse, parking, and varied power service supports a range of business operations within a single building.
The property is located at 390 E Corporate Dr in Meridian, ID. Its combination of office, warehouse, parking, and varied power service supports a range of business operations within a single building.
Key Highlights
- 17,004‑square‑foot flex space building
- Office and warehouse areas in one property
- 5 tenants in place with leases
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
$249,143
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
8.59%
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%
$4,982,860
$5.0M
Cap Rate 7%
$3,559,186
$3.6M
Cap Rate 9%
$2,768,256
$2.8M
Market Conditions
NOI Build-Up for 17,004 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
$377.5K $22.20/SF
− Vacancy
−$45.3K −$2.66/SF
EGI
$332.2K $19.54/SF
− OpEx
−$83.0K −$4.88/SF
NOI
$249.1K $14.65/SF
Area
Meridian, ID
Vacancy
12.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$4,982,860
Cap Rate 7%
$3,559,186
Cap Rate 9%
$2,768,256
Alternative Uses
Best Use
Office B
$3.56M
$3.11M – $4.15M
NOI $249,143 @ 7.0% cap · market cap 8.59%
Second Best
Flex RnD
$2.45M
$2.15M – $2.86M
NOI $171,757 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$4.49M
$3.93M – $5.24M
NOI $314,111 @ 7.0% cap · market cap 10.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 83642, ID
55,465
Population
22,700
Households
2.4
Avg Household Size
35
Median Age
44%
College-Educated
95%
High-School Grad
41.5 sq mi
ZIP Area
1,337
Density / Sq Mi
$96,361
Median Household Income
$45,824
Median Earnings
$1,629
Median Rent
$492,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Combines office and warehouse areas with leased tenants, on-site parking, and multiple power configurations.
Where is this flex space located?
The property is located at 390 E Corporate Dr Meridian, ID.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: 17,004‑square‑foot flex space building; Office and warehouse areas in one property; 5 tenants in place with leases
