Second-Floor Office
For Sale
Contact for pricing
398 S 9th Street, Boise, ID 83702
Professional suite with private offices, meeting space, an open bullpen, and accessible restrooms.
Property Size2,811 SF
Price / SF$325
Days on Market96
Property Features for 398 S 9th Street
General Information
Standard status
Active
Size
2,811 SF
Property subtype
Office
Zoning
MX-5
Lease Type
NNN
Additional Details
Floor
2
Office Units
1
Listing Agency:
TOK Commercial
(208) 947-0852
Listed By:
JP Green · License #ID SP48315
Source:
Crexi
Added: May 28
Changed: Aug 30
Last Checked: Aug 31 at 2:28AM
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 TOK Commercial
Investment Insights
Based on property information with market context.
This 2,811-square-foot office condominium occupies the second floor at 398 S 9th Street, Suite 290. The layout includes six private offices, a conference room, bullpen area, lobby, break room, and two ADA-compliant restrooms, providing a practical mix of enclosed and shared workspace. The property is zoned MX-5.
The suite is in downtown Boise’s BoDo District, with direct access to the adjacent parking garage. Restaurants, hotels, coffee shops, and entertainment venues surround the property, while the Boise River Greenbelt is located minutes away. Its central setting places workplace amenities and downtown destinations near the office.
The suite is in downtown Boise’s BoDo District, with direct access to the adjacent parking garage. Restaurants, hotels, coffee shops, and entertainment venues surround the property, while the Boise River Greenbelt is located minutes away. Its central setting places workplace amenities and downtown destinations near the office.
Key Highlights
- 2,811‑square‑foot second‑floor office condominium at 398 S 9th Street, Suite 290
- Six private offices plus a conference room and bullpen area
- Includes lobby, break room, and two ADA‑compliant restrooms
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
$38,075
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
4.17%
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%
$761,500
$761.5K
Cap Rate 7%
$543,929
$543.9K
Cap Rate 9%
$423,056
$423.1K
Market Conditions
NOI Build-Up for 2,811 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
$59.0K $21.00/SF
− Vacancy
−$8.3K −$2.94/SF
EGI
$50.8K $18.06/SF
− OpEx
−$12.7K −$4.52/SF
NOI
$38.1K $13.54/SF
Area
Ada County, ID
Vacancy
14.00%
Lease Rate
$21.00 /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%
$761,500
Cap Rate 7%
$543,929
Cap Rate 9%
$423,056
Alternative Uses
Best Use
Office B
$543.9K
$475.9K – $634.6K
NOI $38,075 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$776.3K
$679.3K – $905.7K
NOI $54,342 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
5,326
Businesses Nearby
Explore this area
Business Placement
Demographics for 83702, ID
23,951
Population
12,771
Households
1.9
Avg Household Size
40
Median Age
61%
College-Educated
97%
High-School Grad
31.4 sq mi
ZIP Area
763
Density / Sq Mi
$82,586
Median Household Income
$48,200
Median Earnings
$1,175
Median Rent
$708,000
Median Home Value
Market
Vacancy Rate% for Office in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Professional suite with private offices, meeting space, an open bullpen, and accessible restrooms.
Where is this office units located?
The property is located at 398 S 9th Street Boise, ID.
What is the asking price?
The asking price for this property is $913,575.
What are key features of this property?
This property features: 2,811‑square‑foot second‑floor office condominium at 398 S 9th Street, Suite 290; Six private offices plus a conference room and bullpen area; Includes lobby, break room, and two ADA‑compliant restrooms
