Mid-Century Quadplex with Lock-Off
For Sale
$899,900
4480 N Kitsap Way, Boise, ID 83703
Four distinctive units combine mid-century design, updated systems, and flexible owner-occupant or rental arrangements.
Property Size2,729 SF
Price / SF$329.75
Days on Market37
Property Features for 4480 N Kitsap Way
General Information
Standard status
Active
Size
2,729 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$5,861
Building Details
Year Built
1954
Year Renovated
2011
Construction
MCM
Listing Agency:
Keller Williams Realty Boise
(208) 870-8292
Listed By:
Lysi Bishop · License #SP20072
(208) 870-8292
Source:
Exprealty
Added: Jul 6
Changed: Aug 11
Last Checked: Aug 11 at 6:56AM
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 Keller Williams Realty Boise
Investment Insights
Based on property information with market context.
This 2,729-square-foot quadplex occupies a residence originally built in 1954 and expanded over time into four distinct units. The configuration includes a two-bedroom main-level residence, a studio, and an upper-level two-bedroom, two-bath unit with a private lock-off that can function as two units. Mid-century features include flat rooflines, stone fireplaces, log-beamed ceilings, and notable windows.
Renovations completed in 2011 included the roof, windows, plumbing, electrical system, radiant floors, and kitchen. A City Water connection is planned for 2026. The property is located at 4480 N Kitsap Way in Boise, minutes from downtown Boise, Hyde Park, and the North End. Existing short-term rental use is referenced for the studio and upper-level lock-off, while the property also supports an owner-occupant arrangement with additional units available for rent.
Renovations completed in 2011 included the roof, windows, plumbing, electrical system, radiant floors, and kitchen. A City Water connection is planned for 2026. The property is located at 4480 N Kitsap Way in Boise, minutes from downtown Boise, Hyde Park, and the North End. Existing short-term rental use is referenced for the studio and upper-level lock-off, while the property also supports an owner-occupant arrangement with additional units available for rent.
Key Highlights
- Four‑unit configuration with a two‑bedroom main‑level unit, studio, and upper‑level two‑bedroom, two‑bath unit
- Upper‑level unit includes a private lock‑off that can convert the space into two units
- 2,729‑square‑foot property built in 1954 with mid‑century modern architecture
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
$32,894
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
3.66%
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%
$657,880
$657.9K
Cap Rate 7%
$469,914
$469.9K
Cap Rate 9%
$365,489
$365.5K
Market Conditions
NOI Build-Up for 2,729 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
$47.5K $17.40/SF
− Vacancy
−$494 −$0.18/SF
EGI
$47.0K $17.22/SF
− OpEx
−$14.1K −$5.17/SF
NOI
$32.9K $12.05/SF
Area
Ada County, ID
Vacancy
1.04%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$657,880
Cap Rate 7%
$469,914
Cap Rate 9%
$365,489
Alternative Uses
Best Use
Multifamily LT 5
$469.9K
$411.2K – $548.2K
NOI $32,894 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$409.7K
$358.5K – $478.0K
NOI $28,682 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$753.7K
$659.5K – $879.3K
NOI $52,757 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
183
Businesses Nearby
Explore this area
Business Placement
Demographics for 83703, ID
18,163
Population
7,971
Households
2.3
Avg Household Size
40
Median Age
54%
College-Educated
97%
High-School Grad
8.1 sq mi
ZIP Area
2,242
Density / Sq Mi
$74,415
Median Household Income
$41,938
Median Earnings
$1,336
Median Rent
$477,000
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?
Quadplex - Four distinctive units combine mid-century design, updated systems, and flexible owner-occupant or rental arrangements.
Where is this quadplex located?
The property is located at 4480 N Kitsap Way Boise, ID.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Four‑unit configuration with a two‑bedroom main‑level unit, studio, and upper‑level two‑bedroom, two‑bath unit; Upper‑level unit includes a private lock‑off that can convert the space into two units; 2,729‑square‑foot property built in 1954 with mid‑century modern architecture
