Two-Unit Duplex with
For Sale
$719,900
Pending
4507/4509 Forsythia Drive, Boise, ID 83703
Two separate residences offer private outdoor areas, laundry, parking, and attached one-car garages.
Property Size2,200 SF
Lot Size0.33 Acres
Days on Market11
Property Features for 4507/4509 Forsythia Drive
General Information
Standard status
Pending
Size
2,200 SF
Lot size
0.33 Acres
Property subtype
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,745
Amenities
in-unit laundry
fully fenced
patio
Garage: One Car, RV Access/Parking, Other, Attached, Finished Driveway
Garage Spaces: 1
4
2.00
One Car, RV Access/Parking, Other, Attached, Finished Driveway
1
Building Details
Year Built
1973
Buildings
1
Listing Agency:
Silvercreek Realty Group
(208) 377-0422
Listed By:
Rodney Mcconnell · License #SP42006
Source:
Clearwaterproperties
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 30 at 5:23PM
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 Silvercreek Realty Group
Investment Insights
Based on property information with market context.
Located at 4507/4509 Forsythia Drive in Boise, this 2,200-square-foot duplex was built in 1973 and includes two separate residences. Each unit has 2 bedrooms, 1 bathroom, living and dining areas, and in-unit laundry. Both residences are fully fenced and include a small patio, off-street parking, RV storage, and an attached one-car garage.
The 1/3-acre property is positioned in a residential neighborhood minutes from shopping, dining, schools, and downtown Boise. HVAC systems serving 4507 are approximately seven years old, while the system at 4509 is two years old. The configuration provides two complete living spaces within one property, with separate garage and outdoor features for each side.
The 1/3-acre property is positioned in a residential neighborhood minutes from shopping, dining, schools, and downtown Boise. HVAC systems serving 4507 are approximately seven years old, while the system at 4509 is two years old. The configuration provides two complete living spaces within one property, with separate garage and outdoor features for each side.
Key Highlights
- 2,200‑square‑foot duplex on a 1/3‑acre property
- Each unit includes 2 bedrooms, 1 bathroom, living and dining areas, and in‑unit laundry
- Both sides have a small patio, off‑street parking, RV storage, and an attached one‑car garage
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
$26,517
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
3.68%
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%
$530,340
$530.3K
Cap Rate 7%
$378,814
$378.8K
Cap Rate 9%
$294,633
$294.6K
Market Conditions
NOI Build-Up for 2,200 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
$38.3K $17.40/SF
− Vacancy
−$398 −$0.18/SF
EGI
$37.9K $17.22/SF
− OpEx
−$11.4K −$5.17/SF
NOI
$26.5K $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%
$530,340
Cap Rate 7%
$378,814
Cap Rate 9%
$294,633
Alternative Uses
Best Use
Multifamily LT 5
$378.8K
$331.5K – $442.0K
NOI $26,517 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$330.3K
$289.0K – $385.4K
NOI $23,122 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$607.6K
$531.6K – $708.8K
NOI $42,530 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
485
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?
Duplex - Two separate residences offer private outdoor areas, laundry, parking, and attached one-car garages.
Where is this duplex located?
The property is located at 4507/4509 Forsythia Drive Boise, ID.
What is the asking price?
The asking price for this property is $719,900.
What are key features of this property?
This property features: 2,200‑square‑foot duplex on a 1/3‑acre property; Each unit includes 2 bedrooms, 1 bathroom, living and dining areas, and in‑unit laundry; Both sides have a small patio, off‑street parking, RV storage, and an attached one‑car garage
