Brick Duplex with
For Sale
$719,900
Pending
4507/4509 W Forsythia Drive, Boise, ID 83703
Residential Income, Boise, ID
Property Size2,200 SF
Lot Size0.30 Acres
Days on Market136
Property Features for 4507/4509 W Forsythia Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Boise - R1-C
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1
Parking
4
Parking features
RV, Driveway
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
Davidson Hersch
Lot features
10000 S F - .49, Garden, R. V. Parking
Elementary school
Collister
Middle school
Hillside
High school
Boise
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
West on State St., North on Sycamore, West on Forsythia
Standard status
Pending
APN
R1744000220
Size
2,200 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lot 2 Block 4 Herschel Davidson Sub
Tax Annual Amount
5745
Legal Description
Lot 2 Block 4 Herschel Davidson Sub
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
in-unit laundry
patio
off-street parking
RV storage
fenced yard
Building Details
Year built
1973
Number of units
2
Flooring type
Engineered, Vinyl
Building materials
Brick, Metal Siding
Roof type
Composition
Listing Agency:
Silvercreek Realty Group
(208) 377-0422
Listed By:
Rodney Mcconnell · License #SP42006
(208) 874-3577
Added: Apr 9
Changed: Aug 20
Last Checked: Aug 22 at 11:06PM
MLS# 98981808
Copyright © 2026 Intermountain Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,200-square-foot duplex contains two residential units, each arranged with 2 bedrooms, 1 bathroom, living and dining areas, and in-unit laundry. Both sides include a one-car garage, off-street driveway parking, RV storage, full fencing, and a small patio. Kitchens are equipped with a disposal, stove/range, refrigerator, and washer/dryer. The property combines brick and metal siding with engineered and vinyl flooring, natural-gas forced-air heat, central air, and a composition roof.
Built in 1973, the property occupies 0.3 acres at 4507/4509 W Forsythia Drive in Boise. Shopping, dining, schools, and downtown Boise are described as minutes away. HVAC systems are approximately seven years old in 4507 and two years old in 4509.
Built in 1973, the property occupies 0.3 acres at 4507/4509 W Forsythia Drive in Boise. Shopping, dining, schools, and downtown Boise are described as minutes away. HVAC systems are approximately seven years old in 4507 and two years old in 4509.
Key Highlights
- 2,200‑square‑foot duplex on 0.3 acres
- Two units, each with 2 bedrooms and 1 bathroom
- A one‑car garage, driveway parking, RV storage, fencing, and patio serve each side
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
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
456
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 residential units offer private patios, fenced yards, individual garages, RV storage, and in-unit laundry.
Where is this duplex located?
The property is located at 4507/4509 W 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 0.3 acres; Two units, each with 2 bedrooms and 1 bathroom; A one‑car garage, driveway parking, RV storage, fencing, and patio serve each side
