Two-Unit Duplex with
For Sale
$719,900
4507 4507/4509 W Forsythia Dr, Boise, ID 83703
Each residence offers two bedrooms, private laundry, a patio, fencing, and off-street parking.
Property Size2,200 SF
Lot Size0.33 Acres
Price / SF$327.23
Days on Market30
Property Features for 4507 4507/4509 W Forsythia Dr
General Information
Standard status
Active
Size
2,200 SF
Lot size
0.33 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
fully fenced
small patios
off-street parking
RV storage
one-car garage
Building Details
Year Built
1973
Listing Agency:
Silvercreek Realty Group
Listed By:
Rodney Mcconnell · License #SP42006
(208) 377-0422
Source:
Noplacelikeidaho
Added: Aug 4
Changed: Aug 30
Last Checked: Sep 1 at 10:44PM
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.
This 2,200-square-foot duplex, built in 1973, contains two residences with matching layouts that include two bedrooms, one bathroom, living and dining areas, and in-unit laundry. Each side has a one-car garage, a small patio, a fully fenced yard, off-street parking, and RV storage. HVAC systems serving 4507 and 4509 were replaced or updated at different times, approximately seven years ago and two years ago, respectively.
The property occupies 1/3 acre in a quiet residential neighborhood in Boise, Idaho. Shopping, dining, schools, and downtown Boise are described as minutes away. The configuration supports separate residential occupancy across both units, with dedicated outdoor areas and parking for each side.
The property occupies 1/3 acre in a quiet residential neighborhood in Boise, Idaho. Shopping, dining, schools, and downtown Boise are described as minutes away. The configuration supports separate residential occupancy across both units, with dedicated outdoor areas and parking for each side.
Key Highlights
- Two residences, each with 2 bedrooms and 1 bathroom
- 2,200‑square‑foot duplex on a 1/3‑acre property
- One‑car garage, small patio, fenced yard, off‑street parking, and RV storage for 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
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 - Each residence offers two bedrooms, private laundry, a patio, fencing, and off-street parking.
Where is this duplex located?
The property is located at 4507 4507/4509 W Forsythia Dr 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: Two residences, each with 2 bedrooms and 1 bathroom; 2,200‑square‑foot duplex on a 1/3‑acre property; One‑car garage, small patio, fenced yard, off‑street parking, and RV storage for each side
