Four-Unit
For Sale
$945,000
4794 N Fortune Ln, Boise, ID 83714
Multi-unit property with separately metered utilities and current leases in place.
Property Size3,952 SF
Price / SF$239.12
Days on Market176
Property Features for 4794 N Fortune Ln
General Information
Standard status
Active
Size
3,952 SF
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/2BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$8,076
Listing Agency:
exp Realty, LLC
(208) 867-5022
Listed By:
Marian Aurelio
(208) 867-5022
Source:
Exprealty
Added: Mar 9
Changed: Aug 30
Last Checked: Aug 30 at 5:41PM
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 exp Realty, LLC
Investment Insights
Based on property information with market context.
This quadplex contains four 2-bedroom, 2-bathroom residences within a 3,952-square-foot property. The units are separately metered, and residents pay their own water, gas, and electricity. Current leases are in place, while the owner covers trash and sewer service.
Located at 4794 N Fortune Ln in Boise, the property is positioned near shopping, dining, entertainment, golf courses, and schools, with downtown Boise a short distance away. The community is described as quiet and well maintained.
Located at 4794 N Fortune Ln in Boise, the property is positioned near shopping, dining, entertainment, golf courses, and schools, with downtown Boise a short distance away. The community is described as quiet and well maintained.
Key Highlights
- Four 2‑bed/2‑bath units
- 3,952‑square‑foot quadplex
- Separately metered units
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
$47,635
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
5.04%
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%
$952,700
$952.7K
Cap Rate 7%
$680,500
$680.5K
Cap Rate 9%
$529,278
$529.3K
Market Conditions
NOI Build-Up for 3,952 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
$68.8K $17.40/SF
− Vacancy
−$715 −$0.18/SF
EGI
$68.0K $17.22/SF
− OpEx
−$20.4K −$5.17/SF
NOI
$47.6K $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%
$952,700
Cap Rate 7%
$680,500
Cap Rate 9%
$529,278
Alternative Uses
Best Use
Multifamily LT 5
$680.5K
$595.4K – $793.9K
NOI $47,635 @ 7.0% cap · market cap 5.04%
Second Best
Apartment 5plus
$593.4K
$519.2K – $692.3K
NOI $41,536 @ 7.0% cap · market cap 4.40%
Theoretical Best
Office A
$1.09M
$955.0K – $1.27M
NOI $76,400 @ 7.0% cap · market cap 8.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
815
Businesses Nearby
Explore this area
Business Placement
Demographics for 83714, ID
26,181
Population
11,672
Households
2.2
Avg Household Size
43
Median Age
45%
College-Educated
94%
High-School Grad
54.2 sq mi
ZIP Area
483
Density / Sq Mi
$86,114
Median Household Income
$43,867
Median Earnings
$1,384
Median Rent
$468,100
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 - Multi-unit property with separately metered utilities and current leases in place.
Where is this quadplex located?
The property is located at 4794 N Fortune Ln Boise, ID.
What is the asking price?
The asking price for this property is $945,000.
What are key features of this property?
This property features: Four 2‑bed/2‑bath units; 3,952‑square‑foot quadplex; Separately metered units
