Renovated 12-Unit Apartment
For Sale
$2,700,000
Pending
4800 W Richardson Street, Boise, ID 83705
Residential Income, Boise, ID
Property Size13,254 SF
Lot Size0.40 Acres
Days on Market91
Property Features for 4800 W Richardson Street
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Zoning description
Combined Residential
Bedrooms
24
Bathrooms
16
Full bathrooms
16
Rooms
Bathroom 1, Bedroom 9, Bathroom 7, Bedroom 5, Bedroom 21, Bathroom 11, Bedroom 14, Bedroom 13, Bathroom 6, Bedroom 10, Bathroom 4, Bedroom 6, Bedroom 20, Bedroom 8, Bedroom 17, Bedroom 15, Bedroom 19, Bathroom 2, Bedroom 3, Bathroom 5, Bathroom 3, Bedroom 23, Bathroom 15, Bedroom 7, Bathroom 10, Bedroom 1, Bedroom 2, Bedroom 11, Bedroom 4, Bathroom 13, Bedroom 16, Bedroom 24, Bathroom 12, Bedroom 12, Bathroom 14, Bathroom 16, Bedroom 18, Bathroom 8, Bedroom 22, Bathroom 9
Parking
24
Parking features
Carport
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (No Units)
Subdivision
0 Not Applic.
Lot features
10000 S F - .49
Elementary school
Jefferson
Middle school
South Boise Jr
High school
Borah
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
W on Franklin Rd, N on Orchard St, E on Richardson St
Standard status
Pending
APN
R5422000060
Size
13,254 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 1 BLK 1 MACK SUB & LOT 4 BLK 1 MACK SUB & LOT 5 BLK 1 MACK SUB
Tax Annual Amount
23033
Legal Description
LOT 1 BLK 1 MACK SUB & LOT 4 BLK 1 MACK SUB & LOT 5 BLK 1 MACK SUB
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Amenities
private backyards
storage on site
Building Details
Year built
1973
Number of units
12
Building materials
Frame, Metal Siding, Vinyl Siding
Roof type
Composition
Listing Agency:
Amherst Madison
(208) 391-2391
Listed By:
Matt Bauscher · License #SP40991
(208) 330-8515
Added: Jun 3
Changed: Aug 20
Last Checked: Sep 1 at 11:06PM
MLS# 98988748
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 townhouse-style apartment community comprises three separate fourplex parcels with 12 total units and 36 bedrooms. The property includes approximately 13,254 square feet on 0.4 acres, along with three additional parcels serving common areas. Significant renovations include refreshed kitchens, bathrooms, flooring, paint, doors, and fixtures. Kitchen packages include granite countertops, knotty hickory cabinets, refrigerators, stoves, dishwashers, and microwaves. Units also offer private backyards, while storage is provided on site. Construction includes frame, metal siding, and vinyl siding, with forced-air natural gas heating, central air, composition roofing, and carport parking. The property was built in 1973 and has no HOA dues.
The complex is located at 4800, 4806, and 4812 W Richardson Street in Boise. Boise State is 2 miles or 7 minutes away, and Boise Airport is 3.9 miles or 13 minutes away. Morris Hill Park and Cassia Park are nearby, and the property is positioned between them.
The complex is located at 4800, 4806, and 4812 W Richardson Street in Boise. Boise State is 2 miles or 7 minutes away, and Boise Airport is 3.9 miles or 13 minutes away. Morris Hill Park and Cassia Park are nearby, and the property is positioned between them.
Key Highlights
- 12 total units across three fourplex townhouse parcels
- 36 bedrooms within approximately 13,254 square feet
- 0.4‑acre property with three additional common‑area parcels
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
$139,302
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
5.16%
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%
$2,786,040
$2.8M
Cap Rate 7%
$1,990,029
$2.0M
Cap Rate 9%
$1,547,800
$1.5M
Market Conditions
NOI Build-Up for 13,254 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
$256.1K $19.32/SF
− Vacancy
−$2.8K −$0.21/SF
EGI
$253.3K $19.11/SF
− OpEx
−$114.0K −$8.60/SF
NOI
$139.3K $10.51/SF
Area
Ada County, ID
Vacancy
1.09%
Lease Rate
$19.32 /SF/Yr
Expense Ratio
45.00%
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%
$2,786,040
Cap Rate 7%
$1,990,029
Cap Rate 9%
$1,547,800
Alternative Uses
Best Use
Apartment 5plus
$1.99M
$1.74M – $2.32M
NOI $139,302 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.66M
$3.20M – $4.27M
NOI $256,226 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
1,160
Businesses Nearby
Explore this area
Business Placement
Demographics for 83705, ID
27,756
Population
13,228
Households
2.1
Avg Household Size
35
Median Age
38%
College-Educated
93%
High-School Grad
16.2 sq mi
ZIP Area
1,713
Density / Sq Mi
$62,605
Median Household Income
$37,283
Median Earnings
$1,166
Median Rent
$378,800
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?
Apartment building - Townhouse-style units feature private backyards, on-site storage, updated interiors, and carport parking.
Where is this apartment building located?
The property is located at 4800 W Richardson Street Boise, ID.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 12 total units across three fourplex townhouse parcels; 36 bedrooms within approximately 13,254 square feet; 0.4‑acre property with three additional common‑area parcels
