Rebuilt Downtown Apartment
For Sale
$2,650,000
488 D St, Idaho Falls, ID 83402
Fully reconstructed multifamily property near the Snake River, Riverwalk Park, downtown offices, restaurants, retail, and nightlife.
Property Size12,300 SF
Price / SF$215.45
Days on Market38
Property Features for 488 D St
General Information
Standard status
Active
Size
12,300 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
16
Building Details
Year Built
1915
Listing Agency:
Armstrong Flinders and Associates
(801) 375-1075
Listed By:
Matthew Flinders · License #5452254-SA00
Source:
Noplacelikeidaho
Added: Jul 25
Changed: Aug 28
Last Checked: Aug 30 at 7:35PM
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 Armstrong Flinders and Associates
Investment Insights
Based on property information with market context.
This 16-unit apartment building in downtown Idaho Falls was reconstructed from the shell, with a new roof, electrical system, plumbing, building systems, and interior finishes. The property contains 12,300 square feet and dates to 1915, with the improvements creating a substantially rebuilt apartment asset.
The building is one block from the Snake River and Riverwalk Park, with downtown restaurants, offices, retail, and nightlife surrounding the property. Its central setting places residents within a walkable downtown environment while the updated infrastructure provides a modernized operating platform.
The building is one block from the Snake River and Riverwalk Park, with downtown restaurants, offices, retail, and nightlife surrounding the property. Its central setting places residents within a walkable downtown environment while the updated infrastructure provides a modernized operating platform.
Key Highlights
- 16‑unit apartment building with 12,300 square feet
- Rebuilt from the shell with new roof, electrical, plumbing, systems, and finishes
- Located in downtown Idaho Falls at 488 D St
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
$93,714
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
3.54%
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%
$1,874,280
$1.9M
Cap Rate 7%
$1,338,771
$1.3M
Cap Rate 9%
$1,041,267
$1.0M
Market Conditions
NOI Build-Up for 12,300 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
$177.1K $14.40/SF
− Vacancy
−$6.7K −$0.55/SF
EGI
$170.4K $13.85/SF
− OpEx
−$76.7K −$6.23/SF
NOI
$93.7K $7.62/SF
Area
Bonneville County, ID
Vacancy
3.80%
Lease Rate
$14.40 /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%
$1,874,280
Cap Rate 7%
$1,338,771
Cap Rate 9%
$1,041,267
Alternative Uses
Best Use
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,714 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.72M
$2.38M – $3.17M
NOI $190,227 @ 7.0% cap · market cap 7.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,701
Businesses Nearby
Explore this area
Business Placement
Demographics for 83402, ID
28,452
Population
11,983
Households
2.4
Avg Household Size
34
Median Age
31%
College-Educated
92%
High-School Grad
171.0 sq mi
ZIP Area
166
Density / Sq Mi
$72,064
Median Household Income
$35,593
Median Earnings
$904
Median Rent
$301,400
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 - Fully reconstructed multifamily property near the Snake River, Riverwalk Park, downtown offices, restaurants, retail, and nightlife.
Where is this apartment building located?
The property is located at 488 D St Idaho Falls, ID.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: 16‑unit apartment building with 12,300 square feet; Rebuilt from the shell with new roof, electrical, plumbing, systems, and finishes; Located in downtown Idaho Falls at 488 D St
