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 Market88
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
Listed By:
Matthew Flinders · License #5452254
(801) 375-1075
Source:
Noplacelikeidaho
Added: Jul 25
Changed: Oct 13
Last Checked: Oct 7 at 2:02PM
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
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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 / Yr
$93,714
Cap Rate
3.54%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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
