Rebuilt 16-Unit Apartment
For Sale
$2,650,000
488 D Street, Idaho Falls, ID 83402
Residential Income, Idaho Falls, ID
Property Size12,300 SF
Lot Size0.40 Acres
Price / SF$215.45
Days on Market139
Property Features for 488 D Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
General Zoning: Commercial If-Cen, Specific Zoning: Idaho Falls-Cc-Central Commer
Bedrooms
16
Bathrooms
16
Full bathrooms
16
Rooms
Bedroom 10, Bedroom 3, Bedroom 8, Bathroom 16, Bedroom 7, Bathroom 3, Bathroom 4, Bathroom 7, Bathroom 1, Bathroom 10, Bedroom 11, Bedroom 2, Bedroom 4, Bathroom 6, Bedroom 13, Bedroom 15, Bathroom 5, Bathroom 15, Bathroom 13, Bathroom 14, Bedroom 6, Bedroom 9, Bathroom 2, Bathroom 8, Bathroom 12, Bedroom 16, Bathroom 11, Bedroom 5, Bedroom 1, Bedroom 12, Bedroom 14, Bathroom 9, Basement
Parking
22
Parking features
Off Street
Security features
Security System
Interior features
Ceiling Fan(s), Newly Renovated, Storage, Separate Storage
Exterior features
Lighting
Basement
Finished
Appliances
Common Water Heaters, Dishwasher, Microwave, Refrigerator, Oven, Stove
Subdivision
Railroad Addition-Bon
Lot features
Interstate Exit/ Access, Near Mall/ Shop, Near Park, Near Public Transit, Near Stream/ River, Near University/ College, Established Lawn, Flower Beds, Sprinkler- Auto, Sprinkler System- Full, Level
Elementary school
Hawthorne 91EL
Middle school
Eagle Rock 91JH
High school
Idaho Falls 91HS
Directions
W Broadway Street Exit east to Memorial. Turn left and go north to D Street. Turn Right to 488
Standard status
Active
APN
RPA1980011007A
Size
12,300 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOTS 7- 8, W 31 FT LOT 9, BLOCK 11
Tax Annual Amount
13560
Legal Description
LOTS 7- 8, W 31 FT LOT 9, BLOCK 11
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating)
Cooling system
Zoned, Ductless
Water source
Public
Building Details
Year built
1915
Number of units
16
Building materials
Brick
Roof type
Membrane
Additional Structures
Storage
Listing Agency:
Armstrong Flinders and Associates
(801) 375-1075
Listed By:
Matthew Flinders · License #5452254
(208) 521-1406
Added: Apr 28
Changed: Sep 13
Last Checked: Sep 13 at 6:06PM
MLS# 2185284
Copyright © 2026 Snake River Regional MLS. 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 16-unit apartment property in downtown Idaho Falls encompasses 12,300 square feet on 0.4 acres. The building was taken to the shell and rebuilt with a new membrane roof, electrical and plumbing systems, and updated finishes. Brick construction, ductless heating and cooling, zoned cooling, storage, common water heaters, and off-street parking are among the existing features. Public water and public sewer serve the property.
The property is located one block from the Snake River and Riverwalk Park. Restaurants, offices, retail, and nightlife are situated in the surrounding downtown area, providing a walkable urban setting. The asset was originally built in 1915 and includes renovated interiors with appliances including refrigerators, ovens, stoves, microwaves, and dishwashers.
The property is located one block from the Snake River and Riverwalk Park. Restaurants, offices, retail, and nightlife are situated in the surrounding downtown area, providing a walkable urban setting. The asset was originally built in 1915 and includes renovated interiors with appliances including refrigerators, ovens, stoves, microwaves, and dishwashers.
Key Highlights
- 16‑unit apartment building with 12,300 square feet on 0.4 acres
- Rebuilt from the shell with new roof, electrical, plumbing, systems, and finishes
- One block to the Snake River and Riverwalk Park
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
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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
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Downtown property with updated building systems, finishes, and off-street parking.
Where is this apartment building located?
The property is located at 488 D Street 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 on 0.4 acres; Rebuilt from the shell with new roof, electrical, plumbing, systems, and finishes; One block to the Snake River and Riverwalk Park
