Rebuilt 16-Unit Downtown
For Sale
$2,650,000
488 D Street, Idaho Falls, ID 83402
MULTI_FAMILY - Idaho Falls, ID
Property Size12,300 SF
Lot Size0.40 Acres
Price / SF$215.45
Days on Market94
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
Bathroom 7, Bathroom 11, Bedroom 6, Bedroom 11, Bedroom 4, Bedroom 13, Bathroom 15, Bathroom 3, Bedroom 1, Bathroom 14, Bathroom 4, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 16, Bedroom 9, Bedroom 7, Bedroom 14, Bathroom 5, Bedroom 12, Bathroom 9, Bathroom 6, Bedroom 15, Bathroom 10, Bathroom 12, Bathroom 13, Bedroom 10, Bedroom 2, Bathroom 2, Bathroom 16, Basement, Bedroom 8, Bathroom 8
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
Ductless, Zoned
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-SA00
(801) 375-1075
Added: Apr 28
Changed: Jul 12
Last Checked: Jul 30 at 12:06PM
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.
Chicane is a fully rebuilt 16-unit apartment building in downtown Idaho Falls. The seller took the property down to the shell and rebuilt it with new construction components, including a new roof, electrical and plumbing systems, and updated finishes throughout. The result is a modernized, mid-sized multifamily asset designed for straightforward day-to-day operation.
Located at 488 D Street in Idaho Falls, the property is about one block from the Snake River and Riverwalk Park. The building sits within a walkable, central downtown setting with access to restaurants, offices, retail, and nightlife options.
For buyers looking for a turnkey multifamily purchase, Chicane offers the benefit of a complete rebuild rather than a renovation-in-progress. Because key building systems were replaced during the rebuild, the property may support more streamlined maintenance and more predictable operating costs versus assets with older infrastructure. Its size and downtown positioning can make it a practical fit for investors and operators seeking a clean, centrally located apartment building with modern improvements already in place.
Located at 488 D Street in Idaho Falls, the property is about one block from the Snake River and Riverwalk Park. The building sits within a walkable, central downtown setting with access to restaurants, offices, retail, and nightlife options.
For buyers looking for a turnkey multifamily purchase, Chicane offers the benefit of a complete rebuild rather than a renovation-in-progress. Because key building systems were replaced during the rebuild, the property may support more streamlined maintenance and more predictable operating costs versus assets with older infrastructure. Its size and downtown positioning can make it a practical fit for investors and operators seeking a clean, centrally located apartment building with modern improvements already in place.
Key Highlights
- Fully rebuilt 16‑unit apartment building in downtown Idaho Falls
- Rebuilt from the shell with a new roof, electrical, plumbing, systems, and finishes
- Located about one block to the Snake River and Riverwalk Park
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $177.1k | $14.40 |
| − Vacancy | −$6.7k | −$0.55 |
| EGI | $170.4k | $13.85 |
| − OpEx | −$76.7k | −$6.23 |
| NOI | $93.7k | $7.62 |
12,300 SF · lease $14.40/SF/yr · vacancy 3.80% · expense 45.00%
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
1,589
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 rebuilt 16-unit apartment with new roof, electrical, plumbing, and modern finishes near the Snake River.
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: Fully rebuilt 16‑unit apartment building in downtown Idaho Falls; Rebuilt from the shell with a new roof, electrical, plumbing, systems, and finishes; Located about one block to the Snake River and Riverwalk Park
