Building Details

Year Built 2007

Listing Agency: Keller Williams Realty Boise

Listed By: Jenna King · License #SP39133 Show Phone

Source: Bktidaho

Added: Aug 15 Changed: Oct 5 Last Checked: Oct 7 at 2:27PM

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Investment Insights

Based on property information with market context.

This 1,513-square-foot multifamily residence, built in 2007, offers three bedrooms with a layout that separates the sleeping areas for added privacy. The main living space features high ceilings and a corner gas fireplace. The kitchen includes knotty alder cabinetry and stainless steel appliances, with the appliance package included. A primary suite provides a walk-in closet, dual vanities, and a tub-and-shower combination. Laundry is located upstairs, and the washer and dryer remain with the property.

Outdoor space includes an oversized, fully fenced patio with a grass area. Parking consists of an attached 2-car garage and two additional off-street driveway spaces. The property is located in Boise’s Bench, minutes from BSU, downtown Boise, and the connector.

Key Highlights

• 1,513‑square‑foot multifamily residence built in 2007
• Three‑bedroom layout with separated sleeping areas
• Attached 2‑car garage plus two additional driveway parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,902

Cap Rate

3.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$318,040 $318.0K

Cap Rate 7%

$227,171 $227.2K

Cap Rate 9%

$176,689 $176.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,513 SF

Gross rent

$29.2K $19.32/SF

− Vacancy

−$319 −$0.21/SF

EGI

$28.9K $19.11/SF

− OpEx

−$13.0K −$8.60/SF

NOI

$15.9K $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 Rate 5%

$318,040

Cap Rate 7%

$227,171

Cap Rate 9%

$176,689

Alternative Uses

Best Use

Apartment 5plus

$227.2K

$198.8K – $265.0K (±1% cap)

NOI $15,902 @ 7.0% cap · market cap 3.83%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$417.8K

$365.6K – $487.5K (±1% cap)

NOI $29,249 @ 7.0% cap · market cap 7.05%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Catering Service (Bike/Boat/Book/etc) Store Florist Travel Agency Tanning Salon Wine and Liquor Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,831

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Three-bedroom home with separated bedrooms, attached garage, fenced outdoor space, and included kitchen and laundry appliances.

Where is this multifamily property located?

The property is located at 5233 W Morris Hill Rd Boise, ID.

What is the asking price?

The asking price for this property is $415,000.

What are key features of this property?

This property features: 1,513‑square‑foot multifamily residence built in 2007; Three‑bedroom layout with separated sleeping areas; Attached 2‑car garage plus two additional driveway parking spaces