Multifamily Residence with Private
For Sale
$425,000
5233 W Morris Hill Rd, Boise, ID 83705
Three-bedroom home with separated bedrooms, attached garage, fenced outdoor space, and included kitchen and laundry appliances.
Property Size1,513 SF
Price / SF$280.90
Days on Market19
Property Features for 5233 W Morris Hill Rd
General Information
Standard status
Active
Size
1,513 SF
Property subtype
Multi-Family
Building Details
Year Built
2007
Listing Agency:
Keller Williams Realty Boise
(208) 672-9000
Listed By:
Jenna King · License #SP39133
Source:
Bktidaho
Added: Aug 15
Changed: Aug 29
Last Checked: Sep 1 at 10:32PM
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 Keller Williams Realty Boise
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.
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 = 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
$15,902
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
3.74%
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%
$318,040
$318.0K
Cap Rate 7%
$227,171
$227.2K
Cap Rate 9%
$176,689
$176.7K
Market Conditions
NOI Build-Up for 1,513 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
$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 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%
$318,040
Cap Rate 7%
$227,171
Cap Rate 9%
$176,689
Alternative Uses
Best Use
Apartment 5plus
$227.2K
$198.8K – $265.0K
NOI $15,902 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$417.8K
$365.6K – $487.5K
NOI $29,249 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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 $425,000.
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
