Lock-and-Leave Single-Family
For Sale
$415,000
5233 W Morris Hill Rd, Boise, ID 83705
Residential Income, Boise, ID
Property Size1,513 SF
Price / SF$274.29
Days on Market112
Property Features for 5233 W Morris Hill Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
R-3
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bedroom 3, Bathroom 1, Bedroom 1, Bedroom 2
Parking
4
Parking features
Driveway
Fireplace
1
Appliances
Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
Subdivision
Watkins (Condo)
Lot features
Garden
Elementary school
Jefferson
Middle school
South Boise Jr
High school
Borah
Elementary school district
Boise School District #1
Middle school district
Boise School District #1
High school district
Boise School District #1
Directions
From Orchard St., West on Morris Hill, on South side.
Standard status
Active
APN
R9243010150
Size
1,513 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
See exhibit A
Tax Annual Amount
3511
HOA Fee
$145 Monthly
Legal Description
See exhibit A
Utilities
Heating system
Forced Air, Fireplace(s), Natural Gas
Cooling system
Central Air
Building Details
Year built
2007
Number of units
1
Building materials
Stucco, Stone, HardiPlank Type
Roof type
Composition
Listing Agency:
Keller Williams Realty Boise
(208) 672-9000
Listed By:
Jenna King · License #SP39133
(208) 514-3630
Added: May 14
Changed: Sep 2
Last Checked: Sep 2 at 8:06AM
MLS# 98986206
Copyright © 2026 Intermountain Multiple Listing Service. 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 lock-and-leave single-family rental home is offered as a turnkey package, with included stainless steel appliances and move-in-ready convenience. The interior is designed for comfortable day-to-day living, featuring high ceilings and a corner gas fireplace in the main living area. The home includes three bedrooms with separation for privacy, and the primary suite offers a walk-in closet, dual vanities, and a tub/shower combination. Laundry is located upstairs and comes with a washer and dryer included. Outside, there is an oversized, fully fenced patio that extends the living space outdoors.
The property is located at 5233 W Morris Hill Rd in Boise, Idaho, in the Bench area. It includes an attached two-car garage and two additional off-street parking spaces in the driveway.
For tenants or buyers, the combination of included appliances, enclosed outdoor space, and practical parking supports an easy transition and straightforward occupancy. The layout also provides privacy-friendly bedroom separation, while the upstairs laundry reduces the need to manage additional offsite arrangements.
The property is located at 5233 W Morris Hill Rd in Boise, Idaho, in the Bench area. It includes an attached two-car garage and two additional off-street parking spaces in the driveway.
For tenants or buyers, the combination of included appliances, enclosed outdoor space, and practical parking supports an easy transition and straightforward occupancy. The layout also provides privacy-friendly bedroom separation, while the upstairs laundry reduces the need to manage additional offsite arrangements.
Key Highlights
- Built in 2007 with stucco/stone/HardiPlank exterior and a composition roof
- Corner gas fireplace plus forced‑air natural gas heating and central air conditioning
- Kitchen includes knotty alder cabinetry and stainless steel appliances; appliances included
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
3.83%
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 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$417.8K
$365.6K – $487.5K
NOI $29,249 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Turnkey business
Opportunity
Yes
Fenced yard
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Single family property - Turnkey Boise rental home with included appliances, attached garage, and fenced outdoor patio space.
Where is this single family 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: Built in 2007 with stucco/stone/HardiPlank exterior and a composition roof; Corner gas fireplace plus forced‑air natural gas heating and central air conditioning; Kitchen includes knotty alder cabinetry and stainless steel appliances; appliances included
