Three-Townhome Multifamily
For Sale
$392,000
Pending
6238 N Maximus Pl, Meridian, ID 83646
Adjoining residences on separate parcels combine rental income with flexible multigenerational or owner-occupant use.
Property Size1,650 SF
Days on Market8
Property Features for 6238 N Maximus Pl
General Information
Standard status
Pending
Size
1,650 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$1,738
Amenities
neighborhood greenspace
fireplace
Building Details
Buildings
3
Listing Agency:
Silvercreek Realty Group
(208) 377-0422
Listed By:
Eva Hoopes · License #SP24679
(208) 284-7732
Source:
Exprealty
Added: Aug 31
Changed: Sep 5
Last Checked: Sep 6 at 12:17PM
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 Silvercreek Realty Group
Investment Insights
Based on property information with market context.
This multifamily offering includes three adjoining townhomes, each situated on its own separately parceled lot. Two residences are leased through June 2027, while the remaining home provides flexibility for an owner occupant, additional rental use, or multigenerational living. The larger floor plans include two primary suites, with one on the main level and another upstairs; the third residence has a single-level layout.
Each home includes an attached two-car garage, fireplace, east-facing backyard, granite countertops, and LVP or hardwood flooring. Recent updates include brand-new carpet and paint in 6224, carpet installed in 2024 at 6238 and 6246, and paint completed at 6246 in 2026. HOA services cover landscaping, irrigation, sprinkler blowouts, seasonal shrub pruning, snow removal, and neighborhood greenspace maintenance. The property is near shopping, dining, and services in Meridian, Idaho.
Each home includes an attached two-car garage, fireplace, east-facing backyard, granite countertops, and LVP or hardwood flooring. Recent updates include brand-new carpet and paint in 6224, carpet installed in 2024 at 6238 and 6246, and paint completed at 6246 in 2026. HOA services cover landscaping, irrigation, sprinkler blowouts, seasonal shrub pruning, snow removal, and neighborhood greenspace maintenance. The property is near shopping, dining, and services in Meridian, Idaho.
Key Highlights
- Three adjoining townhomes, each on its own separately parceled lot
- Two units leased through June 2027
- Larger homes feature dual primary suites; third residence has a single‑level floor plan
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
$16,552
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
4.22%
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%
$331,040
$331.0K
Cap Rate 7%
$236,457
$236.5K
Cap Rate 9%
$183,911
$183.9K
Market Conditions
NOI Build-Up for 1,650 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
$31.3K $18.96/SF
− Vacancy
−$1.2K −$0.72/SF
EGI
$30.1K $18.24/SF
− OpEx
−$13.5K −$8.21/SF
NOI
$16.6K $10.03/SF
Area
Meridian, ID
Vacancy
3.80%
Lease Rate
$18.96 /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%
$331,040
Cap Rate 7%
$236,457
Cap Rate 9%
$183,911
Alternative Uses
Best Use
Apartment 5plus
$236.5K
$206.9K – $275.9K
NOI $16,552 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$435.4K
$381.0K – $508.0K
NOI $30,480 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
76
Businesses Nearby
Explore this area
Business Placement
Demographics for 83646, ID
69,818
Population
26,829
Households
2.6
Avg Household Size
36
Median Age
44%
College-Educated
96%
High-School Grad
27.3 sq mi
ZIP Area
2,557
Density / Sq Mi
$101,040
Median Household Income
$47,397
Median Earnings
$1,814
Median Rent
$488,000
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 - Adjoining residences on separate parcels combine rental income with flexible multigenerational or owner-occupant use.
Where is this multifamily property located?
The property is located at 6238 N Maximus Pl Meridian, ID.
What is the asking price?
The asking price for this property is $392,000.
What are key features of this property?
This property features: Three adjoining townhomes, each on its own separately parceled lot; Two units leased through June 2027; Larger homes feature dual primary suites; third residence has a single‑level floor plan
