Partially Leased Strip
For Sale
$1,790,000
6728 State St, Boise, ID 83714
Strip mall on State Street (Highway 44) with two vacant units and a parking lot slated for seal coat updates.
Property Size7,792 SF
Price / SF$229.72
Days on Market24
Property Features for 6728 State St
General Information
Standard status
Active
Size
7,792 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
2004
Listing Agency:
Westerra Real Estate Group
(208) 329-4610
Listed By:
Shawn Barton · License #01878646
Source:
Clearwaterproperties
Added: Jul 17
Changed: Aug 8
Last Checked: Aug 9 at 9:31AM
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 Westerra Real Estate Group
Investment Insights
Based on property information with market context.
This strip mall investment is professionally maintained and currently partially leased. Two units are vacant, providing an immediate lease-up opportunity for an owner-operator or investor looking to increase total rental income.
The property is located at 6728 W State St in Boise, on State Street (Highway 44), offering exposure to daily traffic and convenient access to the Boise and surrounding communities, including Eagle.
In addition to the available space, the on-site parking lot is planned to be updated this summer with a new seal coat and striping, supporting ongoing curb appeal and practical site functionality.
The property is located at 6728 W State St in Boise, on State Street (Highway 44), offering exposure to daily traffic and convenient access to the Boise and surrounding communities, including Eagle.
In addition to the available space, the on-site parking lot is planned to be updated this summer with a new seal coat and striping, supporting ongoing curb appeal and practical site functionality.
Key Highlights
- Strip mall on highly traveled State Street (Highway 44) with strong frontage and convenient access to downtown Boise, Eagle, and surrounding communities
- Built in 2004
- Partially leased with two vacant units, offering immediate value‑add upside via lease‑up
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
$98,762
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
5.52%
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%
$1,975,240
$2.0M
Cap Rate 7%
$1,410,886
$1.4M
Cap Rate 9%
$1,097,356
$1.1M
Market Conditions
NOI Build-Up for 7,792 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
$147.7K $18.96/SF
− Vacancy
−$6.6K −$0.85/SF
EGI
$141.1K $18.11/SF
− OpEx
−$42.3K −$5.43/SF
NOI
$98.8K $12.67/SF
Area
Ada County, ID
Vacancy
4.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,975,240
Cap Rate 7%
$1,410,886
Cap Rate 9%
$1,097,356
Alternative Uses
Best Use
Retail
$1.41M
$1.23M – $1.65M
NOI $98,762 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,635 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
921
Businesses Nearby
190k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 37%
Groceries 20%
Apparel 15%
Shops & Services 14%
Albertsons
Groceries
30,762 visits/mo
0.4 miles
D&B Supply
Home Improvements & Furnishings
21,108 visits/mo
0.3 miles
Ross Dress for Less
Apparel
15,139 visits/mo
0.3 miles
Panda Express
Dining
14,106 visits/mo
0.4 miles
SONIC Drive In
Dining
12,023 visits/mo
0.4 miles
Demographics for 83714, ID
26,181
Population
11,672
Households
2.2
Avg Household Size
43
Median Age
45%
College-Educated
94%
High-School Grad
54.2 sq mi
ZIP Area
483
Density / Sq Mi
$86,114
Median Household Income
$43,867
Median Earnings
$1,384
Median Rent
$468,100
Median Home Value
Market
Vacancy Rate% for Retail in Boise, ID
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Strip mall on State Street (Highway 44) with two vacant units and a parking lot slated for seal coat updates.
Where is this strip mall located?
The property is located at 6728 State St Boise, ID.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Strip mall on highly traveled State Street (Highway 44) with strong frontage and convenient access to downtown Boise, Eagle, and surrounding communities; Built in 2004; Partially leased with two vacant units, offering immediate value‑add upside via lease‑up
