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    3515 State St Boise, ID 83703

    For Sale
    $2,100,000

    Shovel-ready, 40-unit apartment potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This 1-acre parcel in Boise, ID (APN S0632417243), zoned MX-3, presents a unique development opportunity. Priced at $2,100,000, the property includes complete entitlements, a topographic survey, engineering, architecture, and a full set of building plans for a 40-unit apartment complex. Initial permit review costs have already been paid, with plans submitted to the City of Boise in May and progressing through the approval process. The site boasts a high traffic count of 31,000 vehicles per day (VPD) and benefits from its location on State Street, the first major corridor in Boise to implement a Bus Rapid Transit program, providing frequent bus service. Full renderings are available. Additionally, the property includes land rights to a dual-sided billboard with Lamar Advertising, generating an average annual profit of $12,421 through 2037. Alternatively, the existing 4,043 square foot building could be repurposed as a turn-key bar and grill, making this a versatile investment for various commercial ventures. This prime location and comprehensive development package offer significant potential for immediate returns and long-term growth.

    Property Features for 3515 State St

    General Information

    Property type
    Land
    Lot Size
    43,560 SF

    HighLights

    • High‑traffic location with 31,000 vehicles per day (VPD).
    • Prime location on State Street, Boise's first Bus Rapid Transit (BRT) corridor, offering frequent weekday bus service.
    • Detailed architectural renderings available.
    • Includes a 2‑sided billboard generating $12,421 annual income, contract through 2037.
    • Suitable for restaurant use, featuring a 4,043 SF turnkey bar and grill.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Boise
    County
    Ada
    State
    Idaho
    Longitude
    -116.23298510071
    Latitude
    43.638351825967

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    FAQs

    What type of property is this?
    Land - Shovel-ready, 40-unit apartment potential
    Where is this land located?
    The property is located at 3515 State St Boise, ID.
    What is the asking price?
    The asking price for this property is $2,100,000.
    What are key features of this property?
    This property features: High-traffic location with 31,000 vehicles per day (VPD).; Prime location on State Street, Boise's first Bus Rapid Transit (BRT) corridor, offering frequent weekday bus service.; Detailed architectural renderings available.
    Request Owner's contact information
    3515 State St Boise, ID 83703
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    Boise, ID 83703
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3515 State St Boise, ID 83703
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