Current Use by Public Records
- Dormitories
Property Details for 368 1St
- Year built
- 1968
- Property type
- Dormitories
- Property subtype
- Student housing
Description
This prime 8-unit apartment complex presents a compelling value-add opportunity in Rexburg, Idaho. Located less than a mile from Brigham Young University-Idaho, with over 25,000 students, this property boasts a desirable location and strong rental demand. The complex comprises two buildings, constructed in 1968, offering a total of 24 beds across eight three-bedroom, one-and-a-half-bathroom units. Currently operating at 75% occupancy (as of July 29, 2024), the property generates a current NOI of $39,708, with a pro-forma NOI projected at $67,388. Significant upside potential exists due to below-market rents. Recent improvements include a roof replacement on one building, valued at $17,500, featuring a lifetime warranty and a 7-year workmanship warranty. The property sits on a fee-simple lot (APN: RPRRXB10264980) and includes 16 parking spaces. The asking price is $1,050,000, or $131,250 per unit. Rexburg's robust economy, driven by education, retail, healthcare, and agriculture, coupled with a rapidly growing population (14.7% growth over the last five years), ensures a consistently high demand for rental housing. This property is ideal for investors seeking a strong return on investment in a thriving market. The property is classified as Class B and is suitable for a 1031 exchange.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Rexburg
- County
- Madison
- State
- Idaho
- Longitude
- -111.795
- Latitude
- 43.8285
