321 Main StCastleford, ID 83321

Property Details for 321 Main St

Year built

1982

Lot size

0.21 AC

Property size (Sq ft)

3,532 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a stabilized, four-unit apartment building located at 321 Main St, Castleford, ID 83321. The property, built in 1982 and extensively renovated in 2020, boasts 3,532 square feet situated on a 0.21-acre lot. The Class B building features two stories and offers six parking spaces. Currently operating at 100% occupancy, this property provides a strong, stable income stream thanks to HUD-guaranteed rental income. The asking price is $497,500, representing $125,000 per unit, with a current cap rate of 7.80% and a pro-forma cap rate of 8.60% reflecting projected rent increases in 2025. The property benefits from recent upgrades including windows, roofs, paint, and sidewalks. HUD provides additional utility reimbursements to the owner, further enhancing profitability. Tenants receive rent assistance, resulting in low turnover. This sale is contingent upon buyer approval for the HUD program and securing a HUD-approved manager or obtaining self-management approval. The seller may consider a Section 1031 exchange. Please note that this property is being sold in conjunction with another four-plex located at a separate address, with a combined asking price of $995,000. Tenants should not be disturbed. The permitted zoning is Commercial. The APN is RPC9501015003BA.

Location Insight

City

Castleford

County

Twin Falls

State

Idaho

Latitude

42.5206

Longitude

-114.872

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