523 Main St Caldwell, ID 83605
- Specialty properties
- 25,000 SF
Current Use by Public Records
- Specialty properties
Property Details for 523 Main St
- Year built
- 1918
- Property size
- 25,000 SF
- Property type
- Specialty properties
- Property subtype
- Churches & religious facilities
Description
This exceptional Caldwell, ID commercial property, located at 523 Main St, 83605, offers a unique investment opportunity. The 25,000 square foot building, constructed in 1918 and extensively renovated in 2022, boasts a beautiful brick exterior and a blend of historical charm and modern upgrades. Currently featuring a mix of retail and religious tenants (Crossroads Community Church and a sushi/Hibachi restaurant), the property includes three units, with one currently vacant. The lower level, previously designed as a visual sports arena, offers versatile space adaptable to various tenants. Key features include a 5,000 square foot net rentable area, 15,000 square feet of air rights, 50 parking spaces per 1,000 square feet, and a 9-20 foot ceiling height. The property sits on a 15,000 square foot lot and is zoned for city redevelopment. The current lease is an Absolute NNN, multi-tenant agreement with a credit-rated tenant, offering a 2.81% cap rate and a $120,577 NOI. The pro-forma cap rate is 4.68% with a pro-forma NOI of $200,577, reflecting the potential for increased income upon full occupancy. The asking price is $4,290,000, with a price per unit of $1,430,000 and a price per square foot of $171.60. Lease terms include a 5-year lease commencing July 29, 2024, expiring May 31, 2025, with options for two additional five-year periods and 3% annual rent bumps. The property is fee simple ownership. This is a rare opportunity to acquire a high-potential commercial property in a desirable location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Caldwell
- County
- Canyon
- State
- Idaho
- Longitude
- -116.689
- Latitude
- 43.6681
