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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2985 Cortez Ave Idaho Falls, ID 83404-7554

    • Medical offices
    • 20,609 SF
    • 2.19 lot acres
    OFF-MARKET
    Last Sale
    Apr 29, 2022
    Value Estimations
    $1,325,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US27-0269070
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Tiffany C. Coughenour, PA / Physician
    • Dr. Brady L. Cook, MD / Physician
    • Dr. Douglas U. Blank, MD / Physician
    • Idaho Heart Institute / Medical Clinic
    • Gorman Patrick D MD / Physician

    Property Details for 2985 Cortez Ave

    Year built
    1999
    Construction
    WOOD
    Lot size
    2.19 lot acres
    Property size
    20,609 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    RPA0452006001A
    APU
    RPA0452006001A

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,175,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,480,000
      Market price range: $636k - $1.48M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,030,000
      Current use
      OFFICE BUILDING
      $1,210,000
      Change: +17% Conversion: Easy
      AUTO REPAIR, GARAGE
      $1,180,000
      Change: +14% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,045,000
      Change: +2% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Idaho Falls
    County
    Bonneville
    State
    Idaho
    Longitude
    -111.988
    Latitude
    43.4708
    CBSA code
    26820
    CBSA name
    IDAHO FALLS, ID METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $33,000
    $572,376
    $2,247,682
    $2,820,058
    -
    $572,376
    $2,247,682
    $2,820,058

    Comparable in this City

    • Value Estimation
      $1,555,000
      30,578 SF

      2375 Sunnyside Rd, Unit 5

      MEDICAL BUILDING • 30,578 SF
      2375 Sunnyside Rd, Idaho Falls, ID 83404-8280
      View Details
    • Value Estimation
      $1,235,000
      55,734 SF

      3200 Channing Way, Unit 102

      MEDICAL BUILDING • 55,734 SF
      3200 Channing Way, Idaho Falls, ID 83404-7546
      View Details
    • Value Estimation by Request
      3,739 SF

      2405 Jafer Ct

      MEDICAL BUILDING • 3,739 SF
      2405 Jafer Ct, Idaho Falls, ID 83404-5587
      View Details
    • Value Estimation
      $625,000
      11,951 SF

      2060 Woodruff Ave

      MEDICAL BUILDING • 11,951 SF
      2060 Woodruff Ave, Idaho Falls, ID 83404-6396
      View Details
    • Value Estimation by Request
      16,642 SF

      3385 Potomac Way

      MEDICAL BUILDING • 16,642 SF
      3385 Potomac Way, Idaho Falls, ID 83404-4978
      View Details
    • Value Estimation by Request
      1,853 SF

      3155 Channing Way Ste C

      MEDICAL BUILDING • 1,853 SF
      3155 Channing Way Ste C, Idaho Falls, ID 83404-7875
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,875 SF

      Idaho Falls New Office Project

      New construction office project near hospitals in Idaho Falls.
      2265 East Sunnyside Rd, Idaho Falls, ID 83404
      View Details
    • $2,000,000
      9,500 SF

      Executive Office Building, Idaho Falls

      Prime location, high cap rate, 9,500 SF.
      1301 17Th St, Idaho Falls, ID 83404
      View Details
    • Contact for pricing
      8,000 SF

      Office Building on 17th Street

      Office building with high-exposure frontage on 17th Street.
      1800 E 17Th St, Idaho Falls, ID 83404
      View Details
    • $530,000
      Pending

      Idaho Falls Commercial Opportunity

      Versatile commercial building with recent updates and ample parking.
      1475 S Holmes Ave, Idaho Falls, ID 83404
      View Details
    • $140,000
      1.37 Acres

      Idaho Falls Acreage with Valley Views

      1.37 acres of residential land with panoramic valley views.
      7308 S Packbridge Ln, Idaho Falls, ID 83404
      View Details
    • $399,000
      1.01 Acres

      Idaho Falls Retail Pad Site

      Pad ready site approved for restaurant/retail building.
      1260 17Th St, Idaho Falls, ID 83404
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,487 SF

      New Class A Office Space

      Newly constructed office space in a rapidly growing commercial area.
      3740 Woodking Dr, Idaho Falls, ID 83404
      View Details
    • Contact for pricing
      1,837 SF

      Idaho Falls Commercial Space For Rent

      Located in Kensington Professional Park, suitable for medical or business.
      1540 Elk Creek Dr, Idaho Falls, ID 83404
      View Details
    • Contact for pricing
      3,500 SF

      Idaho Falls Flex Space Available

      3,500 SF flex space with office and shop areas.
      665 Anderson St, Idaho Falls, ID 83404
      View Details
    • Contact for pricing
      6,204 SF

      Idaho Falls Office/Retail Space

      6,204 SF Class A office/retail space in Idaho Falls.
      3630 S 25Th E, Idaho Falls, ID 83404
      View Details
    • Contact for pricing
      9,159 SF

      2225 Teton Plaza, Idaho Falls, ID 83404

      Office buildings • 9,159 SF
      2225 Teton Plz, Idaho Falls, ID 83404
      View Details
    • Contact for pricing

      Office Space For Lease

      Office space available for lease in Idaho Falls, ID.
      1686 Elk Creek Dr, Idaho Falls, ID 83404
      View Details
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    Idaho Falls, ID 83404-7554
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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