307 9Th St Payette, ID 83661

Property Details for 307 9Th St

Year built

1893

Property size

7,619 SF

Property type

Commercial real estate

APN

P1110002001A

Description

This exceptional investment opportunity presents a rare chance to acquire a 12-unit multifamily property in Payette, Idaho. The property encompasses three buildings totaling 7,619 square feet on a half-acre corner lot featuring mature trees. The centerpiece is the historic Chase House, a 2,941 square foot building constructed in 1893 and listed on the National Historical Register, boasting stunning architectural details including stained glass, a turret, and original woodwork. The property also includes ten apartment units – nine one-bedroom/one-bathroom and one two-bedroom/one-bathroom – and a two-story townhome unit. Currently operating at 92% occupancy, the property generates a NOI of $61,217, with a projected NOI of $91,512 based on a pro-forma analysis. The asking price is $1,075,000, representing a price per square foot of $141.09 and a price per unit of $89,583.33. The property's B-class designation and 5.69% cap rate (8.51% pro-forma) offer significant value-add potential. Renovations were completed in 2018. The property is offered fee simple and presents endless possibilities for redevelopment or continued operation as a stable rental income generator. The property's address is 307 N 9th St, Payette, ID 83661, and the APN is P1110002001A. The projected occupancy date is July 9, 2024.