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    Property profile & analytics

    431 3Rd Rexburg, ID 83440

    • Commercial real estate
    • 20,576 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US27-0105699
    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

    • Brigham's Mill Apartments / Apartment Building

    Property Details for 431 3Rd

    Year built
    2017
    Property size
    20,576 SF
    Property type
    Commercial real estate

    Description

    This exceptional 16-unit apartment building in Rexburg, Idaho presents a compelling value-add investment opportunity. Located at 431 S 3rd W, this 20,576 square foot property, built in 2017, offers a current NOI of $185,559 and a pro-forma NOI of $259,944, translating to a 4.64% cap rate and a projected 6.50% pro-forma cap rate. The asking price is $3,999,999, or $194.40 per square foot and $249,999.94 per unit. Each of the 16 units boasts 1,286 square feet, featuring three bedrooms and two bathrooms, complete with in-unit washer/dryer, and all furnishings are included. The property benefits from ample parking (3 spaces per unit) and an all-inclusive HOA covering water, sewer, garbage, gas, TV, internet, and snow removal. Zoned HDR1, the property is approved for short-term rentals (STRs), making it ideal for immediate income generation. The building features concrete perimeter foundations, architectural roofing, central air conditioning, and forced-air gas heating. Construction materials include brick, block, and frame, with block, metal, and vinyl exterior finishes. Public water and sewer services are available. The property's proximity to Brigham Young University-Idaho (BYUI) ensures high occupancy rates. This turnkey investment is ready for immediate income generation and offers significant potential for increased profitability through value-add strategies. The condo conversion was completed in mid-June 2022. While rentals are permitted for off-track students, online students, married couples, and the general public, there are restrictions for single students currently enrolled at BYUI.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Rexburg
    County
    Madison
    State
    Idaho
    Longitude
    -111.7924700192
    Latitude
    43.817353981475

    Comparable in this City

    • New
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      Rexburg Multifamily Investment Opportunity

      Investment opportunity near BYU-Idaho with steady rental income potential.
      425 Harvard Ave, Rexburg, ID 83440
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    • New
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      Rosewood Townhomes: Rexburg Investment Opportunity

      Rosewood Townhomes in Rexburg, near BYU Idaho, premium finishes.
      64 N 3Rd W, Rexburg, ID 83440
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    • $4,375,000
      21,700 SF

      Rexburg Multifamily Investment Opportunity

      31-unit apartment complex in Rexburg, Idaho with stable cashflow.
      35 W 2Nd N, Rexburg, ID 83440
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    • $735,000
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      Historic Rexburg Mixed-Use Investment

      Prime mixed-use property in Rexburg's historic downtown.
      36 E Main St, Rexburg, ID 83440
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    • $260,000
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      Stylish Condo Near Campus

      Move-in ready 3-bed, 2-bath condo with amenities and worry-free living.
      311 E Lorene St, Rexburg, ID 83440
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    • $4,375,000
      2,800 SF

      Rexburg Multifamily Investment Opportunity

      31-unit apartment complex in Rexburg, Idaho with strong rental history.
      35 W 2Nd N, Rexburg, ID 83440
      View Details

    Similar Nearby for Sale

    • New
      $2,100,000
      915 SF

      Rexburg Multifamily Investment Opportunity

      Investment opportunity near BYU-Idaho with steady rental income potential.
      425 Harvard Ave, Rexburg, ID 83440
      View Details
    • New
      $1,795,000
      4,160 SF

      Rosewood Townhomes: Rexburg Investment Opportunity

      Rosewood Townhomes in Rexburg, near BYU Idaho, premium finishes.
      64 N 3Rd W, Rexburg, ID 83440
      View Details
    • $260,000
      1,198 SF

      Stylish Condo Near Campus

      Move-in ready 3-bed, 2-bath condo with amenities and worry-free living.
      311 E Lorene St, Rexburg, ID 83440
      View Details
    • $4,375,000
      2,800 SF

      Rexburg Multifamily Investment Opportunity

      31-unit apartment complex in Rexburg, Idaho with strong rental history.
      35 W 2Nd N, Rexburg, ID 83440
      View Details
    • $6,000,000
      11,100 SF

      Student Housing Investment Opportunity

      Luxury student housing complex near BYU-Idaho with high occupancy potential.
      177 S 4Th W, Rexburg, ID 83440
      View Details
    • $7,995,000
      32,700 SF

      Multifamily Investment Near BYU-Idaho

      Well-maintained 60-unit multifamily property near BYU-Idaho with strong financials.
      332 S 4Th W, Rexburg, ID 83440
      View Details

    Similar Nearby for Lease

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      Rexburg Commercial Flex/Industrial Space

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      Valley River Center Office Space

      Rexburg, ID Executive Office Suites
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    • $32 SF/Yr

      Rexburg Commercial Land - 0.99 Acres

      Prime Rexburg location, ready to build!
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    • $42 SF/Yr
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      Rexburg Retail: Drive-Thru Restaurant

      Prime Rexburg location, ±2,200 SF, drive-thru.
      568 2Nd, Rexburg, ID 83440
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      9,627 SF

      Rexburg Office Space For Lease

      New office space; ideal Rexburg location.
      1025 S Yellowstone Hwy | Rexburg, ID 83440, Rexburg, ID 83440
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    • $16 SF/Yr
      3,744 SF

      Rexburg Single-Tenant Office Building

      Functional office space with showroom, storage, and central location.
      320 N 3Rd E, Rexburg, ID 83440
      View Details
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    431 3Rd
    Rexburg, ID 83440
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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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