property details downtown office for sale 408 w idaho st boise, id … · 2020. 6. 24. · property...
Transcript of property details downtown office for sale 408 w idaho st boise, id … · 2020. 6. 24. · property...
property details
408 w idaho st
boise, id 83702
• freestanding office in the
heart of downtown boise
• currently 2900sf office
leased by z data on month
to month basis at $7000/mo
flsv (includes parking)
• basement apartment rented
at $475/mo
• 12 off-street parking spaces
• zoned C-5DD
P2 parking overlay
0.17 acres (61.5’ x 122’)
size 3711sf
asking price $995,000
(6.3% cap rate)
downtown office for sale
***do not disturb tenants. contact agent for showings.***
property financials
2019 2020
Base Rent Square Feet Annual Rent Annual Rent
Residential Tenant 811 5,700$ 5,700$
Z Data - Office 2900 60,960$ 84,000$
Parking 0 2,125$ -$
Potential Base Rental Income: 3,711 68,785$ 89,700$
Property Taxes, Insurance, and CAM Income
Other Income -$ -$
Subtotal: -$ -$
68,785$ 89,700$
- Vacancy/Credit Loss (5%) 3,439$ 4,485$
65,346$ 85,215$
+ Other Income -$ -$
Gross Operating Income: 65,346$ 85,215$
- Annual Operating Expenses
Property Taxes 7,786$ 8,020$
Hazard Insurance (estimate) 1,000$ 1,030$
Utilities 6,440$ 6,634$
Maintenance & Repair 504$ 519$
Internet 5,334$ 5,494$
Miscellaneous -$ 750$
Total Expenses: 21,064$ 22,446$
TOTAL ANNUAL EXPENSES 21,064$ 22,446$
NET OPERATING INCOME 44,282$ 62,769$
*2020 expenses estimated at 3% over 2019 actual expenses
Annual Property Operating DataZ Data, 408 W Idaho St, Boise, ID
Income
Total Potential Rental Income:
Effective Operating Income:
demographics
Summary 1 mile 2 mile 3 mile
Population 13,183 46,138 88,213
Households 6,767 22,481 41,300
Families 1,826 8,835 18,471
Average Household Size 1.69 1.94 2.07
Owner Occupied Housing Units 1,524 9,370 19,692
Renter Occupied Housing Units 5,244 13,111 21,609
Median Age 31.0 34.7 36.2
Median Household Income $30,827 $43,267 $46,301
Average Household Income $57,811 $73,826 $74,744
vicinity map
nearby developments under construction & proposed
11th & Idaho – office building 11th & Bannock – urban park
11th & Idaho, 10 stories, 191,000sf Urban park planned for the corner of 11th & Bannock.
Photo courtesy of www.11idaho.com Photo courtesy of CCDC
502 W Front St – hotel & parking garage 323 W Broad St – apartments & parking garage
Home 2 Suites, 140 hotel rooms, 600 space parking garage The Cartee, 163 apartment units, 8 stories, 183 parking spaces
Photo courtesy of Design Review Submittal Photo courtesy Design Review Submittal
600 W Front St – apartments & retail 200 W Myrtle St – apartments, garage, retail
The Vanguard, 75 apartment units + retail, 8 stories Boise Caddis, 8 stories, 174 apartment units, 413 parking spaces
Photo courtesy of visumdevelopment.com Photo courtesy of rivercaddis.com
nearby developments under construction & proposed
620 S 9th St – condos, retail & garage 2619 W Fairview Ave – hospital & garage
The Afton, 6 stories, 63 units, retail & parking St. Luke’s, 230,000sf orthopedic hospital, ~600 space garage
Photo courtesy of Design Review Submittal Photo Courtesy of Design Review Submittal
749 E Park Blvd – apartments & garage 400 N 4th St – apartments, office, retail, parking
Park Place Apts, 5 stories, 236 units, 356 parking spaces ICCU, 161k sf office, 39 apts, 15k sf retail, 460 parking spaces
Photo courtesy of Design Review Submittal Photo courtesy of Conditional Use Submittal
512 W Grove St – restaurant & residential 270 E Myrtle St – apartments & garage
6 stories, restaurant 1st floor & 114 apartment units Collegiate Dev., 7 stories, 258 units, retail & parking
Photo courtesy of Design Review Submittal & Pivot North Photo Courtesy of Design Review Submittal