722 W Franklin St
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722 W Franklin St
7 Unit Apartment Building $2,399,000 ($342,714/Unit) 6.25% Cap Rate Boise, ID 83702
Investment Highlights
- The proximity to downtown and being completely walkable to most ammenities.
- All units are newly remodeled with their own unique charm
- All units are completely furnished
Executive Summary
Fantastic location just two blocks from the Capital, 3 blocks from 8th street downtown and two blocks from the Boise Co-Op. This 1890's Victorian has been completely updated and remodeled. It has 7 individual apartments that come fully furnished making this a turn-key operation. This building has new electrical, new plumbing, new HVAC including hookup to Geothermal, new bathrooms and kitchens, hardwood and more! All windows and doors have been meticulously repaired and refurbished. Exterior has new landscaping, french drains, brick walkways, sprinklers, patios and a wrought iron fence.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$189,000
|
$35.00
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$189,000
|
$35.00
|
| Taxes |
$10,865
|
$2.01
|
| Operating Expenses |
$26,655
|
$4.94
|
| Total Expenses |
$37,520
|
$6.95
|
| Net Operating Income |
$151,480
|
$28.05
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $189,000 |
| Annual Per SF | $35.00 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $189,000 |
| Annual Per SF | $35.00 |
| Taxes | |
|---|---|
| Annual | $10,865 |
| Annual Per SF | $2.01 |
| Operating Expenses | |
|---|---|
| Annual | $26,655 |
| Annual Per SF | $4.94 |
| Total Expenses | |
|---|---|
| Annual | $37,520 |
| Annual Per SF | $6.95 |
| Net Operating Income | |
|---|---|
| Annual | $151,480 |
| Annual Per SF | $28.05 |
Property Facts Under Contract
| Price | $2,399,000 | Building Class | C |
| Price Per Unit | $342,714 | Lot Size | 0.28 AC |
| Sale Type | Investment | Building Size | 5,400 SF |
| Cap Rate | 6.25% | Average Occupancy | 100% |
| No. Units | 7 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1890/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.67/1,000 SF |
| Apartment Style | Low Rise |
| Price | $2,399,000 |
| Price Per Unit | $342,714 |
| Sale Type | Investment |
| Cap Rate | 6.25% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 5,400 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1890/2023 |
| Parking Ratio | 1.67/1,000 SF |
Amenities
- Ventilation - Venting
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Microwave
- Heating
- Tile Floors
- Kitchen
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Wi-Fi
- Breakfast Nook
- Coffee System
- Lawn
- Patio
- Smoke Free
- Window Coverings
Site Amenities
- Wi-Fi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 7 | $2,325 | 300 - 650 |
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Walk Score ®
Walker's Paradise (96)
Bike Score ®
Biker's Paradise (100)
PROPERTY TAXES
| Parcel Number | R1013006080 | Total Assessment | $1,097,500 |
| Land Assessment | $0 | Annual Taxes | $10,865 ($2.01/SF) |
| Improvements Assessment | $0 | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Number
R1013006080
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,097,500
Annual Taxes
$10,865 ($2.01/SF)
Tax Year
2024 Payable 2024
zoning
| Zoning Code | MX-1 (This property is part of the new up-zone in Boise, it has been up graded to Mixed use.) |
| MX-1 (This property is part of the new up-zone in Boise, it has been up graded to Mixed use.) |
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722 W Franklin St
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