3131 W State St - State Street Center

This State Street Center portfolio presents an extremely valuable opportunity to attain assets perfectly positioned to benefit from Boise’s shifting center of gravity. The debt-free properties have been family owned for over 50 years and are fully leased to credit tenants with renewal options. 3131 W State Street is a 12,864-square-foot, two-story office situated on 0.54 acres that was remodeled in 2016 and included upgraded HVAC units with economizers. 3218 W Davis Street is a two-door garage on 0.25 acres connected to 3131 W State Street, affording 0.79 contiguous anchors and multiple access points. The income-producing assets provide immediate financial returns for new buyers, but their location and Boise’s market conditions open up a spectrum of adaptive reuse possibilities.

Redevelopment prospects have broadened significantly as 3131 W State Street and 3218 W Davis Street were recently rezoned from C-2 to MX-4, a broad designation that allows for a mix of office, commercial, and residential projects. One of MX-4 zoning's biggest advantages is its minimal street setbacks, allowing developers to build directly up to the street without parking space requirements and maximize usable square footage. Additionally, it increases the maximum building height to 70 feet.

3131 W State Street and 3218 W Davis Street are part of the State Street District, an urban renewal zone established by the city in 2023. Its mission is to facilitate the development of mixed-use destinations by building and financing public infrastructure to foster private investment. This is done through public works improvements to streets, sidewalks, parks, transit systems, plazas, trails, and underground utilities. Several projects are planned or underway, including the creation of a new police substation next to these properties. Others, like Wilson Station, 27th Street Crossing, and Whitewater Townhomes, will bring over 150 residences, 10,000 square feet of commercial/retail space, and over $50 million in total investment within a mile of the properties. The Boise Whitewater Park, one of the city’s biggest attractions, is a couple of minutes away, and Phase 2 of upgrades just began in November 2024.