324 NE 3rd St., Meridian, ID 83642
324 NE 3rd St., Meridian, ID 83642
324 NE 3rd St., Meridian, ID 83642
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Lysi Bishop

Lysi Bishop

+1(208) 472-5337
Listed by Robert Santangelo • Real Broker LLC
$6,950,000
Est. payment /mo
28,238 SqFt
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Key Details

Property Type Condo

Sub Type Apartment

Listing Status Pending

Purchase Type For Sale

Square Footage 28,238 sqft

Price per Sqft $246

Subdivision 0 Not Applic.

MLS Listing ID 98988433

HOA Y/N No

Year Built 2018

Annual Tax Amount $29,169

Tax Year 2025

Property Sub-Type Apartment

Source IMLS 2

Property Description

324 NE 3rd Street is a 28-unit, investment-grade multifamily property that is easy to manage and has a strong rental history. The unit mix includes virtually identical two-bedroom, two-bath units with a primary bedroom and private bath, in-unit laundry, separate kitchen and dining areas, and spacious living rooms. Constructed in 2018, the development comprises the Third Street Square plat, which consists of eight (8) parcel numbers assigned to each building and a common-area clubhouse, providing flexibility for investors. The property also features a common-area clubhouse with numerous opportunities to enhance tenant amenities. The property has abundant on-site parking, including 30 covered carport stalls and additional surface parking. The property has maintained near 100% occupancy since 2018 and has upside income potential relative to market rents. The property is offered at $6,950,000, yielding a 5.42% going-in capitalization rate based on stabilized pro forma income at estimated market rents.

Location

State ID

County Ada

Direction Franklin to 3rd. St.

Interior

Heating Forced Air, Natural Gas

Cooling Central Air

Flooring Laminate

Fireplace No

Appliance Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)

Laundry Washer/Dryer Hookups (All Units)

Exterior

Fence Full, Vinyl, Wood

Community Features 5+ Units

Utilities Available Sewer Connected

Roof Type Composition

Total Parking Spaces 40

Building

Lot Description 1 - 4.99 Acres

Faces Franklin to 3rd. St.

Foundation Crawl Space

Water Other

Structure Type HardiPlank Type

New Construction No

Schools

Elementary Schools Meridian

High Schools Meridian

School District West Ada School District

Others

Senior Community No

Tax ID R8393710040

Ownership Fee Simple

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

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Lysi Bishop Real Estate

Lysi Bishop

For more than 30 years, Lysi Bishop Real Estate has helped clients navigate Boise and Treasure Valley real estate with trusted expertise and exceptional service.

+1(208) 472-5337

info@lysibishop.com

913 W River St Suite 200, Boise, ID 83702

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