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.
Details
| MLS # | 98988433 |
|---|---|
| Listing Type | For Sale |
| Style | Condominium |
| Sub-Type | Resale |
| Status | Pending |
| Year | 2018 |
| Days On Site | 85 |
| Listing Provided By | Real Broker LLC | Robert Santangelo |
Features
| SQ Feet | 28,238 |
|---|---|
| Car Port | Yes |
| Units | 28 |
Interior
| Cooling | Central Air |
|---|---|
| Cooling Yes / No | Yes |
| Heating | Forced Air, Natural Gas |
| Heating Yes / No | Yes |
| Appliances | Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units) |
| Laundry Features | Washer/Dryer Hookups (All Units) |
| Flooring | Laminate |
Exterior
| Roof | Composition |
|---|---|
| Foundation Details | Crawl Space |
| Lot Features | 1 - 4.99 Acres |
| Construction Materials | Hardi Plank Type |
| Fencing | Full, Vinyl, Wood |
Parking
| Parking Features | Carport |
|---|
Utilities
| Utilities | Sewer Connected |
|---|
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 29169 |
| Tax Legal Description | Lot 1 in Block 1, Lots 1 through 6 of Block 2, and Lot 1 in Block 3 of Third Street Square Subdivision, according to the official plat thereof, filed in Book 117 of Plats at Page(s) 17687 through 17689, records of Ada County, Idaho. |
Area Information
| State | ID |
|---|---|
| County | Ada |
| City | Meridian |
| Zip Code | 83642 |
| Area | Ada |
| School District | West Ada School District |
| Elementary School | Meridian |
| High School | Meridian |
| Listing VS Median (in 83642) | |
Price: $6,950,000 low | high Med: $609,900 sqft: 28,238 low | high Med: 2,279 $ / sqft: $246 low | high Med: $268 On site: 85 low | high Med: 17 | |
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Learn More About This Property
| State | ID |
|---|---|
| County | Ada |
| City | Meridian |
| Zip Code | 83642 |
| Area | Ada |
| School District | West Ada School District |
| Elementary School | Meridian |
| High School | Meridian |
| Listing VS Median (in 83642) | |
Price: $6,950,000 low | high Med: $609,900 sqft: 28,238 low | high Med: 2,279 $ / sqft: $246 low | high Med: $268 On site: 85 low | high Med: 17 | |