Mor Furniture at District 208
Single Tenant Mor Furniture Located in Boise MSA
Marketing description
The Offering provides the opportunity to acquire an incredibly low-rent, freestanding Mor Furniture for Less (Mor Furniture), at the newly reimaged mixed-use District 208. Formerly known as Karcher Mall, District 208 has undergone a full redevelopment, including the demising of the interior mall and construction of a new 252-unit apartment community. The Subject Property also received a complete rebuild and renovation of the east side of the store. This is an opportunity for an investor to acquire a 60k square foot building at only $35/SF on over four acres of land within District 208. Mor Furniture pays only $3.16 per square foot on a modified gross lease that has 6% increases every 5 years, yielding an NOI per square foot of approximately $1.74. This location is the #1 ranked Mor Furniture in Idaho per Placer.ai. This offering will create an incredible building or land basis for future retenanting or redevelopment. Once complete, District 208 will be home to many new and existing retail tenants, a built-in consumer base, and a revived vibrancy of a repositioned mall. Nampa, Idaho continues to expand its residential and business base and was named one of the country’s fastest-growing cities in 2024.
Investment highlights
Mor Furniture is a privately-owned company, acquired in February 2020 for $68.4M by Healthcare Co. Ltd, and has grown to be one of the West Coast’s largest furniture retailers.
This location ranks first in the state in terms of visits, per Placer.ai.
Offered at an extremely low basis of $35 per building square foot and $11.46 per land square foot.
Effective NOI of $1.74/SF with a modified gross lease structure, paying directly for utilities serving their space.
Current ownership completely rebuilt and renovated the eastern facade of the store.
MOR was recently aquired by Healthcare Co. Ltd, a global home furnishings juggernaut with 20 holding companies globally, including MLILY USA, and a publicly traded company on the Shanghai Stock Exchange.
Mor has occupied the premises for nearly 9 years and has just recently excuted their first of four, five-year options.
Part of District 208, the former Karcher Mall, has undergone a significant transformation with a new lease executed by Boot Barn and several more under negotiation with national tenants.
New 252-unit apartment community rounds out the redevelopment of District 208, which opened spring 2024.
Caldwell Blvd receives 34K VPD and is one of the main north-south arterials that connects Caldwell to the north and Nampa to the south, both of which are among the state's fastest-growing cities. The Property is just 20 miles west of Boise and a short drive from Meridian via I-84.
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Similar Properties
Additional Information
Is there information that looks off?
