Third Street Square
28-unit multi-family project in highly sought-after Meridian, Idaho
Marketing description
324 NE 3rd Street represents a 28-unit multi-family investment grade 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 the common areas, 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 its 2018 construction 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. A Confidentiality Agreement is required to provide a current rent roll and income and expense data.
Investment highlights
324 NE 3rd Street represents a 28-unit multi-family investment grade 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 the common areas, 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 its 2018 construction 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. A Confidentiality Agreement is required to provide a current rent roll and income and expense data.
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