224 S Water Ave, Idaho Falls, ID 83402
- $1,100,000
- 12
- BD
- 10
- BA
- 5,900
- SqFt
- List Price
- $1,100,000
- Status
- ACTIVE
- MLS#
- 2187531
- Subtype
- Residential Income
- Year Built
- 1940
- Bedrooms
- 12
- Bathrooms
- 10
- Full Baths
- 10
- Living Area
- 5,900
- Lot Size
- 15,498
- Price Per Sqft
- $186
- Acres
- 0.36
- Subdivision
- Original Townsite
Property Description
Don't miss this exceptional opportunity to acquire a multi-family portfolio in the heart of Idaho Falls. This offering packages three separate buildings and a detached garage into one powerful income producing asset: 224 S Water Ave, 240 S Water Ave, 170 Maple St, and a bonus detached 2-stall garage. The numbers speak for themselves. With 8 of 10 units currently active, including a cash-flowing Airbnb unit, the portfolio generates $8,175/month ($98,100/year) in gross rent at over a 7.12% cap rate. Two units are actively being marketed, and once filled, the stabilized cap rate climbs to almost 10%. 5,900 total square feet across the portfolio means low price-per-square-foot and room to grow. Every unit is move-in ready and comes with a refrigerator and range. Tenants enjoy individual units across well-maintained separate buildings with off-street parking. With no HOA, public utilities, low 2025 taxes of just $4,489, and leases already in place, the heavy lifting is done. Whether you're deploying a 1031 exchange, adding to an existing portfolio, or making your first commercial-scale move this is the kind of asset that holds value, attracts tenants, and quietly builds wealth.
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Additional Information
- Taxes
- $4,489
- Heating
- Electric
- Air Conditioning
- None
- Roof
- Membrane, Metal
- Foundation
- Concrete Perimeter
- Garage Spaces
- 2
- Elementary School
- Hawthorne 91EL
- Middle School
- Taylor View 91JH
- High School
- Idaho Falls 91HS
Mortgage Calculator
Listing courtesy of Silvercreek Realty Group.