235 E Warm Springs Ave
- Classic 5 unit multifamily on iconic Warm Springs Avenue with East End character and rare small scale density.
- Easy 4 unit conversion by adding a door between Apartments 1 and 2, unlocking potential 4 plex financing benefits.
- Prime walkable location near downtown, BSU, St. Luke’s, the Greenbelt, parks, and shopping, ideal for both visitors and long term tenants.
- Flexible income profile historically rented as 3 short term Airbnb rentals plus 2 long term units, diversifying cash flow and smoothing seasonality.
- Long and short term rentals are fully managed by a 3rd party property management company. If the buyer wants to self manage, they could increase cash flow by approximately 30%.
- High demand location creates strong renter and guest pull, with an excellent opportunity to target traveling nurses, hospital staff, and Airbnb guests.
- All 5 apartments, the building exterior, and the parking area have all been renovated in the past 7 years.
Property Description
235 Warm Springs Avenue is a classic five unit multifamily investment located along Boise’s iconic Warm Springs Avenue, featuring three short term rentals and two long term rental units. Offered at $850,000, the property generated a 2025 net operating income of $46,153, reflecting a 5.43 percent cap rate. All five apartments, the building exterior, and the parking area have been renovated within the past seven years. The property also offers an easy conversion to four units by connecting Apartments 1 and 2, which may provide access to beneficial fourplex financing. Its walkable East End location near Downtown Boise, Boise State University, St. Luke’s, the Greenbelt, parks, and shopping supports continued demand from visitors and long term tenants.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $850,000 |
| No. of Units: | 5 |
| Year Built: | 1900 |
| Lot Size: | 0.10 Acres |
| Opportunity Zone: | No |
| Price per unit: | $170,000 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
41987 Shore Acres Rd
Loon Lake, Washington
91500 CAPE ARAGO Hwy
CoosBay, Oregon
9300 N New York Ave
Portland, OregonBrokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout