What is the asking price for 5-Unit Rental Investment Opportunity?

The lease rate for space here is Contact for pricing.

What is the total size of 5-Unit Rental Investment Opportunity?

The property has a total square footage of 1,852 SF.

When was this property built?

5-Unit Rental Investment Opportunity was built in 1900.

How many parking spaces are available at 5-Unit Rental Investment Opportunity?

Parking information for the property isn't currently listed. However, other nearby parking options include CMP Visitor Parking, located 0.43 miles away , and State of Idaho CMP Parking, which is 0.49 miles away.

235 E Warm Springs Ave, Boise, ID 83712

For Sale $850,000
Property Type Multi-Family
Property Size 1,852 SF
Units 5
Lot Size 0.1 Acre
Year Built 1900
Year Renovated 2026
Date Updated Jul 27, 2026

Description

Prime walkable location near downtown, BSU, St. Luke’s, the Greenbelt, parks, and shopping, ideal for both visitors and long‑term tenants.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.

Highlights

All 5 apartments, the building exterior, and the parking area have all been renovated in the past 7 years.
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.
Flexible income profile historically rented as 3 short term Airbnb rentals plus 2 long term units, diversifying cash flow and smoothing seasonality.
High demand location creates strong renter and guest pull, with an excellent opportunity to target traveling nurses, hospital staff, and Airbnb guests.
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%.
Prime walkable location near downtown, BSU, St. Luke’s, the Greenbelt, parks, and shopping, ideal for both visitors and long term tenants.