Lease · Meridian, ID 83642
324 NE 3rd St., Meridian, ID 83642
Meridian, ID 83642
$6,950,000
PendingMLS® 98988433
324 NE 3rd Street is a 28-unit, investment-grade multifamily 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 a common-area clubhouse, 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 2018 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.
Interior
- Appliances Disposal (All Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (All Units)
- Laundry Washer/Dryer Hookups (All Units)
- Flooring Laminate
- A/C Central Air
- Heating Forced Air, Natural Gas
Exterior and Construction
- Construction materials HardiPlank Type
- Roofing Composition
- Construction HardiPlank Type, Crawl Space
Utilities
- Utilities Sewer Connected
- Water Other
Land and Lot
- Fencing Full, Vinyl, Wood
- Current Use 5+ Units
- Lot description 1 - 4.99 Acres
HOA and Community
- Frequency Annually
Location and Zoning
- County Ada
- Subdivision 0 Not Applic.
- Zoning Lot 1 in Block 1, Lots 1 through 6 of Block 2, and Lot 1 in Block 3 of Third Street Square Subdivision, according to the official plat thereof, filed in Book 117 of Plats at Page(s) 17687 through 17689, records of Ada County, Idaho., R8393710040
Schools
- High School Meridian
- School District West Ada School District
- Elementary School Meridian
- Junior High School Meridian Middle
Tax and Legal
- Annual tax $29,169
- Tax year 2025
- Parcel number R8393710040
- Legal description Lot 1 in Block 1, Lots 1 through 6 of Block 2, and Lot 1 in Block 3 of Third Street Square Subdivision, according to the official plat thereof, filed in Book 117 of Plats at Page(s) 17687 through 17689, records of Ada County, Idaho.
Parking and Garage
- Parking spaces 40
- Garage Carport
Listing Information
- Listing Agent
- Robert Santangelo
- Co-Listing Agent
- Andrew Bussen
- Listing Office
- Real Broker LLC
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