Contacts

Andrew Boespflug

TOK Commercial

Property Details

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 31, 2026

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.

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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.