5-Unit Rental Investment Opportunity

Investment Overview

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.

Investment Highlights

• 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.