321 Main StCastleford, ID 83321

For Sale
$497,500
Idaho 4-plex, HUD-guaranteed rents

Overview

Added:
Dec 11, 2024
Days on market:
126
This exceptional investment opportunity presents a stabilized, four-unit apartment building located at 321 Main St, Castleford, ID 83321. The property, built in 1982 and extensively renovated in 2020, boasts 3,532 square feet situated on a 0.21-acre lot. The Class B building features two stories and offers six parking spaces. Currently operating at 100% occupancy, this property provides a strong, stable income stream thanks to HUD-guaranteed rental income. The asking price is $497,500, representing $125,000 per unit, with a current cap rate of 7.80% and a pro-forma cap rate of 8.60% reflecting projected rent increases in 2025. The property benefits from recent upgrades including windows, roofs, paint, and sidewalks. HUD provides additional utility reimbursements to the owner, further enhancing profitability. Tenants receive rent assistance, resulting in low turnover. This sale is contingent upon buyer approval for the HUD program and securing a HUD-approved manager or obtaining self-management approval. The seller may consider a Section 1031 exchange. Please note that this property is being sold in conjunction with another four-plex located at a separate address, with a combined asking price of $995,000. Tenants should not be disturbed. The permitted zoning is Commercial. The APN is RPC9501015003BA.

Highlights

  • $497,500 asking price for this stabilized, Class B multifamily apartment building.
  • Four-unit apartment building with 100% occupancy.
  • 7.80% cap rate, 8.60% pro-forma cap rate.
  • 3,532 square feet on a 0.21-acre lot with six parking spaces.
  • Built in 1982, renovated in 2020.

Property Details for 321 Main St

Property type
Apartment buildings
Square Feet
3,532 SF
Class
B
Year Built/Renovated
1982/2020
Buildings
1
Stories
2
Lot Size (sq. ft)
9,148 SF
Units
4

Location Insight

City
Castleford
County
Twin Falls
State
Idaho
Latitude
42.520607184154
Longitude
-114.87174528708
321 Main St, Castleford, Idaho

FAQs

What type of property is this?
Apartment building - Idaho 4-plex, HUD-guaranteed rents
Where is the apartment building located?
The property is located at 321 Main St Castleford, ID.
What is the asking price?
The asking price for this property is $497,500.
What are key features of this property?
This property features: $497,500 asking price for this stabilized, Class B multifamily apartment building.; Four-unit apartment building with 100% occupancy.; 7.80% cap rate, 8.60% pro-forma cap rate.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
321 Main St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message