40 Franklin Rd Meridian, ID 83642

Franklin Plaza, located at 40 W Franklin Rd, Meridian, ID 83642, presents a compelling investment opportunity. This single-story, 7,487 square foot office building, constructed in 1937 and situated on a 0.46-acre lot, offers 7,000 square feet of net rentable space divided into five units, each with its own restroom and separate entry. Currently operating at 100% occupancy with five tenants, the property generates a Net Operating Income (NOI) of $55,200, representing a 5.63% cap rate. A pro-forma NOI of $71,280 and a pro-forma cap rate of 7.27% indicate significant upside potential. Gross monthly rents currently total $5,660. The building's configuration allows for potential expansion to eight units. While the original structure served as a motel, substantial renovations and additions have been made. Rents haven't been increased since 2018, presenting a clear opportunity to boost income. The asking price is $980,000, translating to a price per square foot of $130.89. This property offers a rare chance to acquire a well-located, fully leased office building with substantial potential for increased profitability. All information should be verified independently by the buyer. Showings are by appointment only.