For Sale
$980,000

40 Franklin RdMeridian, ID 83642

High-Yield Meridian Office, 5 Units, 7,000 SF

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Property Details for 40 Franklin Rd

Property type
Office properties
Square Feet
7,487 SF
Class
C
Year Built
1937
Buildings
1
Stories
1
Lot Size (sq. ft)
20,038 SF
Units
5

Location Insight

City
Meridian
County
Ada
State
Idaho
Latitude
43.604918143246
Longitude
-116.39489481356
40 Franklin Rd, Meridian, Idaho

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40 Franklin Rd
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