Mid 6% Cap Rate on 25 units in Nampa Idaho. Low income/Section 42

[StacyA McBain]

Enjoy an above-market return on this '93 built, 25-unit apartment with constant waiting list + quality mgmt. Low-income/Section 42 units has rising rents and profits. Proforma and rent schedule available upon request. All are "end units" in duplex set up, with highly desirable 3/2 split bdrm floor plans. 10 duplexes/20 units nestled at the end of a cul-de-sac. 5 units sit 11 and 12 blocks away (2 duplexes and 1 SFR in same build/style). Well maintained. This is a rare find in the greater Boise area, both in terms of size and return/price. On irrigation water.

Northside Apts is 3 parcels sold together: 20 units at 2016 5th St N; 2 units at 320 & 324 10th Ave N; and 3 units at 508, 510, 512 10th Ave N in Nampa. Manager is required to follow section 42 Low Income Housing Tax Credit requirements, and is well-versed; compliance fees included in proforma. Allowable rent updates again in May/every May. Tax credits have been expended and no tax credits remain. Expiration of LIHTC status is 2033. WaFed is current lender and has financials in place for this property. 

Please email me directly [email protected] for proforma. 

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