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1120 S Rackham Way 73,080 SF 100% Leased 4-Star Office Building Meridian, ID 83642 $20,444,000 ($279.75/SF) 7.25% Cap Rate
Investment Highlights
- INSTITUTIONAL-QUALITY CLASS A CREATIVE OFFICE OPPORTUNITY
- STRATEGIC LOCATION, ECONOMIC DRIVERS - TECH & HEALTHCARE
- STRONG ECONOMIC MARKET WITH TENANT BASE IN MERIDIAN, ONE OF IDAHO'S FASTEST GROWING CITIES
Executive Summary
High-Image Opportunity with High-Visibility
—Institutional-quality Class A construction in a high-visibility location.
—Offered well below replacement cost.
—Strong tenant covenants and long lease terms through 2033.
—Positioned in a high-growth demographic and economic corridor.
—Rent premium over Class B creates income uplift potential.
—Minimal near-term CapEx due to recent completion.
Strong Economic Market With Tenant Base
—Meridian is one of Idaho’s fastest-growing cities, with strong economic fundamentals driving robust demand for Class A office space.
—Meridian population: 139,740 (July 2024), up 18.6% since 2020, growing at ±3.3% annually.
—Ada County grew 85% from 2000–2024; Meridian accounts for 25.6% of the county’s population.
—Median household income: ±$142,982 with ±2.6 occupants per household.
Strategic Location, Economic Drivers – Tech and Healthcare
—Technology Growth — Boise is emerging as a tech hub, attracting startups and remote workers seeking quality of life and affordability.
—Healthcare & Professional Services — Rapid population growth supports healthcare systems and professional firms, increasing office requirements.
—Institutional-quality Class A construction in a high-visibility location.
—Offered well below replacement cost.
—Strong tenant covenants and long lease terms through 2033.
—Positioned in a high-growth demographic and economic corridor.
—Rent premium over Class B creates income uplift potential.
—Minimal near-term CapEx due to recent completion.
Strong Economic Market With Tenant Base
—Meridian is one of Idaho’s fastest-growing cities, with strong economic fundamentals driving robust demand for Class A office space.
—Meridian population: 139,740 (July 2024), up 18.6% since 2020, growing at ±3.3% annually.
—Ada County grew 85% from 2000–2024; Meridian accounts for 25.6% of the county’s population.
—Median household income: ±$142,982 with ±2.6 occupants per household.
Strategic Location, Economic Drivers – Tech and Healthcare
—Technology Growth — Boise is emerging as a tech hub, attracting startups and remote workers seeking quality of life and affordability.
—Healthcare & Professional Services — Rapid population growth supports healthcare systems and professional firms, increasing office requirements.
Property Facts
Sale Type
Investment
Property Type
Office
Building Size
73,080 SF
Building Class
B
LoopNet Rating
4 Star
Year Built
2019
Price
$20,444,000
Price Per SF
$279.75
Cap Rate
7.25%
NOI
$1,482,190
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
24,360 SF
Building FAR
0.42
Lot Size
4.01 AC
Zoning
C-G - General Commercial
Parking
201 Spaces (2.75 Spaces per 1,000 SF Leased)
Amenities
- Fitness Center
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Property Taxes
| Parcel Number | R7319430300 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $24,733,100 |
Property Taxes
Parcel Number
R7319430300
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$24,733,100
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1120 S Rackham Way
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