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Mor Furniture at District 208 1509 Caldwell Blvd 60,340 SF Retail Building Nampa, ID 83651 $2,100,000 ($34.80/SF) 5% Cap Rate
Investment Highlights
- A privately-owned company, acquired in February 2020 for $68.4M by Healthcare Co. Ltd, and is now one of the West Coast’s largest furniture retailers
- Offered at an extremely low basis of $35 per building square foot and $11.46 per land square foot
- Current ownership completely rebuilt and renovated the eastern facade of the store
- This location ranks first in the state in terms of visits, per Placer.ai
- Effective NOI of $1.74/SF with a modified gross lease structure, paying directly for utilities serving their space
- Mor has occupied the premises for nearly 9 years and has just recently excuted their first of four, five-year options
Executive Summary
The Offering provides the opportunity to acquire an incredibly low-rent, freestanding Mor Furniture for Less (Mor Furniture), at the newly reimaged mixed-use District 208. Formerly known as Karcher Mall, District 208 has undergone a full redevelopment, including the demising of the interior mall and construction of a new 252-unit apartment community. The Subject Property also received a complete rebuild and renovation of the east side of the store. This is an opportunity for an investor to acquire a 60k square foot building at only $35/SF on over four acres of land within District 208. Mor Furniture pays only $3.16 per square foot on a modified gross lease that has 6% increases every 5 years, yielding an NOI per square foot of approximately $1.74. This location is the #1 ranked Mor Furniture in Idaho per Placer.ai. This offering will create an incredible building or land basis for future retenanting or redevelopment. Once complete, District 208 will be home to many new and existing retail tenants, a built-in consumer base, and a revived vibrancy of a repositioned mall. Nampa, Idaho continues to expand its residential and business base and was named one of the country’s fastest-growing cities in 2024.
Property Facts
Sale Type
Investment
Property Type
Retail
Building Size
60,340 SF
Building Class
B
Year Built
1965
Price
$2,100,000
Price Per SF
$34.80
Cap Rate
5%
NOI
$105,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.33
Lot Size
4.21 AC
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
20/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 121432010 | Improvements Assessment | $2,394,800 |
| Land Assessment | $2,200,660 | Total Assessment | $4,595,460 |
Property Taxes
Parcel Number
121432010
Land Assessment
$2,200,660
Improvements Assessment
$2,394,800
Total Assessment
$4,595,460
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Mor Furniture at District 208 | 1509 Caldwell Blvd
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