Haven on State 5110 W State St 48 Unit Apartment Building For Sale Boise, ID 83703

Haven on State presents a rare opportunity to acquire a newly constructed, 48-unit multifamily asset in Boise’s highly desirable North Boise submarket. Completed in 2024, the property features modern finishes, open-concept layouts, and private balconies, catering to strong renter demand in a supply-constrained market. With in-place rents below market averages and near-term lease rollover, investors have a clear path to immediate income growth in one of the region’s most dynamic rental markets.
- YTD NOI exceeds budget by 10.3%
- Walking distance to Lake Harbor and Boise’s Greenbelt
- Strong stabilized occupancy with 47 of 48 units currently occupied
- Favorable leasing schedule heavily weighted towards stronger summer months
- Incredible location bracketed by the Boise River and Foothills, just minutes from Downtown Boise
- Boise market-wide average rents of approximately $1,680, compared with current in-place rents of $1,333
- New construction with modern finishes, open-concept layouts, private balconies, full-size appliances and in-unit washers and dryers
- Current in-place rents remain below market, creating an opportunity to capture approximately $19,300 in annualized revenue upside as rents are brought to market
- Market Tailwinds- Boise occupancy rates remain above 95%. New construction starts are down 60%+ from peak, and Micron’s chip fab will add thousands of jobs by 2027. Attractive agency financing is available with $6M+ loan proceeds