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6276 W Maine St 3,596 SF Retail Building Spirit Lake, ID 83869 $634,500 ($176.45/SF) 6.66% Cap Rate
Investment Highlights
- Strong returns: $42,000 annual income ($3,500/month) with a 6.2% gross cap rate.
- Turnkey operation: Fully occupied with stable tenants and low turnover.
- Updated systems: Recent roof and exterior paint.
- Immediate upside: Below-market rents offer clear value-add potential.
- Mixed-use stability: Diversified income from 1 commercial + 3 residential units.
- Prime location: On Maine Street, just a block from Spirit Lake.
Executive Summary
Prime 4-unit (1 commercial 3 apartments) investment property in Spirit Lake generating $42,000 annually ($3,500/month) at a strong cap rate with immediate value-add potential through below-market rents. This well-maintained 3,600 sq ft multifamily with ground floor commercial space features updated roof and paint, stable tenants, separate utilities, great location on Maine Street, just a block to the lake, and perfectly positioned as a gateway to North Idaho. Potential opportunity with any building update grants through National Historic Register. Current rents are below market rates, providing additional annual income potential. Turnkey investment ready to transfer - all units occupied with low turnover in North Idaho's high-demand rental market!
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$42,000
|
$11.68
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$42,000
|
$11.68
|
| Taxes |
$1,805
|
$0.50
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$1,805
|
$0.50
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $42,000 |
| Annual Per SF | $11.68 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $42,000 |
| Annual Per SF | $11.68 |
| Taxes | |
|---|---|
| Annual | $1,805 |
| Annual Per SF | $0.50 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $1,805 |
| Annual Per SF | $0.50 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
3,596 SF
Building Class
C
Year Built
1910
Price
$634,500
Price Per SF
$176.45
Cap Rate
6.66%
NOI
$42,240
Tenancy
Single
Building Height
2 Stories
Building FAR
1.03
Lot Size
0.08 AC
Frontage
27’ on Maine Street
Fairly walkable
40/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | S45000170120 | Total Assessment | $104,857 (2025) |
| Land Assessment | $60,500 (2025) | Annual Taxes | $1,805 ($0.50/SF) |
| Improvements Assessment | $44,357 (2025) | Tax Year | 2024 |
Property Taxes
Parcel Number
S45000170120
Land Assessment
$60,500 (2025)
Improvements Assessment
$44,357 (2025)
Total Assessment
$104,857 (2025)
Annual Taxes
$1,805 ($0.50/SF)
Tax Year
2024
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6276 W Maine St
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