First and Fourth 100 4th W st 15 Unit Apartment Building $12,563,280 CAD ($837,552 CAD/Unit) 6% Cap Rate Ketchum, ID 83340

Completed in the Summer of 2023, First & Fourth is a mixed-use, three-story building spanning more than 38,000 gross square feet atop a 31-parking space underground garage. This is Idaho's first Mass Timber/CLT constructed mixed- use building designed by Pivot Architecture North. The project was recognized by the Idaho Chapter’s American Institute of Architects as the Best Use of Wood project in 2023. The building is the latest mixed-use property completed by Ketchum-based developer, Jack Bariteau. Since 1998, Mr. Bariteau has developed in excess of 175,000 square feet of mixed-use and residential properties in downtown Ketchum, Idaho.
The property offered for sale is composed of five separately platted condominium units that span more than 15,400 Net Rentable Square feet. Three of the condominium units contain 15 individual apartments ranging in size from 598 to 823 square feet in studio and one-bedroom floor plans. The remaining two condominium (commercial) units are located on the first floor of the building and are fully improved as executive office suites and one primary office space that is available for lease. The 15 workforce apartments are currently deed-restricted under a recorded covenant that controls occupancy by income limits and income category. The deed restriction will be removed under the terms of the Development Agreement for the project with the City of Ketchum for the 12 apartments located on the western-facing side of the building upon execution of a 50-year Master Lease with the developer of The Harriman, which is a hotel and residence project now under construction 4 blocks southeast of First & Fourth.
The building is managed by a condominium owners association ("HOA") and Owner is a Board of Director with controlling majority voting authority in the recorded CC&R's. The HOA manages the overall building and sets annual operating budgets and HOA prorated dues to each condominium owner annually. The HOA maintains full replacement insurance and liability with individual condominium owners required to maintain ‘interior walls in’ replacement insurance.