119 E King St 4 Unit Apartment Building $1,360,105 CAD ($340,026 CAD/Unit) 5.87% Cap Rate Meridian, ID 83642

Downtown Meridian 4-Plex offering stable in-place income with a clearly defined path to increased returns through renovation and lease rollover.
The property features a desirable unit mix of two 3-bedroom and two 2-bedroom units, supporting strong and consistent rental demand. Three units are currently leased through December 2026, providing reliable and predictable income, while one unit is undergoing renovation, creating an immediate opportunity to increase rental revenue upon completion.
Current rents remain below market levels, presenting a measurable opportunity for investors to improve performance over time. As leases naturally roll, rents can be repositioned to align with current market conditions, allowing for incremental income growth without the need for a full property reposition.
Operating expenses have been adjusted to reflect true property performance, excluding non-operational ownership costs such as debt service and administrative overhead. Based on current operations, the property produces an in-place cap rate of approximately 5.87%, with near-term potential to exceed 6.0% following renovation, and stabilized returns projected in the mid-6% range as lease rollover occurs.
The property benefits from its location in the heart of downtown Meridian, offering walkable access to restaurants, retail, and community amenities. Continued growth, redevelopment, and increasing demand for rental housing in the area support both near-term leasing strength and long-term investment stability.
Zoned Old Town District (OT), the property allows for higher density residential use and potential mixed-use flexibility, providing long-term optionality beyond current income performance. This creates additional value for investors considering both hold and future redevelopment strategies.
The units have been converted to condominiums and are individually parceled; however, the property is being marketed and sold as a single 4-unit investment package. This structure provides potential flexibility for future disposition while maintaining the benefits of a multi-unit investment.
This offering is well suited for investors seeking a stabilized asset with immediate income, defined upside, and long-term flexibility in one of the Treasure Valley’s most active and growing submarkets.