431 3RdRexburg, ID 83440

This exceptional 16-unit apartment building in Rexburg, Idaho presents a compelling value-add investment opportunity. Located at 431 S 3rd W, this 20,576 square foot property, built in 2017, offers a current NOI of $185,559 and a pro-forma NOI of $259,944, translating to a 4.64% cap rate and a projected 6.50% pro-forma cap rate. The asking price is $3,999,999, or $194.40 per square foot and $249,999.94 per unit. Each of the 16 units boasts 1,286 square feet, featuring three bedrooms and two bathrooms, complete with in-unit washer/dryer, and all furnishings are included. The property benefits from ample parking (3 spaces per unit) and an all-inclusive HOA covering water, sewer, garbage, gas, TV, internet, and snow removal. Zoned HDR1, the property is approved for short-term rentals (STRs), making it ideal for immediate income generation. The building features concrete perimeter foundations, architectural roofing, central air conditioning, and forced-air gas heating. Construction materials include brick, block, and frame, with block, metal, and vinyl exterior finishes. Public water and sewer services are available. The property's proximity to Brigham Young University-Idaho (BYUI) ensures high occupancy rates. This turnkey investment is ready for immediate income generation and offers significant potential for increased profitability through value-add strategies. The condo conversion was completed in mid-June 2022. While rentals are permitted for off-track students, online students, married couples, and the general public, there are restrictions for single students currently enrolled at BYUI.