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Ada County Four-Plex Sales in September, 2014

For the first time in over four years, there were no short sales or bank-owned property sales within Ada County for four-plexes, during a calendar month. In September, we had 6 non-distressed four-plex sales at an average sales price of $337,000. The average days on market over the past six months has been right at two months, which translates into about a month on the market with another month to close an accepted deal. Cap rates are right at 6% with an average Gross Rent Multiplier (GRM) of 117 (trailing 6 months). Using GRM for a quick valuation, that means a four-plex with rents of $3,000 per month is roughly worth about $350,000.

Cooper Canyon Apartments, Boise, Idaho
Cooper Canyon Four-Plexes -- Meridian, Idaho

There are not a lot of four-plexes currently listed, which is likely helping higher sales prices. If you are a potential Seller, it's a good time to list your property. With little inventory, Buyers will likely need to jump on something or expect a longer process finding something that fits their needs.

Tony Drost, President, First Rate Property Management, Inc.
Tony Drost, President
First Rate Property Management, Inc.
Boise, Idaho
Contact me for more information about the Investment Real Estate and Property Rental markets in Boise and Idaho.

Tony Drost
Boise Real Estate Market

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