Don't miss this exceptional opportunity to acquire a multi-family portfolio in the heart of Idaho Falls. This offering packages three separate buildings and a detached garage into one powerful income producing asset: 224 S Water Ave, 240 S Water Ave, 170 Maple St, and a bonus detached 2-stall garage. The numbers speak for themselves. With 8 of 10 units currently active, including a cash-flowing Airbnb unit, the portfolio generates $8,175/month ($98,100/year) in gross rent at over a 7.12% cap rate. Two units are actively being marketed, and once filled, the stabilized cap rate climbs to almost 10%. 5,900 total square feet across the portfolio means low price-per-square-foot and room to grow. Every unit is move-in ready and comes with a refrigerator and range. Tenants enjoy individual units across well-maintained separate buildings with off-street parking. With no HOA, public utilities, low 2025 taxes of just $4,489, and leases already in place, the heavy lifting is done. Whether you're deploying a 1031 exchange, adding to an existing portfolio, or making your first commercial-scale move this is the kind of asset that holds value, attracts tenants, and quietly builds wealth.
For sale
$1,100,000
224 S Water Ave, Idaho Falls, ID 83402
12beds
5,900sqft
Multi Family
Built in 1940
-- sqft lot
$1,032,800 Zestimate®
$186/sqft
$-- HOA
What's special
Off-street parking
- 42 days |
- 240 |
- 8 |
Zillow last checked:
Listing updated:
Listed by:
Eli Dahlin 208-223-5853,
Silvercreek Realty Group
Source: SRMLS,MLS#: 2187531
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 12
- Bathrooms: 10
- Full bathrooms: 10
Heating
- Electric
Cooling
- None
Appliances
- Laundry: Coin Operated Laundry
Features
- Basement: Finished,Partial
Interior area
- Total structure area: 5,900
- Total interior livable area: 5,900 sqft
- Finished area above ground: 5,300
- Finished area below ground: 600
Video & virtual tour
Property
Parking
- Total spaces: 2
- Parking features: Garage
- Garage spaces: 2
Lot
- Size: 0.36 Acres
Details
- Parcel number: RPA1740020010A
- Zoning description: General Zoning: Not Verified,Specific Zoning: Not Verified
Construction
Type & style
- Home type: MultiFamily
- Property subtype: Multi Family
Materials
- Block, Frame, Primary Exterior Material: Block, Primary Exterior Material: Hardboard/Composition
- Foundation: Concrete Perimeter
- Roof: Membrane,Metal
Condition
- Year built: 1940
Utilities & green energy
- Electric: Idaho Falls Power, Separate Power Meters
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Subdivision: Original Townsite
HOA
- Has HOA: No
Location
- Region: Idaho Falls
Financial & listing details
- Price per square foot: $186/sqft
- Tax assessed value: $443,325
- Annual tax amount: $4,489
- Date on market: 7/3/2026
- Listing terms: Cash,Conventional,1031 Exchange
- Inclusions: Fridge And Range In Each Unit
- Exclusions: Tenant And Sellers Personal Property
- Tenant pays: Electricity, Sewer, Trash Collection, Water
Estimated market value
$1,032,800
$981,000 - $1.08M
$974/mo
Price history
| Date | Event | Price |
|---|---|---|
| 7/3/2026 | Listed for sale | $1,100,000-8.3%$186/sqft |
Source:  SRMLS #2187531 Report a problem | ||
| 3/7/2024 | Listing removed | $1,200,000$203/sqft |
Source: SRMLS #2162494 Report a problem | ||
| 12/12/2023 | Listed for sale | $1,200,000$203/sqft |
Source: SRMLS #2162494 Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $4,463 +8.1% | $443,325 |
| 2024 | $4,129 -0.6% | $443,325 +1.4% |
| 2023 | $4,156 +8.6% | $437,290 +25.2% |
| 2022 | $3,828 +20.2% | $349,310 +41.5% |
| 2021 | $3,185 -18% | $246,870 +11.7% |
| 2020 | $3,885 +22% | $221,031 +5.9% |
| 2019 | $3,185 -18% | $208,721 -2.5% |
| 2018 | $3,885 +4.3% | $214,111 +3.8% |
| 2017 | $3,726 +3.7% | $206,241 +4.6% |
| 2016 | $3,595 | $197,191 +6.4% |
| 2015 | $3,595 +2.1% | $185,391 |
| 2014 | $3,520 -8.8% | $185,391 -11.9% |
| 2013 | $3,858 | $210,466 +0.2% |
| 2012 | -- | $210,126 +29.6% |
| 2011 | $3,822 +9.7% | $162,100 -24.5% |
| 2010 | $3,484 | $214,706 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: 83402
Nearby schools
GreatSchools rating
- 4/10Hawthorne Elementary SchoolGrades: PK-6Distance: 0.4 mi
- 4/10Eagle Rock Junior High SchoolGrades: 7-8Distance: 1.6 mi
- 3/10Skyline Senior High SchoolGrades: 9-12Distance: 1.4 mi
Schools provided by the listing agent
- Elementary: HAWTHORNE 91EL
- Middle: TAYLOR VIEW 91JH
- High: IDAHO FALLS 91HS
Source: SRMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
- $6501 bd1 ba-- sqft224 S Water Ave #3, Idaho Falls, ID 83402For Rent
- $---- bd-- ba3.6k sqft218 S Water Ave, Idaho Falls, ID 83402Sold
- $--1 bd1 ba-- sqft218 S Water Ave #5, Idaho Falls, ID 83402Off Market
- $---- bd1 ba-- sqft218 S Water Ave #6, Idaho Falls, ID 83402Off Market
- $--1 bd1 ba-- sqft218 S Water Ave APT 7, Idaho Falls, ID 83402Off Market
- $--1 bd1 ba-- sqft218 S Water Ave APT 1, Idaho Falls, ID 83402Off Market
- $9501 bd1 ba-- sqft218 S Water Ave #4, Idaho Falls, ID 83402For Rent
- $---- bd1 ba-- sqft218 S Water Ave APT 3, Idaho Falls, ID 83402Off Market
A local agent can set up tours, give advice and negotiate with sellers.
A local lender can help you make sure your offer is ready when you are.
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