224 Water Avenue, Idaho Falls, ID 83402

Idaho Falls
Local realty services provided by:Better Homes and Gardens Real Estate 43° North
224 Water Avenue,Idaho Falls, ID 83402
$995,000
Virtual Tour
  • 12 Beds
  • 10 Baths
  • 5,900 sq. ft.
  • Multi-family
  • Active
Listed by: eli dahlin
Office: silvercreek realty group
MLS#:2187531
Source:ID_SRMLS

Price summary

  • Price:$995,000
  • Price per sq. ft.:$168.64

About this home

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...

Contact an agent

contact an agent

Yes, I would like more information. Please use and/or share my information with a BHGRE®  affiliated agent to contact me about my real estate needs. By clicking Send message, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a BHGRE®  affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (CENTURY 21® , Coldwell Banker® , Corcoran® , ERA® , Sotheby's International Realty® ). I acknowledge that I have read and agree to theTerms of useandPrivacy notice

Home facts

  • Year built:1940
  • Subdivision & Development:ORIGINAL TOWNSITE
  • Listing ID #:2187531
  • Added:90 day(s) ago
  • Updated:October 01, 2026 at 08:44 PM

Rooms and interior

  • Bedrooms:12
  • Total bathrooms:10
  • Full bathrooms:10
  • Basement Description:Finished, Partial
  • Living area:5,900 sq. ft.

Heating and cooling

  • Heating:Electric

Structure and exterior

  • Roof:Membrane, Metal
  • Year built:1940
  • Building area:5,900 sq. ft.
  • Lot area:0.36 Acres
  • Construction Materials:Block, Hardboard/Composition
  • Foundation Description:Concrete Perimeter

Schools

  • High school:IDAHO FALLS 91HS
  • Middle school:TAYLOR VIEW 91JH
  • Elementary school:HAWTHORNE 91EL

Utilities

  • Water:Public
  • Sewer:Public Sewer

Finances and disclosures

  • Price:$995,000
  • Price per sq. ft.:$168.64
  • Tax amount:$4,489 (2025)

Parking

  • Garage spaces:2

New listings near 224 Water Avenue