Active

$995,000

For sale

224 S••••• Water Ave (Sign up for 50 free credits to unlock)Idaho Falls, ID 83402

12Beds

10Baths

5,900Sq Ft Living

15,499Sq Ft Lot

1940Year Built

Property Description

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.

Property Facts & Features

Property Type: Multi Family
Status: Active
Listed: Jul 2, 2026
Price per Sq Ft: $169/sqft
ZIP Code: 83402
Full Baths: 10
Garage: 2 spaces
Parking: 2
Heating: Electric
Construction: Block, Frame, Block, Hardboard/Composition
Neighborhood: Tautphaus
County: Bonneville
School District: Idaho Falls District

Features & Amenities

Bedrooms

Bedrooms: 12

Bathrooms

Total Bathrooms: 10
Full Bathrooms: 10

Land Info

Lot Size Acres: 0.3558
Lot Size Square Feet: 15499

Utilities

Electric: Separate Power Meters, Idaho Falls Power
Sewer: Public Sewer
Water Source: Public

Appliances

Laundry Features: Coin Operated Laundry

Other Rooms

Basement Features: Finished, Partial

Rental Info

Number of Units Leased: 10
Tenant Pays: Electricity, Sewer, Trash Collection, Water

Multi-Unit Info

Number of Units: 10

Garage and Parking

Covered Spaces: 2
Garage Spaces: 2
Parking Total: 2

School Information

Elementary School: Hawthorne 91EL
High School: Idaho Falls 91HS
Middle School: Taylor View 91JH

Heating and Cooling

Heating Features: Electric

Other Property Info

Annual Tax Amount: 4489
Source Listing Status: Active
County: Bonneville
Directions: From S Blvd and Elm - Head E on Elm, then right onto Water to property address
Tax Year: 2025
Exclusions: Tenant And Sellers Personal Property
Inclusions: Fridge And Range In Each Unit
Source Neighborhood: Original Townsite
Parcel Number: RPA1740020010A
Subdivision: Original Townsite
Zoning Description: General Zoning: Not Verified, Specific Zoning: Not Verified
Flood Plain: N
Property Subtype: Multi Family

Homeowners Association

Association: No
Calculated Total Monthly Association Fees: 0

Building and Construction

Total Square Feet Living: 5900
Year Built: 1940
Above Grade Finished Area: 5300
BelowGradeFinishedArea: 600
Building Area Total: 5900
Building Area Units: Square Feet
Construction Materials: Block, Frame, Block, Hardboard/Composition
Foundation Details: Concrete Perimeter
Living Area Units: Square Feet
Property Age: 86
Roof: Membrane, Metal
Total Below Grade Area: 600

Price & Event History

Date	Event	Price	$/Sq Ft
Sep 30, 2026	Price Changed	$995,000	$169
Aug 19, 2026	Price Changed	$1,050,000	$178
Jul 2, 2026	Listed	$1,100,000	$186

Nearby Schools

4/10
Hawthorne Elementary School
Public · Elementary · Grades K-6
0.4 mi
3/10
Skyline Senior High School
Public · High · Grades 9-12
1.4 mi
4/10
Eagle Rock Junior High School
Public · Middle · Grades 7-8
1.6 mi
NR
The King's Academy
Private · Elementary, Middle, High · Grades 1-11
0.3 mi