Multifamily

Cherrylane Apartments

344 Gruber Ave, Meridian, ID 83642

Listing Price: Request For Offer

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the Cherrylane Apartments, an 44-unit value-add multifamily asset ideally located at 344 E Gruber Ave in Meridian, Idaho. Cherrylane is located just 12-miles from Downtown Boise, providing exceptional access to the regions thriving economy. The city of Meridian offers a dynamic setting enhanced by rapid growth, expanding lifestyle + economic opportunities . Identified as Idahos fastest growing city and the 7th fastest growing city in the United States, Meridian is currently growing at a rate of 3.93% annually and its population has grown over 54% between 2010-2020. Conservative estimates suggest that the city will continue its growth to expand by +/- 36,000 residents by 2030.
Developed in 1992, Cherrylane is comprised of 44 two-bedroom one-bath units each 900 square feet, a total of 39,600 rentable square feet. The apartment units feature open floor plans, fully-equipped kitchens, washer and dryer hook-ups, ceiling fans, and covered carport parking spaces. The property has eleven buildings situated on 2.29 acres.
Cherrylane currently has 100 percent occupancy and continues to show demand for these units. Potential owners can benefit from a value-add opportunity available through apartment interior and exterior renovations. Comparable properties that have been renovated show rental premiums between $900-$1,100 a unit, suggesting substantial upside remaining. Market rents in the Boise Metro, continue to increase (7.5% increase in effective rents year over year) and vacancy continues to decrease (5.4% compared to 6.8% National Average), showing the metros strong position and appeal.

Investment Highlights

  • Value add opportunity with rents well below market
  • Price/unit well below market
  • Ideally located in Meridian, Idaho, just 15 minutes from downtown Boise

Exclusively Listed By

  • Daniel Shin

    Senior Managing Director Investments

    (801) 736-2628

    Email Daniel

    License(s): UT: 6298928-SA00, ID: SP38035

    Salt Lake City

  • Brock Zylstra

    First Vice President Investments

    (801) 736-2642

    Email Brock

    License(s): UT: 8726586-SA00, ID: SP47190

    Salt Lake City

Broker of Record

  • Paul Ryan

    Senior Associate

    License(s): ID: DB39666

    Idaho

Investment Highlights

  • Value add opportunity with rents well below market
  • Price/unit well below market
  • Ideally located in Meridian, Idaho, just 15 minutes from downtown Boise

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the Cherrylane Apartments, an 44-unit value-add multifamily asset ideally located at 344 E Gruber Ave in Meridian, Idaho. Cherrylane is located just 12-miles from Downtown Boise, providing exceptional access to the regions thriving economy. The city of Meridian offers a dynamic setting enhanced by rapid growth, expanding lifestyle + economic opportunities . Identified as Idahos fastest growing city and the 7th fastest growing city in the United States, Meridian is currently growing at a rate of 3.93% annually and its population has grown over 54% between 2010-2020. Conservative estimates suggest that the city will continue its growth to expand by +/- 36,000 residents by 2030.
Developed in 1992, Cherrylane is comprised of 44 two-bedroom one-bath units each 900 square feet, a total of 39,600 rentable square feet. The apartment units feature open floor plans, fully-equipped kitchens, washer and dryer hook-ups, ceiling fans, and covered carport parking spaces. The property has eleven buildings situated on 2.29 acres.
Cherrylane currently has 100 percent occupancy and continues to show demand for these units. Potential owners can benefit from a value-add opportunity available through apartment interior and exterior renovations. Comparable properties that have been renovated show rental premiums between $900-$1,100 a unit, suggesting substantial upside remaining. Market rents in the Boise Metro, continue to increase (7.5% increase in effective rents year over year) and vacancy continues to decrease (5.4% compared to 6.8% National Average), showing the metros strong position and appeal.

Exclusively Listed By

  • Daniel Shin

    Senior Managing Director Investments

    (801) 736-2628

    Email Daniel

    License(s): UT: 6298928-SA00, ID: SP38035

    Salt Lake City

  • Brock Zylstra

    First Vice President Investments

    (801) 736-2642

    Email Brock

    License(s): UT: 8726586-SA00, ID: SP47190

    Salt Lake City

Broker of Record

  • Paul Ryan

    Senior Associate

    License(s): ID: DB39666

    Idaho

MM Texture Background
MM Textured Background Lower