NOT LISTED FOR SALE

338 E State Ave Meridian, ID 83642

Downtown Meridian Neighborhood

Estimated Value: $426,000 - $648,000

5 Beds
3 Baths
2,809 Sq Ft
$191/Sq Ft Est. Value

Last Sold July 22, 2024

Current estimated payment $3,005/month

5 Days on Market

Highlights

  • RV Access or Parking
  • Forced Air Heating and Cooling System
  • 4-minute walk to Centennial Park
  • Ductless Heating Or Cooling System
  • Wood Fence

About This Home

As of July 2024

Find this GEM in the HEART of "Old Town" Meridian!!! VERY unique property w/MANY options for future possibilities! Duplex w/additional open area being rented to a mobile mechanic for $600/mo. Zoned R-15 with "Opportunity zoning" (hold it for 7 years & no capital gains taxes if buy and hold investing occurs). Possible rezone to "Old Town" & get ZERO setbacks with commercial/residential mix + more lax vertical limits!!! Seller has a proforma that was put together by a real estate developer investment company that can be found in the doc. NO HOAs! Roof: BRAND NEW in 2022 Unit 1: New LVP flooring throughout! Each room has new mini-splits, A huge 24' x 56' COVERED concrete pad w/storage space (Could be a master bed and bath turning this 2/1 into a 3/2.) Unit 2: New kitchen-int paint, pergo/laminate/hardwd floors, 3 bed 2 bath. Carport, fenced man cave, mobile trailer for stg. Unit # 3 Carport enclosure w/new roof. Fully gated with room for 6-8 cars. On site Wtr/Swr cleanout/220 pwr & 110 outlets. FULLY RENTED

Last Agent to Sell the Property

Trina Neddo

Cashflow Real Estate Listed on: 05/03/2024

Last Buyer's Agent

Brian Strand

Silvercreek Realty Group

Silvercreek Realty Group

Property Details

Home Type

  • Multi-Family

Est. Annual Taxes

  • $2,495

Year Built

  • Built in 1927

Lot Details

  • 6,970 Sq Ft Lot
  • Wood Fence
  • Aluminum or Metal Fence
  • Irrigation

Home Design

  • Triplex
  • Frame Construction
  • Composition Roof

Interior Spaces

  • 2,809 Sq Ft Home
  • Crawl Space
  • Stove
  • Washer and Dryer Hookup

Bedrooms and Bathrooms

  • 5 Bedrooms
  • 3 Bathrooms

Parking

  • 5 Parking Spaces
  • Carport
  • RV Access or Parking

Schools

  • Meridian Elementary School
  • Meridian Middle School
  • Meridian High School

Utilities

  • Ductless Heating Or Cooling System
  • Forced Air Heating and Cooling System
  • Separate Meters
  • Cable TV Available

Listing and Financial Details

  • Total Actual Rent $3,850
  • Assessor Parcel Number R1578000290

Community Details

Overview

  • 3 Units

Building Details

  • Operating Expense $5,508
  • Gross Income $46,200
  • Net Operating Income $40,692

Property Details

Home Type

Multi-Family

Est. Annual Taxes

$2,495

Year Built

Built in 1927

Lot Details

0

Listing Details

  • Year Built: 1927
  • Property Sub Type: Triplex
  • Prop. Type: Residential Income
  • Lot Size Acres: 0.16
  • CapRate: 7.9
  • Ownership: Fee Simple
  • Subdivision Name: Cottage Home Ad
  • Carport Y N: Yes
  • Garage Yn: No
  • ResoPropertyType: ResidentialIncome
  • Special Features: None

Interior Features

  • Heating: Forced Air, Ductless/Mini Split
  • Appliances: Disposal (No Units), Stove/Range (All Units), Refrigerator (All Units), Washer/Dryer (No Units)
  • Total Bedrooms: 5
  • Living Area: 2809

Exterior Features

  • Roof: Composition
  • Fencing: Metal, Wood
  • Construction Type: Frame
  • Foundation Details: Crawl Space

Garage/Parking

  • Parking Features: Carport, RV Access/Parking
  • Total Parking Spaces: 5

Utilities

  • Cooling: Central Air, Ductless/Mini Split
  • Electric: 0, Unit 1 Separate Meter, Unit 2 Separate Meter
  • Water Source: City Service
  • Gas: Unit 1 Separate Meter, Unit 2 Separate Meter, Unit 3 Separate Meter
  • Laundry Features: Washer/Dryer Hookups (All Units)
  • Cooling Y N: Yes
  • Heating Yn: Yes
  • Utilities: Sewer Connected, Cable Connected

Schools

  • Elementary School: Meridian
  • Junior High Dist: West Ada School District
  • High School: Meridian
  • Middle Or Junior School: Meridian Middle

Lot Info

  • Lot Features: Standard Lot 6000-9999 SF, Irrigation, R.V. Parking
  • Parcel Number: R1578000290
  • Current Use: 5+ Units
  • Lot Size Sq Ft: 6969.6
  • Zoning Description: R15
  • ResoLotSizeUnits: Acres

Tax Info

  • Tax Year: 2023
  • Tax Annual Amount: 2495

Multi Family

  • Number Of Units Total: 3
  • Annual Gross Income: 46200
  • Property Net Operating Income: 40692
  • Annual Operating Expense: 5508
  • Total Actual Rent: 3850
  • Above Grade Finished Area Units: Square Feet

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
May 3, 2024
Closed on
Jun 13, 2024
Sold by
Carter Lee and Carter Amy
Bought by
Stone Jacob and Stone Michael J
Seller's Agent
Trina Neddo
Cashflow Real Estate
Buyer's Agent
Brian Strand
Silvercreek Realty Group
List Price
$585,900
Views
13
Current Estimated Value
$536,960

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
-5.88%
Original Mortgage
$385,900
Outstanding Balance
$365,754
Interest Rate
6.29%
Mortgage Type
Balloon
Estimated Equity
$171,206

Purchase Details

Listed on
Jul 7, 2022
Closed on
Nov 8, 2022
Sold by
Yerby Rene D and Yerby Vonda D
Bought by
Carter Lee and Carter Amy
Seller's Agent
Kaylee Christian
Mountain Home Pro Real Estate
Buyer's Agent
Trina Neddo
Cashflow Real Estate
List Price
$539,000
Views
3

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
13.77%
Original Mortgage
$376,400
Interest Rate
6.92%
Mortgage Type
New Conventional

Purchase Details

Closed on
Jul 27, 2016
Sold by
Yerby David and Yerby Phillip
Bought by
Yerby Rene and Yerby Venda

Purchase Details

Closed on
Apr 14, 2014
Sold by
Yerby Rene D and Yerby Vonda D
Bought by
Yerby David and Yerby Phillip

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$5,000
Interest Rate
4.32%
Mortgage Type
Stand Alone Second

Purchase Details

Closed on
Nov 12, 2010
Sold by
Federal National Mortgage Association
Bought by
Smith Murray A and Smith Terri E

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$52,000
Interest Rate
4.27%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Oct 1, 2010
Sold by
Metlife Home Loans
Bought by
Federal National Mortgage Association

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$52,000
Interest Rate
4.27%
Mortgage Type
Purchase Money Mortgage

Purchase Details

Closed on
Sep 16, 2010
Sold by
Wilson Mitchell D
Bought by
Metlife Home Loans

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$52,000
Interest Rate
4.27%
Mortgage Type
Purchase Money Mortgage
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
Stone Jacob -- Empire Title
Carter Lee -- Title One
Yerby Rene -- None Available
Yerby David -- Accommodation
Smith Murray A -- Pioneer
Federal National Mortgage Association -- None Available
Metlife Home Loans $160,540 Fidelity National Title
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open Stone Jacob $385,900
Previous Owner Carter Lee $376,400
Previous Owner Yerby David $5,000
Previous Owner Smith Murray A $52,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft Prior Sale
07/22/2024 07/22/24 Sold -- -- --
05/08/2024 05/08/24 Pending -- -- --
05/03/2024 05/03/24 For Sale $585,900 +22.1% $209 / Sq Ft
11/09/2022 11/09/22 Sold -- -- -- View Prior Sale
10/07/2022 10/07/22 Pending -- -- --
08/26/2022 08/26/22 Price Changed $480,000 -3.0% $209 / Sq Ft
07/26/2022 07/26/22 Price Changed $495,000 -2.8% $215 / Sq Ft
07/19/2022 07/19/22 Price Changed $509,000 -3.8% $221 / Sq Ft
07/11/2022 07/11/22 Price Changed $529,000 -1.9% $230 / Sq Ft
07/07/2022 07/07/22 For Sale $539,000 -- $234 / Sq Ft
Source: Intermountain MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $2,304 $462,800 -- --
2024 $2,495 $462,900 -- --
2023 $2,495 $464,200 $0 $0
2022 $2,862 $539,100 $0 $0
2021 $2,694 $379,600 $0 $0
2020 $2,616 $310,400 $0 $0
2019 $2,679 $247,700 $0 $0
2018 $2,305 $197,500 $0 $0
2017 $2,181 $176,800 $0 $0
2016 $1,917 $159,400 $0 $0
2015 $1,578 $143,000 $0 $0
2012 -- $113,500 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • T

    Seller's Agent in 2024

    Trina Neddo

    Cashflow Real Estate

    (208) 724-0465

    2 in this area

    28 Total Sales

    Trina Neddo
    Section Image

  • B

    Buyer's Agent in 2024

    Brian Strand

    Silvercreek Realty Group

    (208) 371-6762

    1 in this area

    6 Total Sales

    Brian Strand
    Section Image

  • K

    Seller's Agent in 2022

    Kaylee Christian

    Mountain Home Pro Real Estate

    Section Image
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Map

Source: Intermountain MLS

MLS Number: 98909117

Intermountain MLS

APN: R1578000290

Idaho Ada County Meridian 83642 Downtown Meridian

338 E State Ave, Meridian, ID

Not Listed for Sale

MultiFamily

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