Five Mile Crossing
Townhomes

Exclusive Multifamily & Development Opportunity

10610 W McMillan Rd  |  Boise, ID 83713

OPPORTUNITY

Berkadia Boise Investment Sales is pleased to present the exclusive listing of Five Mile Crossing Townhomes, a 15-unit townhome community with an opportunity to develop seven additional units located in the desirable West Boise submarket of Boise, Idaho.

Built in 2021, Five Mile Crossing consists of 15 two-bedroom townhome units averaging 1,131 square feet, with large floorplans and two and one half baths, separating itself from the local competition. The property occupies a 1.310 acre parcel that also carries an undeveloped building site, giving the next owner stabilized cash flow today alongside a defined path to additional density on ground already served by the community’s existing infrastructure.

Each unit is a two-story exterior-entry townhome with no shared corridors or elevators, finished with granite countertops, wood-look plank flooring, wood cabinetry, a pantry, and a full stainless steel appliance package. Every unit carries a full-size washer and dryer on the second floor and a ground-level patio with a 60-square-foot storage closet.

The community is 100% occupied and has operated effectively full throughout the trailing 12 months. With below-market in-place rents averaging $1,629 per unit per month, the property gives the next owner a clean operational lift to push income quickly. Nine of the 15 leases are month to month or expire within 90 days, allowing a new owner to reset 60% of the property inside the first quarter of ownership.

The property sits at Five Mile Road and McMillan Road in West Boise, a built-out residential district served by the Boise Towne Square retail corridor and connected to Downtown Boise and the Meridian employment corridor by Chinden Boulevard and I-184. The surrounding neighborhood is substantially developed, which insulates the asset from future supply risk in its immediate trade area.

  • Address 10610 W McMillan Rd
  • City, State, Zip Boise, ID 83713
  • County Ada
  • Parcel Number(s) R5624000025
  • Zoning MX-1
  • Site Size/Acreage 1.31 Acres
  • Built2021
  • Townhome Units 15
  • Development Units7
  • Buildings3
  • Rentable SF 16,965 SF
  • Average Unit SF 1,131 SF
  • Average In-Place Rent$1,629
  • Average In-Place Rent/SF$1.44

INVESTMENT HIGHLIGHTS

APPROVED FURTHER DEVELOPMENT: The 1.310-acre parcel carries an undeveloped building site previously approved for seven additional townhome units, served by the curb cut, utility extensions, and site work already built for the existing 15. The existing single-family structure on the site is vacant and available for either redevelopment or renovation. A buyer acquires 15 stabilized 2021-vintage units and controls the ground without assembling land, entitling a new access point, or bidding against merchant developers for an infill site.

HOUSE-SIZED UNITS AT RENTAL PRICING: Every unit at Five Mile Crossing measures 1,131 square feet with two bedrooms, two and one half baths, a ground-level patio and a full-size washer and dryer, filling the demand from residents who have outgrown the traditional garden-style apartment community but cannot afford the growing for sale housing market. The average mortgage payment in Greater Boise has continued to outpace rent growth, and that gap will keep moving households into large format rental product.

SUPPLY HAS ALREADY CLEARED: The Boise metro is on pace for less than 1,000 new units across all of 2026, a fraction of the volume delivered through the 2022 to 2024 construction cycle, while net absorption reached 1,589 units during the first half of 2026. Demand is running well ahead of new supply heading into 2027. Five Mile Crossing enters that window 100% occupied and no concessions in place.

UNTAPPED INCOME: Nine of the 15 leases at Five Mile Crossing, 60% of the property, are month to month or expire within 90 days, giving a new owner an immediate path to market rents. No utility billback program is in place today, and implementing one recovers approximately $13,300 per year against the property’s $15,046 trailing utility expense. Both lever land on a quality 2021-vintage cost base carrying no deferred maintenance.

15

units

2021

Years Built

1,131

AVG SF

ASSET

Five Mile Crossing Townhomes comprises 15 units in three two-story buildings, plus a single-family residence in West Boise Neighborhood. Delivered in 2021, the buildings are wood frame finished in cedar and stone siding beneath gabled asphalt shingle roofs, with double-pane, vinyl-clad, double-hung windows. Every unit is an exterior-entry two-story townhome with no interior corridors or elevators, and the townhomes are 100% fire sprinklered.

All 15 units are the same floorplan: two bedrooms, two and one half baths, 1,131 square feet, for 16,965 square feet of rentable area. Interiors carry a single finish scheme of granite countertops, wood cabinetry with a pantry, hardwood and wood-look vinyl plank flooring, and a stainless steel appliance package with refrigerator, dishwasher, microwave, disposal, and electric range. Every unit has a full-size washer and dryer on the second floor and a ground-level patio with an attached 60-square-foot storage closet.

Community amenities are a central courtyard and a pet play area. Heating and cooling are central electric forced air, electric service is individually metered with main panels at the buildings, and water service is copper. Ownership pays water, sewer, and trash; residents pay electric and cable. Parking is 32 surface spaces, a ratio of 2.13 per unit, one reserved space per unit, with no covered or garage parking.

The parcel carries one additional structure: a three-bedroom, 1,589-square-foot single-family residence built in 1923 at 4831 N Five Mile Road, with a 1,102-square-foot basement and its own laundry. It is currently vacant. All four addresses sit on a single tax lot, parcel R5624000025.

FUTURE DEVELOPMENT

The 1.310-acre site holds the 15 completed townhome units and a separate building site at 4831 N Five Mile Road occupied by a vacant single-family structure. That structure was joined into the parcel during the original development, which allowed the 15-unit project to carry the curb cut, utility extensions, and site work for the entire property. The next owner acquires that ground already served, and has two ways to use it.

  • Option One: Build the seven units.

    The site was previously approved for seven additional two-bedroom townhome units matching the existing product. Those approvals have since lapsed and would require re-permitting, and the existing structure would be removed. The seven units would be built into infrastructure already in the ground, on a site with an established access point and an operating property to absorb them, taking the community from 15 units to 22.

  • Option Two: Renovate the existing structure and lease it.
    Renovate the existing structure and lease it. The 1,589-square-foot single-family structure at 4831 N Five Mile Road is vacant and has been throughout the trailing 12 months. It last leased at $2,200 per month. A renovation and re-lease adds a 16th income stream without committing to vertical construction, and preserves the seven-unit development site as an option for a later owner.

While the building site is the long-term story, the near-term income lever is the under-market leases on the 15 units and adding RUBS. Ownership currently pays water, sewer, and trash with no recovery from residents. Berkadia projects that a utility billback program recovers approximately $13,300 per year against the property’s actual $15,046 trailing utility expense.


Contact Us

Investment Sales

CLAY ANDERSON
Senior Managing Director
208.440.2486
[email protected]
ID CRE #SP34431

SPENCER HANSEN
Director
208.921.2560
[email protected]
ID CRE #SP54287

CHRISKOTT TODD
Associate Director
208.906.9515
[email protected]
ID CRE #SP58860

Mortgage Bankers

ROBERT DOXSEE
Managing Director
425.777.0235
[email protected]

MICHAEL MANOLIDES
Senior Director
253.670.2143
[email protected]

CONNOR LEMLEY
Associate Director
206.455.1592
[email protected]

Office:

800 West Main Street
Suite 1410
Boise, ID 83702
berkadia.com
berkadia.com/northwest

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