Ascent East End

Exclusive Multifamily Opportunity

333 S Elm St | Boise, ID 83712

OPPORTUNITY

Berkadia Boise Investment Sales is pleased to present the exclusive listing of Ascent East End, a 71-unit garden-style community located in the East End neighborhood of Boise, Idaho.

Built in 1973 and fully renovated in 2020 and 2021, Ascent East End offers 18 one-bedroom, 51 two-bedroom, and two three-bedroom homes ranging from 587 to 1,510 square feet. The large average unit size (913 SF) and proximity to downtown are unique in the Boise market and cater to a wide range of potential renters.

The community spans 2.61 acres with seven two- and three-story residential buildings arranged around a central courtyard. The property features a full amenity package including a standalone clubhouse/resident lounge, pool, fitness center, leasing office, barbecue and picnic areas, and laundry facility. Interiors display luxury vinyl plank flooring, new cabinetry, countertops, appliances, fixtures, rebuilt bathrooms, and kitchen passthroughs, delivered under a capital program of approximately $2.0 million that also replaced the windows and most HVAC systems. Ascent East End is pet friendly and contains ample on-site parking.

The property is 100% occupied at an average in-place rent of $1,538 per month against asking rents of $1,628. Berkadia projects roll-to-market rents averaging $1,656 per unit, a $118 monthly premium that adds approximately $100,000 to Gross Potential Rent as leases expire.

Ascent East End places residents less than one mile from Downtown Boise, St. Luke’s Medical Center, Boise State University, and in walking distance of the Boise River Greenbelt and the Boise Foothills trail system. Bounded by the foothills and the river, the neighborhood is insulated from future supply risk. The community also shares a property line with the multi-million-dollar historic estates of Warm Springs Avenue making it one of the best rent-versus-own value propositions in the Boise MSA, with rent less than half the typical monthly mortgage payment in the area.

In Boise, 23% of residents are in the key renter age group of 18 to 35, and the metro-wide population in that cohort is projected to increase 20.4% from 2025 to 2030. The highly desirable East End neighborhood of Boise appeals to this demographic of renters in its mature residential community feel, and unparalleled proximity to employment and entertainment downtown.

  • Address 305 S Elm
  • City, State, Zip Boise, ID 83712
  • County Ada
  • Parcel Number(s) R84610000020
  • Zoning R-3D
  • Site Size/Acreage 2.61 Acres
  • Built1973
  • Renovated2020 & 2021
  • Units 71
  • Buildings 8
  • Stories 2 & 3
  • Rentable SF 64,834 SF
  • Average Unit SF 913 SF
  • Average In-Place Rent$1,538
  • Average In-Placet Rent/SF$1.68

INVESTMENT HIGHLIGHTS

BOISE EMPLOYMENT ENGINE
Micron’s $50 billion expansion of its Boise campus, two new high-volume memory fabs with first wafer output expected in mid-2027, is projected to add 17,000 jobs in Idaho. Alongside Meta’s $800 million Kuna data center and St. Luke’s $1.2 billion hospital expansion, the region’s employment base is being rebuilt around high-wage manufacturing, technology, and healthcare. Ascent East End sits eight-tenths of a mile from St. Luke’s Boise Medical Center, inside the urban core those payrolls feed.

NEW UNIT SUPPLY TAPERING
Boise delivered fewer than 800 units over the last four quarters and absorbed nearly twice that, pushing metro occupancy up 200 basis points to 97.1%. Effective rents climbed 6.6% over the same stretch. Boise proper is running 97.8%, more than a point ahead of Nampa, Meridian, and Caldwell. Ascent East End sits at 100% occupied, with a lease expiration curve built to meet the market’s seasonality.

ASSUMABLE FREDDIE MAC DEBT
Ascent East End carries $10,773,000 of assumable Freddie Mac debt fixed at 3.56%, interest only through March 2028 and maturing February 2034. Against roughly 6.25% agency pricing today, the in-place rate saves a new owner approximately $289,800 per year in interest. Annual debt service of $383,519 and the 3.56% debt constant sit below the going-in cap rate, delivering positive leverage and superior cash flow from day one.

71

units

1973

Years Built

2020 & 2021

Fully Renovated

ASSET

Ascent East End occupies 2.61 acres at 333 South Elm Street, roughly one mile southeast of Downtown Boise and one block off the Boise River Greenbelt. The site holds seven two- and three-story residential buildings arranged around a central courtyard, plus a standalone clubhouse, and is zoned R-3D in Ada County.

All 71 units were renovated in 2020 and 2021 under a capital program of approximately $2.0 million, roughly $18,000 per unit in interior scope. Each home received luxury vinyl plank flooring, new paint, cabinetry, countertops, appliances, lighting and plumbing fixtures, a rebuilt bathroom, and a new kitchen and dining passthrough. Ownership also replaced the windows and most HVAC systems and water heaters, and repainted the exteriors in 2022.

The former leasing center was moved into a more efficient space and was converted into a fitness center, and the clubhouse now holds a resident lounge and business space. The pool equipment, laundry facility, and all washers and dryers were replaced in the same program. Residents share the in-ground pool, courtyard, barbecue and picnic areas, extra storage, and bike racks, and the community is pet friendly. Parking totals 107 spaces, a ratio of 1.51 per unit.

The East End is surrounded by the Boise Foothills to the north and the Boise River to the south, and its housing stock is almost entirely single-family. Residents reach downtown, St. Luke’s Boise Medical Center, and Boise State University in under 10 minutes, and walk to Municipal Park, the Idaho Botanical Garden, and the Greenbelt.

Value Add OPPORTUNITY

Ascent East End arrives fully renovated. All 71 units were taken through a full interior renovation in 2020 and 2021, and the windows, HVAC systems, water heaters, pool equipment, laundry facility, and clubhouse were replaced or rebuilt in the same program. The upside sits in the rent roll as market fundamentals continue to outperform.

  • Renovated: 71 units have received new luxury vinyl plank flooring, paint, cabinetry, countertops, appliances, lighting and plumbing fixtures, and fully rebuilt bathrooms. Select units also carry fireplaces, vaulted ceilings, in-unit washers and dryers, and hardwood bathroom and kitchen flooring.

In-place rents average $1,538 per unit per month against asking rents of $1,628, a loss to lease of $6,406 per month across all 71 units. Berkadia projects roll-to-market effective rents averaging $1,656 per unit, a $118 monthly premium over in-place, increasing Gross Potential Rent at Ascent East End by approximately $100,000 per year as leases expire. Thirteen units currently sit $160 to $350 per month below asking.

Market rent growth is already occurring. Across the 63 units occupied on both the July 2024 and August 2026 rent rolls, same-unit rents have grown 5.6%. Over the 90 days ending August 24, 2026, seventeen new leases signed at an average of 97.6% of asking rent, and the property leased its last vacant home.

The asset is renovated to one cohort and priced with another. Against the rent comp survey, Ascent East End’s average asking rent of $1.78 per square foot sits inside the range of the 1970s-vintage assets in the set, and well below the $1.82 to $2.80 range of the 1990s and newer product.

Trailing performance reflects a completed recovery. Federal emergency rental assistance expired in June 2023 and drove bad debt and vacancy through 2024. Total income for the 12 months ending July 2026 reached $1,301,609, nearly a 19% increase over the trough, with the property fully occupied and no concessions in place.


Current Unit

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
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