Renovated Spenard 12-Plex For
For Sale
Contact for pricing
2314 Jefferson Avenue, Anchorage, AK 99517
Fully renovated, low-maintenance 12-unit apartment building in Spenard.
Property Size10,880 SF
Price / SF$174.17
Days on Market116
Property Features for 2314 Jefferson Avenue
General Information
Standard status
Active
Size
10,880 SF
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$150,000
Listing Agency:
Buyers Real Estate, LLC
Listed By:
Ayla King · License #AK.18460
(907) 561-2227
Source:
Crexi
Added: May 11
Changed: Sep 2
Last Checked: Sep 3 at 1:09AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Buyers Real Estate, LLC
Investment Insights
Based on property information with market context.
This is a fully renovated and low-maintenance 12-plex located in the Spenard area. The property features a mix of eight 2-bedroom units and four 1-bedroom units. All units underwent a stud-out remodel in 2023-2024, including new windows and sliding doors, upgraded electrical lines, and new 4-inch plumbing lines, appliances, and cosmetics. Second and third-floor units include private washers and dryers and balconies, while lower units have shared laundry facilities. The property also includes heated and secure tenant storage. The roofs were resurfaced in 2023, and the water heaters were replaced in 2023 and 2024. The boilers have been well maintained. The current rent roll is $20,000 per month with scheduled increases, and the tenants are creditworthy. Utilities are currently included in the rent, with potential for future rental increases. The location offers nearby trail access, dining, and conveniences and is located 5 minutes from the airport.
Key Highlights
- Fully renovated in 2023‑2024 with stud‑out remodel of all 12 units including new windows/sliding doors, upgraded electrical, new plumbing, appliances, and cosmetics.
- Strong income potential: $20K/month rent roll with scheduled increases and creditworthy tenants.
- Balanced unit mix: Eight 2‑bedroom and four 1‑bedroom units for stable occupancy.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$139,846
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,796,920
$2.8M
Cap Rate 7%
$1,997,800
$2.0M
Cap Rate 9%
$1,553,844
$1.6M
Market Conditions
NOI Build-Up for 10,880 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$267.6K $24.60/SF
− Vacancy
−$13.4K −$1.23/SF
EGI
$254.3K $23.37/SF
− OpEx
−$114.4K −$10.52/SF
NOI
$139.8K $12.85/SF
Area
Anchorage, AK
Vacancy
5.00%
Lease Rate
$24.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,796,920
Cap Rate 7%
$1,997,800
Cap Rate 9%
$1,553,844
Alternative Uses
Best Use
Apartment 5plus
$2.00M
$1.75M – $2.33M
NOI $139,846 @ 7.0% cap · market cap 7.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.95M
$2.59M – $3.45M
NOI $206,807 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99517, AK
16,307
Population
7,718
Households
2.1
Avg Household Size
39
Median Age
40%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
5,096
Density / Sq Mi
$99,307
Median Household Income
$57,466
Median Earnings
$1,364
Median Rent
$365,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated, low-maintenance 12-unit apartment building in Spenard.
Where is this apartment building located?
The property is located at 2314 Jefferson Avenue Anchorage, AK.
What is the asking price?
The asking price for this property is $1,895,000.
What are key features of this property?
This property features: Fully renovated in 2023‑2024 with stud‑out remodel of all 12 units including new windows/sliding doors, upgraded electrical, new plumbing, appliances, and cosmetics.; Strong income potential: $20K/month rent roll with scheduled increases and creditworthy tenants.; Balanced unit mix: Eight 2‑bedroom and four 1‑bedroom units for stable occupancy.
