Remodeled Duplex with Lake
For Sale
$869,000
Pending
2361 Canary Ct, Anchorage, AK 99515
Updated two-story residences offer separated living and bedroom areas with attached garages near schools, shopping, and daily conveniences.
Property Size3,400 SF
Days on Market125
Property Features for 2361 Canary Ct
General Information
Standard status
Pending
Size
3,400 SF
Property subtype
Multi-Family
Building Details
Year Built
1981
Listing Agency:
Herrington and Company, LLC
Listed By:
Savanna Wiita · License #124031
(907) 261-7600
Source:
Seehomesinalaska
Added: May 3
Changed: Aug 30
Last Checked: Aug 31 at 5:38PM
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 Herrington and Company, LLC
Investment Insights
Based on property information with market context.
This duplex includes two attached residences, each offering approximately 1,700 square feet with three upstairs bedrooms, two and a half bathrooms, and an attached two-car garage. The 3,400-square-foot property was remodeled in 2022 and received fresh exterior paint in June 2026. Interior improvements include vaulted main-level ceilings, updated lighting, luxury vinyl plank flooring, upstairs carpeting, quartz countertops, and stainless steel appliances. The layout places bedrooms above the primary living areas, creating clear separation between shared and private spaces.
Located at 2361 Canary Ct in Anchorage, the property sits directly across from Campbell Lake with lake views. Schools, grocery stores, shopping, and other everyday services are nearby. The duplex offers a combination of updated residential interiors, substantial unit layouts, attached garage parking, and a lakefront-facing setting.
Located at 2361 Canary Ct in Anchorage, the property sits directly across from Campbell Lake with lake views. Schools, grocery stores, shopping, and other everyday services are nearby. The duplex offers a combination of updated residential interiors, substantial unit layouts, attached garage parking, and a lakefront-facing setting.
Key Highlights
- Two‑unit duplex totaling 3,400 square feet
- Each unit is approximately 1,700 square feet with three bedrooms and two and a half bathrooms
- Attached two‑car garage for each unit
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
$49,930
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
5.75%
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%
$998,600
$998.6K
Cap Rate 7%
$713,286
$713.3K
Cap Rate 9%
$554,778
$554.8K
Market Conditions
NOI Build-Up for 3,400 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
$75.5K $22.20/SF
− Vacancy
−$4.2K −$1.22/SF
EGI
$71.3K $20.98/SF
− OpEx
−$21.4K −$6.29/SF
NOI
$49.9K $14.69/SF
Area
Anchorage, AK
Vacancy
5.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
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%
$998,600
Cap Rate 7%
$713,286
Cap Rate 9%
$554,778
Alternative Uses
Best Use
Multifamily LT 5
$713.3K
$624.1K – $832.2K
NOI $49,930 @ 7.0% cap · market cap 5.75%
Second Best
Apartment 5plus
$624.3K
$546.3K – $728.4K
NOI $43,702 @ 7.0% cap · market cap 5.03%
Theoretical Best
Specialty Retail
$923.2K
$807.8K – $1.08M
NOI $64,627 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99515, AK
22,532
Population
8,137
Households
2.8
Avg Household Size
37
Median Age
41%
College-Educated
95%
High-School Grad
10.6 sq mi
ZIP Area
2,126
Density / Sq Mi
$112,445
Median Household Income
$55,657
Median Earnings
$1,716
Median Rent
$400,500
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?
Duplex - Updated two-story residences offer separated living and bedroom areas with attached garages near schools, shopping, and daily conveniences.
Where is this duplex located?
The property is located at 2361 Canary Ct Anchorage, AK.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 3,400 square feet; Each unit is approximately 1,700 square feet with three bedrooms and two and a half bathrooms; Attached two‑car garage for each unit
