Updated 8-Unit Apartment
For Sale
$850,000
Pending
3503 Indiana St, Anchorage, AK 99503
Well-maintained multifamily property with upgraded units, private entrances, garages, storage, and on-site laundry.
Property Size6,062 SF
Days on Market50
Property Features for 3503 Indiana St
General Information
Standard status
Pending
Size
6,062 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR, 3 x 2BR, 3 x 1BR
Multifamily Units
8
Amenities
garages
tenant storage
laundry on site
Building Details
Year Built
1967
Listing Agency:
Real Estate Brokers of Alaska
Listed By:
Jake Fiorelli · License #122283
(907) 310-5600
Source:
Seehomesinalaska
Added: Jul 16
Changed: Sep 2
Last Checked: Sep 2 at 6:28PM
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 Real Estate Brokers of Alaska
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains two three-bedroom residences, three two-bedroom residences, and three one-bedroom residences within a 6,062-square-foot building constructed in 1967. Each apartment has its own separate entrance and southern exposure, while the property also provides garages, tenant storage, and laundry facilities on site.
Property improvements include a newer roof, updated windows, a high-efficiency boiler, and upgrades within the units. The building is located at 3503 Indiana St in Anchorage, near the intersection of 36th and Arctic, with access to midtown amenities described as walkable from the property.
Property improvements include a newer roof, updated windows, a high-efficiency boiler, and upgrades within the units. The building is located at 3503 Indiana St in Anchorage, near the intersection of 36th and Arctic, with access to midtown amenities described as walkable from the property.
Key Highlights
- 8‑unit apartment building with 6,062 square feet
- Unit mix includes two 3‑bedroom, three 2‑bedroom, and three 1‑bedroom apartments
- Newer roof, updated windows, high‑efficiency boiler, and unit improvements
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
$77,918
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
9.17%
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%
$1,558,360
$1.6M
Cap Rate 7%
$1,113,114
$1.1M
Cap Rate 9%
$865,756
$865.8K
Market Conditions
NOI Build-Up for 6,062 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
$149.1K $24.60/SF
− Vacancy
−$7.5K −$1.23/SF
EGI
$141.7K $23.37/SF
− OpEx
−$63.8K −$10.52/SF
NOI
$77.9K $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%
$1,558,360
Cap Rate 7%
$1,113,114
Cap Rate 9%
$865,756
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$974.0K – $1.30M
NOI $77,918 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.65M
$1.44M – $1.92M
NOI $115,226 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Demographics for 99503, AK
13,550
Population
7,411
Households
1.8
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
20.7 sq mi
ZIP Area
655
Density / Sq Mi
$76,888
Median Household Income
$46,734
Median Earnings
$1,185
Median Rent
$316,700
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 - Well-maintained multifamily property with upgraded units, private entrances, garages, storage, and on-site laundry.
Where is this apartment building located?
The property is located at 3503 Indiana St Anchorage, AK.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 8‑unit apartment building with 6,062 square feet; Unit mix includes two 3‑bedroom, three 2‑bedroom, and three 1‑bedroom apartments; Newer roof, updated windows, high‑efficiency boiler, and unit improvements
