6-Unit Ranch-Style Apartment
For Sale
Contact for pricing
3506 WYOMING DR, Anchorage, AK 99517
Six one-bedroom, one-bath residences are arranged in a single-story apartment property.
Property Size1,848 SF
Price / SF$202.92
Days on Market9
Property Features for 3506 WYOMING DR
General Information
Standard status
Active
Size
1,848 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R2M
Investment Type
Value Add
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Building Details
Year Built
1960
Buildings
2
Stories
1
Units
6
Construction
ranch-style
Listing Agency:
Alaska Multiple Listing Service, Inc
Listed By:
Kevin Cross · License #AK RECS17358
Source:
Crexi
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 7:40AM
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 Alaska Multiple Listing Service, Inc
Investment Insights
Based on property information with market context.
This ranch-style apartment property contains six one-bedroom, one-bath units within a single building. Constructed in 1960, the asset is being offered in its existing condition and is designated R2M zoning.
The property is located on Wyoming Drive in Anchorage’s Spenard area. Its six-unit configuration provides a defined multifamily format for an apartment-focused acquisition, with each residence offering the same one-bedroom, one-bath layout.
The property is located on Wyoming Drive in Anchorage’s Spenard area. Its six-unit configuration provides a defined multifamily format for an apartment-focused acquisition, with each residence offering the same one-bedroom, one-bath layout.
Key Highlights
- Six one‑bedroom, one‑bath apartment units
- Ranch‑style, single‑story building configuration
- R2M zoning designation
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
$23,753
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
6.33%
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%
$475,060
$475.1K
Cap Rate 7%
$339,329
$339.3K
Cap Rate 9%
$263,922
$263.9K
Market Conditions
NOI Build-Up for 1,848 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
$45.5K $24.60/SF
− Vacancy
−$2.3K −$1.23/SF
EGI
$43.2K $23.37/SF
− OpEx
−$19.4K −$10.52/SF
NOI
$23.8K $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%
$475,060
Cap Rate 7%
$339,329
Cap Rate 9%
$263,922
Alternative Uses
Best Use
Apartment 5plus
$339.3K
$296.9K – $395.9K
NOI $23,753 @ 7.0% cap · market cap 6.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$501.8K
$439.1K – $585.5K
NOI $35,127 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Six one-bedroom, one-bath residences are arranged in a single-story apartment property.
Where is this apartment building located?
The property is located at 3506 WYOMING DR Anchorage, AK.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Six one‑bedroom, one‑bath apartment units; Ranch‑style, single‑story building configuration; R2M zoning designation
