11-Unit Townhouse-Style Apartment
For Sale
$2,850,000
3635-3711 Carleton Ave, Anchorage, AK 99517
Fully occupied residences feature private garages, laundry, outdoor decks, and updated kitchens in a townhouse-style configuration.
Property Size15,246 SF
Price / SF$186.93
Days on Market34
Property Features for 3635-3711 Carleton Ave
General Information
Standard status
Active
Size
15,246 SF
Property subtype
Multi-Family
Building Details
Year Built
1985
Listing Agency:
Buyers Real Estate, LLC
(907) 561-2227
Listed By:
Ayla L King · License #AK.18460
Source:
Seehomesinalaska
Added: Jul 28
Changed: Aug 30
Last Checked: Aug 25 at 7:51AM
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 11-unit apartment property in Anchorage was built in 1985 with townhouse-style residences and condominium-level specifications. Each 1,386-square-foot unit includes 3 bedrooms, 2.5 bathrooms, a 1-car garage, additional storage, private laundry, and a deck accessed through sliding glass doors. Kitchens have been updated, the interiors were freshly painted, most units have been remodeled, and the decks were improved. Roof replacements were completed in 2021.
The property is 100% occupied, with tenants responsible for gas and electric. The seller has completed nearly all legal work associated with a potential condominium conversion, and the spring 2026 replat divided the original lot into a 4plex, 7plex, and R2M lot. The property is located on Carleton Avenue in Anchorage’s South Turnagain area.
The property is 100% occupied, with tenants responsible for gas and electric. The seller has completed nearly all legal work associated with a potential condominium conversion, and the spring 2026 replat divided the original lot into a 4plex, 7plex, and R2M lot. The property is located on Carleton Avenue in Anchorage’s South Turnagain area.
Key Highlights
- 11 units, each measuring 1,386 square feet
- Each residence offers 3 bedrooms and 2.5 bathrooms
- Private 1‑car garages, storage, and laundry in every 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
$195,964
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
6.88%
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%
$3,919,280
$3.9M
Cap Rate 7%
$2,799,486
$2.8M
Cap Rate 9%
$2,177,378
$2.2M
Market Conditions
NOI Build-Up for 15,246 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
$375.1K $24.60/SF
− Vacancy
−$18.8K −$1.23/SF
EGI
$356.3K $23.37/SF
− OpEx
−$160.3K −$10.52/SF
NOI
$196.0K $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%
$3,919,280
Cap Rate 7%
$2,799,486
Cap Rate 9%
$2,177,378
Alternative Uses
Best Use
Apartment 5plus
$2.80M
$2.45M – $3.27M
NOI $195,964 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.14M
$3.62M – $4.83M
NOI $289,796 @ 7.0% cap · market cap 10.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 occupied residences feature private garages, laundry, outdoor decks, and updated kitchens in a townhouse-style configuration.
Where is this apartment building located?
The property is located at 3635-3711 Carleton Ave Anchorage, AK.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: 11 units, each measuring 1,386 square feet; Each residence offers 3 bedrooms and 2.5 bathrooms; Private 1‑car garages, storage, and laundry in every unit
