27-Unit Townhouse-Style Apartment
For Sale
$3,995,000
3804 Indiana St, Anchorage, AK 99503
Townhouse-style residences feature two bedrooms, 1.5 baths, porches, dining areas, and washers and dryers.
Property Size22,788 SF
Price / SF$175.31
Days on Market116
Property Features for 3804 Indiana St
General Information
Standard status
Active
Size
22,788 SF
Property subtype
Multi-Family
Units
Unit Mix
27 x 2BR/1.5BA
Multifamily Units
27
Building Details
Year Built
1983
Construction
townhouse-style
Listing Agency:
Buyers Real Estate, LLC
(907) 561-2227
Listed By:
Ayla L King · License #AK.18460
Source:
Viewanchoragehouses
Added: May 8
Changed: Aug 28
Last Checked: Aug 30 at 6:08PM
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.
Built in 1983, this multifamily property includes 27 townhouse-style units, each measuring roughly 844 square feet with two bedrooms and 1.5 baths. Unit features include washers and dryers, dining areas, sliding glass doors, and porches. Parking includes posts with plugins, while exterior storage is available for most tenants.
Property improvements include newer roofs, a recently restriped parking lot, and updates to many units. Two buildings were painted last year. Three boilers are housed in separate exterior sheds and are serviced and maintained. A large owner's storage shed has electric, gas, and water service, and a wood fence extends around nearly the full perimeter.
Electric service is separately metered, with tenants paying their own usage. The property is located at 3804 Indiana Street in Anchorage, minutes from the airport.
Property improvements include newer roofs, a recently restriped parking lot, and updates to many units. Two buildings were painted last year. Three boilers are housed in separate exterior sheds and are serviced and maintained. A large owner's storage shed has electric, gas, and water service, and a wood fence extends around nearly the full perimeter.
Electric service is separately metered, with tenants paying their own usage. The property is located at 3804 Indiana Street in Anchorage, minutes from the airport.
Key Highlights
- 27 townhouse‑style apartment units, each roughly 844 square feet
- All units feature 2 bedrooms, 1.5 baths, washers and dryers, dining areas, sliding doors, and porches
- Parking posts with plugins plus a recently restriped parking lot
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
$292,906
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
7.33%
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%
$5,858,120
$5.9M
Cap Rate 7%
$4,184,371
$4.2M
Cap Rate 9%
$3,254,511
$3.3M
Market Conditions
NOI Build-Up for 22,788 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
$560.6K $24.60/SF
− Vacancy
−$28.0K −$1.23/SF
EGI
$532.6K $23.37/SF
− OpEx
−$239.7K −$10.52/SF
NOI
$292.9K $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%
$5,858,120
Cap Rate 7%
$4,184,371
Cap Rate 9%
$3,254,511
Alternative Uses
Best Use
Apartment 5plus
$4.18M
$3.66M – $4.88M
NOI $292,906 @ 7.0% cap · market cap 7.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.19M
$5.41M – $7.22M
NOI $433,154 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
27
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 - Townhouse-style residences feature two bedrooms, 1.5 baths, porches, dining areas, and washers and dryers.
Where is this apartment building located?
The property is located at 3804 Indiana St Anchorage, AK.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 27 townhouse‑style apartment units, each roughly 844 square feet; All units feature 2 bedrooms, 1.5 baths, washers and dryers, dining areas, sliding doors, and porches; Parking posts with plugins plus a recently restriped parking lot
