Quadplex With Heated
For Sale
$999,000
3907 Lunar Dr, Anchorage, AK 99504
Four residential units offer varied layouts, private laundry, fireplaces, balconies, and ensuite primary bedrooms.
Property Size5,564 SF
Price / SF$179.55
Days on Market96
Property Features for 3907 Lunar Dr
General Information
Standard status
Active
Size
5,564 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
2 x 2bd/2ba, 2 x 3bd/2ba
Multifamily Units
4
Amenities
heated/secure storage space
floor to ceiling windows
west facing balconies
vaulted ceilings
washer/dryer in unit
wood burning fireplace
Building Details
Year Built
1985
Buildings
1
Listing Agency:
Real Estate Brokers of Alaska
(907) 227-6935
Listed By:
Natalie A Neeser · License #126804
Source:
Viewanchoragehouses
Added: May 27
Changed: Aug 28
Last Checked: Aug 30 at 6:18PM
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 1985-built quadplex contains 5,564 square feet and includes two 2-bedroom, 2-bath units and two 3-bedroom, 2-bath units. Each residence has a heated garage, heated secure storage, in-unit washer and dryer, dining area, wood-burning fireplace, and a primary bedroom with ensuite bath. Floor-to-ceiling windows bring natural light into the units, while west-facing balconies overlook the surrounding trees. The larger units also feature vaulted ceilings.
Located near UMed and JBER in Anchorage, the property includes 1,040 square feet of garage area within the reported total. Common areas received new indoor/outdoor carpet in 2026, and a new roof is scheduled for installation in June 2026. Historical improvements include furnaces installed in 2017, dishwashers replaced throughout in 2019, and exterior paint completed in 2019. Two units have been updated, and tenants pay their own gas and electric.
Located near UMed and JBER in Anchorage, the property includes 1,040 square feet of garage area within the reported total. Common areas received new indoor/outdoor carpet in 2026, and a new roof is scheduled for installation in June 2026. Historical improvements include furnaces installed in 2017, dishwashers replaced throughout in 2019, and exterior paint completed in 2019. Two units have been updated, and tenants pay their own gas and electric.
Key Highlights
- Four‑unit property with two 2bd/2ba units and two 3bd/2ba units
- 5,564 SF total; Anchorage municipality reports 1,040 garage SF included
- Each unit includes a heated garage and heated secure storage
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
$81,709
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
8.18%
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%
$1,634,180
$1.6M
Cap Rate 7%
$1,167,271
$1.2M
Cap Rate 9%
$907,878
$907.9K
Market Conditions
NOI Build-Up for 5,564 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
$123.5K $22.20/SF
− Vacancy
−$6.8K −$1.22/SF
EGI
$116.7K $20.98/SF
− OpEx
−$35.0K −$6.29/SF
NOI
$81.7K $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%
$1,634,180
Cap Rate 7%
$1,167,271
Cap Rate 9%
$907,878
Alternative Uses
Best Use
Multifamily LT 5
$1.17M
$1.02M – $1.36M
NOI $81,709 @ 7.0% cap · market cap 8.18%
Second Best
Apartment 5plus
$1.02M
$894.0K – $1.19M
NOI $71,517 @ 7.0% cap · market cap 7.16%
Theoretical Best
Specialty Retail
$1.51M
$1.32M – $1.76M
NOI $105,761 @ 7.0% cap · market cap 10.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Demographics for 99504, AK
42,375
Population
17,720
Households
2.4
Avg Household Size
34
Median Age
31%
College-Educated
91%
High-School Grad
36.8 sq mi
ZIP Area
1,151
Density / Sq Mi
$83,338
Median Household Income
$46,883
Median Earnings
$1,529
Median Rent
$309,200
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?
Quadplex - Four residential units offer varied layouts, private laundry, fireplaces, balconies, and ensuite primary bedrooms.
Where is this quadplex located?
The property is located at 3907 Lunar Dr Anchorage, AK.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Four‑unit property with two 2bd/2ba units and two 3bd/2ba units; 5,564 SF total; Anchorage municipality reports 1,040 garage SF included; Each unit includes a heated garage and heated secure storage
