28-Unit Apartment
For Sale
$3,850,000
Pending
4318 Checkmate Drive, Anchorage, AK 99508
The unit mix spans one-, two-, and three-bedroom layouts, with private entrances and additional storage for every apartment.
Property Size24,960 SF
Days on Market8
Property Features for 4318 Checkmate Drive
General Information
Standard status
Pending
Size
24,960 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Sprinkler System
Yes
Multifamily Units
28
Amenities
storage lockers
laundry area
wash station
Building Details
Building Size
24,960 SF
Year Built
1970
Year Renovated
2025
Buildings
2
Listing Agency:
Buyers Real Estate, LLC
Listed By:
Ayla L King · License #AK.18460
(907) 561-2227
Source:
Keiradrehergroup.kw
Added: Oct 13
Changed: Oct 19
Last Checked: Oct 19 at 2:47PM
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
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Investment Insights
Based on property information with market context.
This 28-unit apartment property comprises two buildings with a mix of one-, two-, and three-bedroom apartments. Units have full kitchens and bathrooms, private entryways, and individual storage lockers. Interior renovations completed around 2010 included kitchens, bathrooms, and fixtures. Exterior work in 2025 included new siding, decks, windows, and lighting, along with commercial carpet on the stairways. One roof was replaced in 2025; the other received inspection and touch-up work in 2026. Both buildings have sprinklers in their lower levels. Shared amenities include a laundry area and wash station, and the laundry machines are leased under an agreement that continues with a sale.
The property is across from Alaska Club East and two blocks from Castle Heights Park, which connects to a dog park and Chester Creek trails. UAA/APU Campus, Native Hospital, and Providence are also identified as nearby destinations. The property is fully occupied and professionally managed.
The property is across from Alaska Club East and two blocks from Castle Heights Park, which connects to a dog park and Chester Creek trails. UAA/APU Campus, Native Hospital, and Providence are also identified as nearby destinations. The property is fully occupied and professionally managed.
Key Highlights
- 28 apartments across two buildings, with one-, two-, and three‑bedroom layouts
- All units include private entrances and individual storage lockers
- 2025 exterior updates included siding, decks, windows, lighting, and stairway carpet
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$320,823
Cap Rate
8.33%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,416,460
$6.4M
Cap Rate 7%
$4,583,186
$4.6M
Cap Rate 9%
$3,564,700
$3.6M
Market Conditions
NOI Build-Up for 24,960 SF
Gross rent
$614.0K $24.60/SF
− Vacancy
−$30.7K −$1.23/SF
EGI
$583.3K $23.37/SF
− OpEx
−$262.5K −$10.52/SF
NOI
$320.8K $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 Rate 5%
$6,416,460
Cap Rate 7%
$4,583,186
Cap Rate 9%
$3,564,700
Alternative Uses
Best Use
Apartment 5plus
$4.58M
$4.01M – $5.35M
NOI $320,823 @ 7.0% cap · market cap 8.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.78M
$5.93M – $7.91M
NOI $474,440 @ 7.0% cap · market cap 12.32%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
28
Residential units
100%
Occupancy
Yes
Sprinkler system
Location Intelligence
Demographics for 99508, AK
34,394
Population
14,219
Households
2.4
Avg Household Size
34
Median Age
28%
College-Educated
91%
High-School Grad
7.1 sq mi
ZIP Area
4,844
Density / Sq Mi
$72,751
Median Household Income
$40,937
Median Earnings
$1,353
Median Rent
$309,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - The unit mix spans one-, two-, and three-bedroom layouts, with private entrances and additional storage for every apartment.
Where is this apartment building located?
The property is located at 4318 Checkmate Drive Anchorage, AK.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 28 apartments across two buildings, with one-, two-, and three‑bedroom layouts; All units include private entrances and individual storage lockers; 2025 exterior updates included siding, decks, windows, lighting, and stairway carpet
