Remodeled Six-Unit Apartment
609 S Cobb St, Palmer, AK 99645
For Sale
$1,598,000
Updated, fully occupied apartments feature in-unit laundry and a downtown Palmer setting near shops, restaurants, and parks.
Property Size6,096 SF
Price / SF$262.14
Days on Market201
Property Features for 609 S Cobb St
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Amenities
in-unit washer and dryer
Building Details
Year Built
Buildings
Listing Agency:
Keller Williams Realty Alaska Group of Wasilla
Listed By:
Dustin Renner · License AK #16580
(907) 841-0128
Source:
Seehomesinalaska
Added: Apr 24
Changed: Nov 1
Last Checked: Nov 8 at 6:46AM
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 Keller Williams Realty Alaska Group of Wasilla
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Investment Insights
Based on property information with market context.
This six-unit apartment building at 609 S Cobb Street in Palmer, Alaska, was built in 1976 and has been fully remodeled. Each apartment offers 2 bedrooms and 1 bathroom, with updated interiors and an in-unit washer and dryer. All units are currently occupied, supporting the property’s existing income-producing use.
The building is located in downtown Palmer, within walking distance of shops, restaurants, parks, and other local amenities. Schools and major employers are also identified nearby. The property combines six residential units with remodeled finishes and established occupancy in a central Palmer location.
The building is located in downtown Palmer, within walking distance of shops, restaurants, parks, and other local amenities. Schools and major employers are also identified nearby. The property combines six residential units with remodeled finishes and established occupancy in a central Palmer location.
Key Highlights
- Six‑unit apartment building with all units currently occupied
- Each unit includes 2 bedrooms and 1 bathroom
- Fully remodeled interiors with modern finishes
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$71,706
Cap Rate
4.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,434,120
$1.4M
Cap Rate 7%
$1,024,371
$1.0M
Cap Rate 9%
$796,733
$796.7K
Market Conditions
NOI Build-Up for 6,096 SF
Gross rent
$137.5K $22.56/SF
− Vacancy
−$7.2K −$1.17/SF
EGI
$130.4K $21.39/SF
− OpEx
−$58.7K −$9.62/SF
NOI
$71.7K $11.76/SF
Area
Matanuska-Susitna County, AK
Vacancy
5.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,434,120
Cap Rate 7%
$1,024,371
Cap Rate 9%
$796,733
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$896.3K – $1.20M
NOI $71,706 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,628 @ 7.0% cap · market cap 7.36%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Demographics for 99645, AK
28,818
Population
12,021
Households
2.4
Avg Household Size
37
Median Age
31%
College-Educated
95%
High-School Grad
586.2 sq mi
ZIP Area
49
Density / Sq Mi
$97,069
Median Household Income
$51,710
Median Earnings
$1,309
Median Rent
$338,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated, fully occupied apartments feature in-unit laundry and a downtown Palmer setting near shops, restaurants, and parks.
Where is this apartment building located?
The property is located at 609 S Cobb St Palmer, AK.
What is the asking price?
The asking price for this property is $1,598,000.
What are key features of this property?
This property features: Six‑unit apartment building with all units currently occupied; Each unit includes 2 bedrooms and 1 bathroom; Fully remodeled interiors with modern finishes
