Two-Story
For Sale
$533,600
638 W 74th Avenue, Anchorage, AK 99518
Recent building and site improvements complement a four-unit residential income property near shopping and restaurants.
Property Size1,802 SF
Days on Market298
Property Features for 638 W 74th Avenue
General Information
Standard status
Active
Size
1,802 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Average Monthly Rent
$1,400
Building Details
Building Size
1,802 SF
Year Built
1972
Stories
2
Listing Agency:
Real Broker Alaska
(907) 351-4794
Listed By:
Joseph Miller · License #11361
Source:
Keiradrehergroup.kw
Added: Nov 4, 2025
Changed: Aug 28
Last Checked: Aug 28 at 10:57AM
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 Broker Alaska
Investment Insights
Based on property information with market context.
This two-story quadplex, built in 1972, contains four generously sized one-bedroom, one-bathroom units. Recent capital work includes roof replacement, interior painting, and repaving of the parking lot, while the boiler was replaced within the last five years. All units are currently rented.
The property is situated in south Anchorage near Dimond shopping center and nearby restaurants. Its four-unit configuration, refreshed common site improvements, and updated mechanical equipment provide a straightforward multifamily asset profile.
The property is situated in south Anchorage near Dimond shopping center and nearby restaurants. Its four-unit configuration, refreshed common site improvements, and updated mechanical equipment provide a straightforward multifamily asset profile.
Key Highlights
- Four‑unit quadplex with two‑story design
- Each unit offers 1 bedroom and 1 bathroom
- Roof replaced and interior painted within the last year
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
$26,463
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
4.96%
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%
$529,260
$529.3K
Cap Rate 7%
$378,043
$378.0K
Cap Rate 9%
$294,033
$294.0K
Market Conditions
NOI Build-Up for 1,802 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
$40.0K $22.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$37.8K $20.98/SF
− OpEx
−$11.3K −$6.29/SF
NOI
$26.5K $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%
$529,260
Cap Rate 7%
$378,043
Cap Rate 9%
$294,033
Alternative Uses
Best Use
Multifamily LT 5
$378.0K
$330.8K – $441.1K
NOI $26,463 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$330.9K
$289.5K – $386.0K
NOI $23,162 @ 7.0% cap · market cap 4.34%
Theoretical Best
Specialty Retail
$489.3K
$428.2K – $570.9K
NOI $34,252 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Demographics for 99518, AK
9,861
Population
4,568
Households
2.2
Avg Household Size
36
Median Age
32%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
2,595
Density / Sq Mi
$91,077
Median Household Income
$49,761
Median Earnings
$1,661
Median Rent
$297,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Recent building and site improvements complement a four-unit residential income property near shopping and restaurants.
Where is this quadplex located?
The property is located at 638 W 74th Avenue Anchorage, AK.
What is the asking price?
The asking price for this property is $533,600.
What are key features of this property?
This property features: Four‑unit quadplex with two‑story design; Each unit offers 1 bedroom and 1 bathroom; Roof replaced and interior painted within the last year
