6-Unit Apartment
New
For Sale
$750,000
7801 Island Dr, Anchorage, AK 99504
The building offers a mix of one- and two-bedroom residences, with updates made throughout over the years.
Property Size3,576 SF
Price / SF$209.73
Days on Market5
Property Features for 7801 Island Dr
General Information
Standard status
Active
Size
3,576 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR, 4 x 1BR
Multifamily Units
6
Building Details
Year Built
1972
Listing Agency:
Keller Williams Realty Alaska Group
Listed By:
Barbara Huntley · License #11635
(907) 227-5228
Source:
Viewanchoragehouses
Added: Sep 23
Changed: Sep 26
Last Checked: Sep 26 at 3:27PM
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
Investment Insights
Based on property information with market context.
At 7801 Island Dr, this six-unit apartment property contains two two-bedroom units and four one-bedroom units. Built in 1972, the 3,576-square-foot building has received updates throughout over the years.
Key Highlights
- Six apartment units: two with 2 bedrooms and four with 1 bedroom
- 3,576‑square‑foot building constructed in 1972
- Updates made throughout the property over the years
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
$45,964
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
6.13%
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%
$919,280
$919.3K
Cap Rate 7%
$656,629
$656.6K
Cap Rate 9%
$510,711
$510.7K
Market Conditions
NOI Build-Up for 3,576 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
$88.0K $24.60/SF
− Vacancy
−$4.4K −$1.23/SF
EGI
$83.6K $23.37/SF
− OpEx
−$37.6K −$10.52/SF
NOI
$46.0K $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%
$919,280
Cap Rate 7%
$656,629
Cap Rate 9%
$510,711
Alternative Uses
Best Use
Apartment 5plus
$656.6K
$574.6K – $766.1K
NOI $45,964 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$971.0K
$849.7K – $1.13M
NOI $67,973 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - The building offers a mix of one- and two-bedroom residences, with updates made throughout over the years.
Where is this apartment building located?
The property is located at 7801 Island Dr Anchorage, AK.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Six apartment units: two with 2 bedrooms and four with 1 bedroom; 3,576‑square‑foot building constructed in 1972; Updates made throughout the property over the years
