Four-Unit Short-Term Rental
For Sale
$1,250,000
809 O Pl, Anchorage, AK 99501
Full-building ownership includes four condominium residences with individual carports and established short-term rental operations.
Property Size3,550 SF
Price / SF$352.11
Days on Market16
Property Features for 809 O Pl
General Information
Standard status
Active
Size
3,550 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$14,888
Building Details
Buildings
1
Listing Agency:
Real Broker B Street
(907) 306-9436
Listed By:
Justin Milette · License #122771
(907) 306-9436
Source:
Exprealty
Added: Jul 29
Changed: Aug 13
Last Checked: Aug 13 at 4:57AM
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 B Street
Investment Insights
Based on property information with market context.
This quadplex is offered as one package comprising four condominium units, providing control of the entire building. Each residence includes 2 bedrooms and 1 bathroom, with 3,550 square feet of combined living space. Every unit also has its own carport. The property is currently operated as a short-term rental portfolio, with all four residences serving vacation-rental guests.
The property is located in Bootleggers Cove, minutes from Downtown, the Coastal Trail, Park Strip, restaurants, shopping, and Anchorage attractions. The existing setup supports continued short-term rental use, while the individual units also provide flexibility for long-term rental or owner occupancy alongside additional rentals.
The property is located in Bootleggers Cove, minutes from Downtown, the Coastal Trail, Park Strip, restaurants, shopping, and Anchorage attractions. The existing setup supports continued short-term rental use, while the individual units also provide flexibility for long-term rental or owner occupancy alongside additional rentals.
Key Highlights
- Four condominium units offered together as one building
- 3,550 square feet of combined living space
- Each unit includes 2 bedrooms and 1 bathroom
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
$52,133
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
4.17%
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%
$1,042,660
$1.0M
Cap Rate 7%
$744,757
$744.8K
Cap Rate 9%
$579,256
$579.3K
Market Conditions
NOI Build-Up for 3,550 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
$78.8K $22.20/SF
− Vacancy
−$4.3K −$1.22/SF
EGI
$74.5K $20.98/SF
− OpEx
−$22.3K −$6.29/SF
NOI
$52.1K $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%
$1,042,660
Cap Rate 7%
$744,757
Cap Rate 9%
$579,256
Alternative Uses
Best Use
Multifamily LT 5
$744.8K
$651.7K – $868.9K
NOI $52,133 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$651.9K
$570.4K – $760.5K
NOI $45,630 @ 7.0% cap · market cap 3.65%
Theoretical Best
Specialty Retail
$964.0K
$843.5K – $1.12M
NOI $67,478 @ 7.0% cap · market cap 5.40%
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 99501, AK
18,590
Population
8,906
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
92%
High-School Grad
6.7 sq mi
ZIP Area
2,775
Density / Sq Mi
$69,591
Median Household Income
$43,542
Median Earnings
$1,181
Median Rent
$378,700
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 - Full-building ownership includes four condominium residences with individual carports and established short-term rental operations.
Where is this quadplex located?
The property is located at 809 O Pl Anchorage, AK.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Four condominium units offered together as one building; 3,550 square feet of combined living space; Each unit includes 2 bedrooms and 1 bathroom
