Two-Unit Ranch
New
For Sale
$460,000
8301 Spruce Street, Anchorage, AK 99507
Multi-Family, Anchorage, AK
Property Size1,976 SF
Lot Size0.21 Acres
Price / SF$232.79
Days on Market7
Property Features for 8301 Spruce Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R2M - Multi Family Reside
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 5
Elementary school
Trailside
Middle school
Hanshew
High school
Service
Directions
Lake Otis, east on 84th. North on Spruce st to address on right side.
Subdivision
1A - Anchorage Municipality
Standard status
Active
APN
0142312000001
Size
1,976 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Description
Spruce Acres L13
Legal Description
Spruce Acres L13
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Water source
Public
Amenities
laundry
fenced yard
storage shed
garage
private yard
Building Details
Year built
1976
Number of units
2
Listing Agency:
Berkshire Hathaway HomeServices Alaska Realty
(907) 646-3600
Listed By:
Brittany N Moses · License #19203
(907) 351-1319
Added: Sep 20
Changed: Sep 25
Last Checked: Sep 26 at 11:06AM
MLS# 26-12194
Copyright © 2026 Alaska Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1976, this ranch-style duplex contains 1,976 square feet across two private residences on a 0.21-acre lot. One unit has two bedrooms, one bathroom, laundry, a fenced yard, and a storage shed. The other includes three bedrooms, one bathroom, laundry, a garage, a private yard, and a storage shed.
The property is in Anchorage, near shopping, parks, schools, and trails. Heating is provided by natural gas and baseboard systems, with public water and public sewer service.
The property is in Anchorage, near shopping, parks, schools, and trails. Heating is provided by natural gas and baseboard systems, with public water and public sewer service.
Key Highlights
- Two residences total 1,976 square feet on a 0.21‑acre lot
- One unit has 2 bedrooms, 1 bathroom, laundry, a fenced yard, and a storage shed
- Second unit has 3 bedrooms, 1 bathroom, laundry, a garage, a private yard, and a storage shed
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
$29,018
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
6.31%
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%
$580,360
$580.4K
Cap Rate 7%
$414,543
$414.5K
Cap Rate 9%
$322,422
$322.4K
Market Conditions
NOI Build-Up for 1,976 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
$43.9K $22.20/SF
− Vacancy
−$2.4K −$1.22/SF
EGI
$41.5K $20.98/SF
− OpEx
−$12.4K −$6.29/SF
NOI
$29.0K $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%
$580,360
Cap Rate 7%
$414,543
Cap Rate 9%
$322,422
Alternative Uses
Best Use
Multifamily LT 5
$414.5K
$362.7K – $483.6K
NOI $29,018 @ 7.0% cap · market cap 6.31%
Second Best
Apartment 5plus
$362.8K
$317.5K – $423.3K
NOI $25,399 @ 7.0% cap · market cap 5.52%
Theoretical Best
Specialty Retail
$536.6K
$469.5K – $626.0K
NOI $37,560 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Demographics for 99507, AK
38,199
Population
14,552
Households
2.6
Avg Household Size
36
Median Age
38%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
808
Density / Sq Mi
$107,347
Median Household Income
$55,197
Median Earnings
$1,546
Median Rent
$371,200
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate laundry, private outdoor areas, and storage serve both residences, with a garage assigned to one unit.
Where is this duplex located?
The property is located at 8301 Spruce Street Anchorage, AK.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Two residences total 1,976 square feet on a 0.21‑acre lot; One unit has 2 bedrooms, 1 bathroom, laundry, a fenced yard, and a storage shed; Second unit has 3 bedrooms, 1 bathroom, laundry, a garage, a private yard, and a storage shed
