436 Main St · Ketchikan, AK 99901

$1,685,000

33 bd · 31.9 ba · 21,400 sqft · MultiFamily · 15 Days on market

Built 1927 Good condition 6,440 sqft lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 11 units. estimate disagrees with records

Listing remarks

Need Housing or an Investment Opportunity? The Revilla Apartments is an iconic downtown Ketchikan property offering both historic character and long-term potential. Built in 1927, this landmark concrete building occupies the prominent corner of Main and Pine Streets and remains one of downtown's most recognizable residential properties. The handsome stucco structure retains many of its original architectural details, including mahogany stair railings, hardwood floors, classic doors, and original trim, blending timeless character with important modern improvements. Recent upgrades include a state-of-the-art hydronic heating system with new boilers, fiber optic connectivity, enhanced security

Key facts

• Historic character
• Prominent corner
• Hardwood floors

Tags

• HISTORIC CHARACTER
• ICONIC DOWNTOWN PROPERTY
• PROMINENT CORNER
• ORIGINAL ARCHITECTURAL DETAILS
• MAHOGANY STAIR RAILINGS
• HARDWOOD FLOORS

Property features AI

Finance

• Other: Living area approximately 21,400; Lot about 0.15 acres (6,440 sq ft)

Exterior

• Parking: No attached garage; No garage spaces; No carport spaces; No open parking spaces
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1927
• Construction: Concrete construction; Poured concrete foundation
• Exterior features: Rolled/hot mop roof; Paved road access

Interior

• Bedrooms: 32 total bedrooms
• Flooring: Carpet
• Bathrooms: 32 full bathrooms
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 11 × 3-bed/?-bath units multifamily listed at $1.69M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $8k ($97k/yr) — positive. Per door: $731/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $1.69M).
• Recommended offer: $1.66M (1.5% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.7% in Ketchikan — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#12 in AK, #3,743 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D+, amenities F.
• Market conditions: 97 active listings in the ZIP; 73 units permitted in Ketchikan Gateway Borough in 2024 (14 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $12k of loan paydown is wiped out by about $51k of value loss. Plan a longer hold.
• Ketchikan Gateway County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $472k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($1.66M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,659,725 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 12.02%
• Cash-on-cash: 20.45%
• DSCR: 1.91
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.51×
• Total profit: $239,542
• Equity at exit: $251,239

10-year hold

• IRR: 21.7%
• Equity multiple: 2.84×
• Total profit: $869,667
• Equity at exit: $145,688

Cash invested: $471,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 80 Strongly Landlord-Friendly
• State Alaska: 80 Strongly Landlord-Friendly · R+8
• County: — inherits STATE
• City: — inherits STATE

30-day notice; security deposits capped; courts moderate-paced.

Methodology + full state rankings →

ZIP-level market 99901

• Home prices YoY: -33.4%
• Active inventory: 97
• Price-to-rent: 62.0×

Monthly cashflow live

• Estimated rent: $24,920 medium
• Mortgage (P&I): −$8,836
• Tax est. 1.5%: −$2,106 /mo · $25,275/yr
• Insurance: −$702
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,233
• Net cashflow: $8,042

Break-even live

Break-even rent $14,740

Max offer price $1,685,000

Occupancy floor 63%

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	3	—	$24,915
Total (11 units)			$24,920

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $421,250
• Closing costs: $50,550
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-12
   statusdays on market $1,685,000 Pending 15 DOM
2. 2026-06-09
   days on market $1,685,000 Active 13 DOM
3. 2026-06-08
   days on market $1,685,000 Active 12 DOM
4. 2026-06-07
   days on market $1,685,000 Active 11 DOM
5. 2026-06-04
   days on market $1,685,000 Active 7 DOM
6. 2026-06-02
   days on market $1,685,000 Active 6 DOM
7. 2026-06-01
   days on market $1,685,000 Active 5 DOM
8. 2026-05-31
   days on market $1,685,000 Active 4 DOM
9. 2026-05-31
   days on market $1,685,000 Active 3 DOM
10. 2026-05-27
    listed $1,685,000 Active
11. 2022-07-11
    listed $1,599,000
12. 2017-05-14
    listed $895,000
13. 2015-09-28
    listed $895,000
14. 2012-07-10
    listed $895,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $299,040
• − Mortgage interest: −$94,386
• − Property taxes: −$25,275
• − Insurance: −$8,425
• − Repairs & maintenance: −$23,923
• − Management: −$23,923
• − Depreciation: −$49,018
• Taxable income: $74,089
• Est. tax owed @ 24.0%: −$17,781
• After-tax cash flow: $78,724/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 3 photos

Good 75/100 Cosmetic rehab

The Revilla Apartments is a well-maintained multi-family property with good condition and recent upgrades, offering both historic character and long-term potential.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics.
• Both Landscaping improvements — Enhances curb appeal and adds value to the property.
• Rental HVAC system maintenance — Ensures the heating system operates efficiently and safely, attracting tenants.
• Resale Kitchen appliances replacement — Modern appliances improve the home's appeal to potential buyers.
• Resale Bathroom updates — Fresh bathrooms can significantly boost the home's resale value.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics. ↑
• Both Landscaping improvements — Enhances curb appeal and adds value to the property. ↑
• Rental HVAC system maintenance — Ensures the heating system operates efficiently and safely, attracting tenants. ↑
• Resale Kitchen appliances replacement — Modern appliances improve the home's appeal to potential buyers. ↑
• Resale Bathroom updates — Fresh bathrooms can significantly boost the home's resale value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

No district data.

Livability — Ketchikan

• Score: 76/100
• State rank: #12
• US rank: #3743

Category grades

Amenities F Commute A+ Cost of living C Crime D+ Employment B Housing A+ Health & safety A+ User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ketchikan, AK
• Population (ZIP): 13,875

Population outlook (Ketchikan Gateway County) Hauer SSP2

• Today (2025): 14,287 people
• By 2030: 14,487 · +1.4%
• By 2040: 14,750 · +3.2%
• By 2050: 14,908 · +4.3%
• By 2075: 15,319 · +7.2%
• By 2100: 15,204 · +6.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 61% Native American 13% Two or more races 13% Asian 9% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Slovak 4% Italian 2%
• Foreign-born: 9% · Canada
• Languages at home: 89% English-only · Tagalog/Filipino 7% Spanish 2% Other Indo-European 1%

Political lean MEDSL · Ketchikan Gateway

• 2016 margin: R (+15.2) · D 37.7% · R 52.9% · Other 9.4%
• All cycles: 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.31%
• Current HPI: 190.039
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+88.3% since first listed

5 events — show timeline

• 2026-05-27 Listed $1,685,000 AKMLS
• 2022-07-11 Listed $1,599,000 AKMLS
• 2017-05-14 Listed $895,000 AKMLS
• 2015-09-28 Listed $895,000 AKMLS
• 2012-07-10 Listed $895,000 AKMLS