237 Lincoln St Unit 231-241 Lincoln Street · Sitka, AK 99835

$4,190,000

None bd · None ba · 30,475 sqft · MultiFamily · 352 Days on market

Built 1951 Fair condition 6,303 sqft lot ↓ 12% since listing

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Why this score? — see what drove the C+ 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 +26.7/30.0
• DSCR +9.2/10.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• Schools +4.3/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Discover the Cathedral Arms, a landmark property in the heart of downtown Sitka, where exceptional residential and commercial opportunities converge. This iconic eight-story building offers unparalleled views of Sitka Sound and the majestic Mt. Edgecumbe, making it a sought-after location for both tenants and businesses. The Cathedral Arms boasts 37 well-appointed residential units, including 24 spacious one-bedroom apartments, 12 cozy efficiency apartments, and an exclusive penthouse suite. Each one-bedroom apartment is designed for modern living with a comfortable living room, full kitchen, bathroom, and generous closet space. The efficiency apartments provide an intimate yet functional l

Key facts

• Mt edgecumbe
• Landmark property
• Sitka sound

Tags

• LANDMARK PROPERTY
• DOWNTOWN SITKA
• UNPARALLELED VIEWS
• SITKA SOUND
• MT EDGECUMBE
• EXCLUSIVE PENTHOUSE SUITE

Property features AI

Exterior

• Security: Smoke detector(s)
• Utilities: Public water
• Home design: Residential income property; Multi-family (five-plus units); Located in Sitka Townsite subdivision; Zoned Sitka-CBD
• Exterior features: Irregular lot; Has view; Smoke detectors

Interior

• Flooring: Laminate
• Heating & cooling: Baseboard heating; Has heating
• Interior features: Laminate flooring; Baseboard heating

What this means for you Summary

Snapshot

• This is a multifamily listed at $4.19M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $11k ($137k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($51k rent vs $4.19M).
• Recommended offer: $3.69M (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 86/100 on livability (#1 in AK, #425 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Sitka School District (town): math 46% / reading 50% proficiency, ranked #4 of 21 in AK (top 19%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Keet Gooshi Heen Elementary (math 60% / reading 51%, grade C, #30 of 156 statewide, top 19%, 274 students, 33% FRL); Blatchley Middle School (math 42% / reading 52%, grade D+, #8 of 36 statewide, top 20%, 265 students, 38% FRL); Sitka High School (math 27% / reading 42%, grade F, #28 of 61 statewide, top 50%, 329 students, 28% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 43 active listings in the ZIP; 11 units permitted in Sitka City and Borough in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $29k of loan paydown is wiped out by about $126k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $1.17M cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 352 days — a 12% lower offer ($3.69M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,687,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 352 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 1.22% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.64%
• DSCR: 1.52
• GRM: 6.8

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $46,487
• Equity at exit: $624,743

10-year hold

• IRR: 10.7%
• Equity multiple: 1.83×
• Total profit: $976,747
• Equity at exit: $362,275

Cash invested: $1,173,200 (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 99835

• Active inventory: 43
• Price-to-rent: 253.3×

Monthly cashflow live

• Estimated rent: $51,056 medium
• Mortgage (P&I): −$21,973
• Tax est. 1.5%: −$5,238 /mo · $62,850/yr
• Insurance: −$1,746
• HOA: −$0
• Vacancy / Maint / Mgmt: −$10,722
• Net cashflow: $11,378

Break-even live

Break-even rent $36,653

Max offer price $4,190,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 36× units	1	1	$49,608
1× unit	2	2	$1,433
Total (37 units)			$51,056

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: $1,047,500
• Closing costs: $125,700
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-19
   days on market $4,190,000 Active 352 DOM
2. 2026-06-18
   days on market $4,190,000 Active 351 DOM
3. 2026-06-17
   days on market $4,190,000 Active 350 DOM
4. 2026-06-16
   days on market $4,190,000 Active 349 DOM
5. 2026-06-15
   days on market $4,190,000 Active 348 DOM
6. 2026-06-14
   days on market $4,190,000 Active 346 DOM
7. 2026-06-12
   days on market $4,190,000 Active 345 DOM
8. 2026-06-09
   days on market $4,190,000 Active 342 DOM
9. 2026-06-08
   days on market $4,190,000 Active 341 DOM
10. 2026-06-07
    days on market $4,190,000 Active 340 DOM
11. 2026-06-07
    days on market $4,190,000 Active 339 DOM
12. 2026-06-04
    days on market $4,190,000 Active 336 DOM
13. 2026-06-02
    days on market $4,190,000 Active 335 DOM
14. 2026-06-01
    days on market $4,190,000 Active 334 DOM
15. 2026-05-31
    days on market $4,190,000 Active 333 DOM
16. 2026-05-31
    days on market $4,190,000 Active 332 DOM
17. 2026-05-17
    price $4,190,000
18. 2025-07-02
    listed $4,750,000 Active

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

Taxation est. · year 1

• Rental income: $612,672
• − Mortgage interest: −$234,705
• − Property taxes: −$62,850
• − Insurance: −$20,950
• − Repairs & maintenance: −$49,014
• − Management: −$49,014
• − Depreciation: −$121,891
• Taxable income: $74,248
• Est. tax owed @ 24.0%: −$17,820
• After-tax cash flow: $118,717/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 · 13 photos

Fair 45/100 Moderate rehab

The home requires moderate repairs and updates to improve its condition and value. The kitchen and bathrooms need minor repairs, and the interior walls and flooring could benefit from fresh paint and new flooring. Updating these areas will significantly increase the home's resale and rental value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor kitchen countertops — slight wear
• Minor bathroom fixtures — slight wear

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing kitchen will appeal to both buyers and renters
• Both paint interior walls — fresh paint will improve the home's appearance and appeal
• Both replace carpeting with hardwood or tile — hardwood or tile flooring will increase the home's value and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
kitchen countertops · slight wear	Minor	$500–3,000
bathroom fixtures · slight wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing kitchen will appeal to both buyers and renters ↑
• Both paint interior walls — fresh paint will improve the home's appearance and appeal ↑
• Both replace carpeting with hardwood or tile — hardwood or tile flooring will increase the home's value and appeal ↑

ⓘ 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)

• District: Sitka School District
• NCES district ID: 0200240
• Math proficiency: 46% ▬ 0.00%
• Reading proficiency: 50% ▼ -5.00%
• Median HH income: $66,729
• Composite: 42.71/100
• National rank: #3166
• State rank: #4 of 21 in AK

Livability — Sitka

• Score: 86/100
• State rank: #1
• US rank: #425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sitka, AK
• City population: 8,393
• Population (ZIP): 8,393

Population outlook (Sitka County) Hauer SSP2

• Today (2025): 9,189 people
• By 2030: 9,264 · +0.8%
• By 2040: 9,254 · +0.7%
• By 2050: 9,225 · +0.4%
• By 2075: 9,386 · +2.1%
• By 2100: 9,164 · -0.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 60% Two or more races 19% Native American 9% Asian 7% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Lithuanian 3% Italian 3%
• Foreign-born: 9% · Canada
• Languages at home: 87% English-only · Spanish 4% Tagalog/Filipino 4% Other Asian/Pacific 2%

Political lean MEDSL · Sitka

• 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: ▼ -193.94%
• Current HPI: 112.4336
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-11.8% since first listed

2 events — show timeline

• 2026-05-17 Price Changed $4,190,000 SEABR
• 2025-07-02 Listed $4,750,000 SEABR