1440-1450 Tongass Ave · Ketchikan, AK 99901

$637,000

60 bd · 42.0 ba · 5,943 sqft · MultiFamily · 36 Days on market

Built 1950 Fair condition 6,860 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• 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 (2-4 Unit). Listing-text estimate: 6 units. estimate disagrees with records

Listing remarks MLS

This unique mixed-use property offers 7 residential units with a total of 10 bedrooms and 7 bathrooms, along with 3 ground-level commercial spaces in a convenient in-town location. Many of the units feature beautiful water views, creating a bright and inviting atmosphere throughout the property. Two shared coin-operated laundry areas is located on-site for tenant use. Ideally situated near local shops, restaurants, and the waterfront, this property combines residential living with street-level commercial presence in a central location. While the building could benefit from some TLC and updating, it offers plenty of character, flexibility, and opportunity for the next owner to make improvements and bring new life to this substantial mixed-use property.

Key facts

• Water views
• Central location
• Mixed-use property

Tags

• MIXED-USE PROPERTY
• GROUND-LEVEL COMMERCIAL SPACES
• WATER VIEWS
• CENTRAL LOCATION

Property features AI

Exterior

• Parking: No attached garage; No carport; No open parking spaces listed
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1950; Wood frame construction; Pilings foundation
• Construction: Wood frame construction; Metal roof; Pilings foundation; Built in 1950
• Exterior features: Metal roof; Paved road access

Interior

• Bedrooms: 10 bedrooms
• Flooring: Carpet
• Bathrooms: 7 full bathrooms
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 6 × 10-bed/7.0-bath units multifamily listed at $637k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $6k ($75k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $637k).
• Recommended offer: $618k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.1% 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.
• Ketchikan Gateway Borough School District (town): math 39% / reading 44% proficiency, ranked #7 of 21 in AK (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Houghtaling Elementary (math 37% / reading 42%, grade F, #75 of 156 statewide, top 52%, 310 students, 59% FRL); Schoenbar Middle School (math 30% / reading 36%, grade F, #26 of 36 statewide, top 71%, 269 students, 40% FRL); Ketchikan High School (math 42% / reading 42%, grade F, #17 of 61 statewide, top 32%, 498 students, 28% FRL).
• 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 $4k of loan paydown is wiped out by about $19k 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 $178k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($618k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $617,890 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.12% ✓
• Cap rate: 18.10%
• Cash-on-cash: 42.15%
• DSCR: 2.88
• GRM: 3.9

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: 38.8%
• Equity multiple: 2.66×
• Total profit: $296,017
• Equity at exit: $94,979

10-year hold

• IRR: 45.3%
• Equity multiple: 5.33×
• Total profit: $772,414
• Equity at exit: $55,076

Cash invested: $178,360 (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: 23.6×

Monthly cashflow live

• Estimated rent: $13,503 medium
• Mortgage (P&I): −$3,340
• Tax est. 1.5%: −$796 /mo · $9,555/yr
• Insurance: −$265
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,836
• Net cashflow: $6,265

Break-even live

Break-even rent $5,572

Max offer price $637,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 6× units	10	7	$13,500
Total (6 units)			$13,503

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: $159,250
• Closing costs: $19,110
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $637,000 Active 36 DOM
2. 2026-06-18
   days on market $637,000 Active 35 DOM
3. 2026-06-17
   days on market $637,000 Active 34 DOM
4. 2026-06-16
   days on market $637,000 Active 33 DOM
5. 2026-06-15
   days on market $637,000 Active 32 DOM
6. 2026-06-14
   days on market $637,000 Active 30 DOM
7. 2026-06-12
   days on market $637,000 Active 29 DOM
8. 2026-06-09
   days on market $637,000 Active 26 DOM
9. 2026-06-08
   days on market $637,000 Active 25 DOM
10. 2026-06-07
    days on market $637,000 Active 24 DOM
11. 2026-06-04
    days on market $637,000 Active 20 DOM
12. 2026-06-02
    days on market $637,000 Active 19 DOM
13. 2026-06-01
    days on market $637,000 Active 18 DOM
14. 2026-05-31
    days on market $637,000 Active 17 DOM
15. 2026-05-31
    days on market $637,000 Active 16 DOM
16. 2026-05-15
    listed $637,000 Active 761-char remark

    Show marketing remark (761 chars)

    This unique mixed-use property offers 7 residential units with a total of 10 bedrooms and 7 bathrooms, along with 3 ground-level commercial spaces in a convenient in-town location. Many of the units feature beautiful water views, creating a bright and inviting atmosphere throughout the property. Two shared coin-operated laundry areas is located on-site for tenant use. Ideally situated near local shops, restaurants, and the waterfront, this property combines residential living with street-level commercial presence in a central location. While the building could benefit from some TLC and updating, it offers plenty of character, flexibility, and opportunity for the next owner to make improvements and bring new life to this substantial mixed-use property.

17. 2026-05-13
    listed $637,000 Active 761-char remark

ⓘ 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: $162,036
• − Mortgage interest: −$35,682
• − Property taxes: −$9,555
• − Insurance: −$3,185
• − Repairs & maintenance: −$12,963
• − Management: −$12,963
• − Depreciation: −$18,531
• Taxable income: $69,157
• Est. tax owed @ 24.0%: −$16,598
• After-tax cash flow: $58,585/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 · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires significant updates to its kitchens, bathrooms, exterior, and landscaping to improve its condition and value. While it offers unique features and a central location, the current state detracts from its overall appeal.

Repairs flagged

• Major kitchen cabinets — Severe wear
• Major bathroom fixtures — Severe wear
• Major exterior siding — Severe weathering
• Major flooring — Severe wear
• Major interior walls/paint — Severe wear
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Resale new kitchen cabinets and appliances — Modernizes the space and improves functionality
• Resale new bathroom fixtures and tile — Modernizes the space and improves functionality
• Resale new exterior siding and paint — Enhances curb appeal and improves property value
• Resale new flooring — Enhances the living space and improves functionality
• Resale new interior paint — Enhances the living space and improves functionality
• Resale landscaping and curb appeal — Enhances the property's curb appeal and overall aesthetic
• Rental HVAC system maintenance and upgrade — Improves tenant comfort and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Severe wear	Major	$15,000–50,000
bathroom fixtures · Severe wear	Major	$15,000–50,000
exterior siding · Severe weathering	Major	$15,000–50,000
flooring · Severe wear	Major	$15,000–50,000
interior walls/paint · Severe wear	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Resale new kitchen cabinets and appliances — Modernizes the space and improves functionality ↑
• Resale new bathroom fixtures and tile — Modernizes the space and improves functionality ↑
• Resale new exterior siding and paint — Enhances curb appeal and improves property value ↑
• Resale new flooring — Enhances the living space and improves functionality ↑
• Resale new interior paint — Enhances the living space and improves functionality ↑
• Resale landscaping and curb appeal — Enhances the property's curb appeal and overall aesthetic ↑
• Rental HVAC system maintenance and upgrade — Improves tenant comfort and reduces maintenance costs ↑

ⓘ 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: Ketchikan Gateway Borough School District
• NCES district ID: 0200150
• Math proficiency: 39% ▼ -5.00%
• Reading proficiency: 44% ▼ -2.00%
• Median HH income: $61,859
• Composite: 36.86/100
• National rank: #4550
• State rank: #7 of 21 in AK

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

+0.0% since first listed

2 events — show timeline

• 2026-05-15 Listed $637,000 SEABR
• 2026-05-13 Listed $637,000 AKMLS