4004 E 8th Ave · Anchorage, AK 99508

$590,000

10 bd · 4.0 ba · 3,568 sqft · MultiFamily public records · 61 Days on market

Built 1977 7,000 sqft lot $165/sqft · at area comps Est $571k · at est.

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Why this score? — see what drove the D+ 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 +17.9/30.0
• ARV discount +6.0/15.0
• DSCR +5.6/10.0
• 1% rule +4.4/10.0
• Livability +3.9/5.0
• Rent growth +3.7/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. 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 MLS

Excellent 4plex conveniently located near JBER, two 3 beds unit upstairs and two units with 2 beds downstairs. Plenty of parking spaces as well as alley access.

Key facts

• 7,000 sq ft lot
• 8 parking spots
• Built 1977

What this means for you Summary

Snapshot

• This is a 2 × 5-bed/?-bath units multifamily listed at $590k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive. Per door: $246/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $556k (5.8% below list).
• Recommended offer: $555k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 3.8% in Anchorage — 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 78/100 on livability (#6 in AK, #2,553 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Anchorage School District (urban): math 37% / reading 43% proficiency, ranked #6 of 21 in AK (top 29%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.9%/yr); 147 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $5,559/mo this rent would consume 84% of the median local household income ($79k/yr) (locally 1248% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($555k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 32y 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

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $554,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.94% ✗
• Cap rate: 7.29%
• Cash-on-cash: 3.57%
• DSCR: 1.16
• GRM: 8.8

CMA / ARV

• ARV (median comp): $571,070
• List price: $590,000
• Delta: 3.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3940 E 9th Ave	0.07mi	10/4.0	3,568 (0%)	11mo	$590,000	$165	88
366 Flower St	0.32mi	10/4.0	3,568 (0%)	8mo	$450,000	$126	78

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.68×
• Total profit: $-53,592
• Equity at exit: $87,971

10-year hold

• IRR: 3.0%
• Equity multiple: 1.24×
• Total profit: $39,249
• Equity at exit: $51,012

Cash invested: $165,200 (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 99508

• Rents YoY: 4.9%
• Active inventory: 147
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $5,559 medium
• Mortgage (P&I): −$3,094
• Tax from tax record: −$560 /mo · $6,719/yr
• Insurance: −$246
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,167
• Net cashflow: $492

Break-even live

Break-even rent $4,936

Max offer price $590,000

Occupancy floor 86%

Sensitivity live

Price	-10% $826	-5% $659	+0% $492	+5% $325	+10% $158
Rent	-10% $53	-5% $272	+0% $492	+5% $711	+10% $931
Rate	-1.0pp $789	-0.5pp $642	base $492	+0.5pp $339	+1.0pp $183

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	—	$5,560
Total (2 units)			$5,559

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: $147,500
• Closing costs: $17,700
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $590,000 Active 61 DOM
2. 2026-06-17
   days on market $590,000 Active 60 DOM
3. 2026-06-16
   days on market $590,000 Active 59 DOM
4. 2026-06-15
   days on market $590,000 Active 58 DOM
5. 2026-06-14
   days on market $590,000 Active 56 DOM
6. 2026-06-13
   days on market $590,000 Active 55 DOM
7. 2026-06-10
   days on market $590,000 Active 53 DOM
8. 2026-06-09
   days on market $590,000 Active 52 DOM
9. 2026-06-08
   days on market $590,000 Active 51 DOM
10. 2026-06-07
    statusdays on market $590,000 Active 50 DOM
11. 2026-04-10
    listed $590,000 Active 160-char remark

    Show marketing remark (160 chars)

    Excellent 4plex conveniently located near JBER, two 3 beds unit upstairs and two units with 2 beds downstairs. Plenty of parking spaces as well as alley access.

12. 2025-07-07
    soldstatus Closed 372-char remark

    Show marketing remark (372 chars)

    Excellent owner-occupant 4plex conveniently located near the base. Long-term tenants & professionally managed. In the last 15 years: updated windows & Exterior paint. rin 2015, property went through weatherization program, adding new boiler & energy-efficient upgrades Plenty of parking; units lease quickly. Laundry machines leased (and Lease survives sale.)

13. 2025-07-07
    soldstatus

    Show marketing remark (372 chars)

    Excellent owner-occupant 4plex conveniently located near the base. Long-term tenants & professionally managed. In the last 15 years: updated windows & Exterior paint. rin 2015, property went through weatherization program, adding new boiler & energy-efficient upgrades Plenty of parking; units lease quickly. Laundry machines leased (and Lease survives sale.)

14. 2025-05-11
    status Pending 372-char remark

    Show marketing remark (372 chars)

    Excellent owner-occupant 4plex conveniently located near the base. Long-term tenants & professionally managed. In the last 15 years: updated windows & Exterior paint. rin 2015, property went through weatherization program, adding new boiler & energy-efficient upgrades Plenty of parking; units lease quickly. Laundry machines leased (and Lease survives sale.)

15. 2025-05-05
    listed $535,000 Active 372-char remark

    Show marketing remark (372 chars)

    Excellent owner-occupant 4plex conveniently located near the base. Long-term tenants & professionally managed. In the last 15 years: updated windows & Exterior paint. rin 2015, property went through weatherization program, adding new boiler & energy-efficient upgrades Plenty of parking; units lease quickly. Laundry machines leased (and Lease survives sale.)

16. 2018-11-21
    soldstatus
17. 2018-04-19
    listed $475,000
18. 2015-03-05
    soldstatus
19. 2015-01-13
    listed $450,000
20. 2014-07-22
    listed $450,000
21. 2009-11-24
    soldstatus
22. 2009-02-05
    listed $324,900
23. 2008-07-03
    listed $350,000
24. 2008-02-18
    listed $269,900
25. 2007-10-26
    listed $299,500
26. 2005-12-29
    soldstatus
27. 2004-11-23
    soldstatus
28. 2004-05-13
    listed $335,000
29. 2001-04-17
    listed $224,900
30. 1999-10-15
    soldstatus
31. 1999-07-07
    listed $199,900
32. 1995-03-17
    soldstatus
33. 1994-10-06
    listed $168,000

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

Tax reassessment forecast AK · Partial reset (capped growth)

• Current annual tax: $6,719 · $560/mo
• Projected year-2 tax: $6,870 · $572/mo
• Expected delta: +$151/yr (+$13/mo · 2.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 47% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $66,708
• − Mortgage interest: −$33,049
• − Property taxes: −$6,719
• − Insurance: −$2,950
• − Repairs & maintenance: −$5,337
• − Management: −$5,337
• − Depreciation: −$17,164
• Taxable loss: −$3,847
• Est. tax savings @ 24.0%: +$923
• After-tax cash flow: $6,826/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.

Schools (NCES district)

• District: Anchorage School District
• NCES district ID: 0200180
• Math proficiency: 37% ▼ -2.00%
• Reading proficiency: 43% ▲ 1.00%
• Median HH income: $76,447
• Composite: 37.0/100
• National rank: #4523
• State rank: #6 of 21 in AK

Livability — Anchorage

• Score: 78/100
• State rank: #6
• US rank: #2553

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Anchorage, AK
• County: Anchorage Borough · 246,594 people
• City population: 218,117
• Metro: Anchorage, AK
• Population (ZIP): 36,458
• Household income: $79,314
• Rent vs Own: 46.8% rent · 53.2% own
• Severe rent burden: 1248.0

Population outlook (Anchorage County) Hauer SSP2

• Today (2025): 314,993 people
• By 2030: 321,771 · +2.2%
• By 2040: 335,493 · +6.5%
• By 2050: 352,799 · +12.0%
• By 2075: 414,771 · +31.7%
• By 2100: 474,485 · +50.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.82)
• Race & ethnicity: White 38% Two or more races 14% Asian 13% Hispanic / Latino 13% Native American 10% Pacific Islander 8% Black 6%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2% Cuban 1% Dominican 3%
• Common ancestry: Portuguese 3% Iranian 2% Romanian 2%
• Foreign-born: 15% · Canada, Jamaica, South Korea
• Languages at home: 72% English-only · Other Asian/Pacific 11% Spanish 8% Tagalog/Filipino 4%

Political lean MEDSL · Anchorage

• 2024 margin: D (+12.7) · D 56.3% · R 43.7%
• 2016→2024 swing: +27.9pp toward D · 2016: -15.2pp · 2024: 12.7pp
• All cycles: 2024: D+12.7 2016: R+15.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.51%
• Current HPI: 257.8807
• Rent YoY: ▲ 4.88%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+251.2% since first listed

23 events — show timeline

• 2026-04-10 Listed $590,000 AKMLS
• 2025-07-07 Sold (Public Records) — Public Records
• 2025-07-07 Sold (MLS) — AKMLS
• 2025-05-11 Pending — AKMLS
• 2025-05-05 Listed $535,000 AKMLS
• 2018-11-21 Sold (Public Records) — Public Records
• 2018-04-19 Listed $475,000 AKMLS
• 2015-03-05 Sold (Public Records) — Public Records
• 2015-01-13 Listed $450,000 AKMLS
• 2014-07-22 Listed $450,000 AKMLS
• 2009-11-24 Sold (Public Records) — Public Records
• 2009-02-05 Listed $324,900 AKMLS
• 2008-07-03 Listed $350,000 AKMLS
• 2008-02-18 Listed $269,900 AKMLS
• 2007-10-26 Listed $299,500 AKMLS
• 2005-12-29 Sold (Public Records) — Public Records
• 2004-11-23 Sold (Public Records) — Public Records
• 2004-05-13 Listed $335,000 AKMLS
• 2001-04-17 Listed $224,900 AKMLS
• 1999-10-15 Sold (Public Records) — Public Records
• 1999-07-07 Listed $199,900 AKMLS
• 1995-03-17 Sold (Public Records) — Public Records
• 1994-10-06 Listed $168,000 AKMLS

Property tax history

+2.4%/yr

Latest (2025): $6,719 · +0.6% YoY. Source: county tax records.