298 W 5th Ave · North Pole, AK 99705

$349,000

None bd · 3.0 ba · 1,440 sqft · MultiFamily public records · 310 Days on market

Built 1957 0.31 ac lot $242/sqft · 9% below area Est $385k · 9% under

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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
• ARV discount +11.7/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• Rent growth +3.8/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +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: 3 units. confirmed

Listing remarks MLS

Attention investors—don’t miss this income-generating triplex at 298 West 5th Avenue in North Pole, Alaska, listed at $349,000. With two of the three units already rented and the third available for owner occupancy or immediate leasing, this property offers strong potential for both cash flow and long-term equity. Situated on 0.30 acres with durable 2x6 construction, the building includes a total of four bedrooms and three bathrooms, with ample parking for up to eight vehicles. The layout consists of three side-by-side units: Unit 3 is a spacious two-bedroom, one-bathroom residence, while Units 1 and 2 are efficient one-bedroom, one-bathroom apartments. Whether you're looking to house hack by living in one unit while the others help pay the mortgage, or fully lease the property for passive income, this triplex provides flexibility and low overhead. Located just minutes from both Fort Wainwright and Eielson Air Force Base, it’s an ideal location for attracting military tenants, and the rental history reflects consistent demand. The property is easy to maintain, cost-effective to operate, and primed for reliable returns. A virtual tour is available in the link—be sure to check it out and see why this North Pole property is a smart addition to any portfolio. rents are currently $1600 for the 2 bed unit and $1400 for the 1 bed units.

Key facts

• 0.31 acre lot
• 7 parking spots
• Built 1957

Tags

• INCOME GENERATING TRIPLEX

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 2×1bd/1ba units multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $470/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $349k).
• Recommended offer: $307k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.1% vs local median 3.7% in North Pole — 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 67/100 on livability (#22 in AK) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, health & safety A-; Watch: schools D, amenities F, commute F.
• Fairbanks North Star Borough School District (urban): math 33% / reading 45% proficiency, ranked #10 of 21 in AK (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.1%/yr); 255 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1 units permitted in Fairbanks North Star Borough in 2024 (0 in 5+ unit buildings).
• At $4,663/mo this rent would consume 58% of the median local household income ($97k/yr) (locally 237% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Fairbanks North Star County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $98k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 310 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 10y 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 1957 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $307,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 310 days. Have you received any prior offers? Is the seller open to a 12% 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 1957 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.34% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.33%
• DSCR: 1.77
• GRM: 6.2

CMA / ARV

• ARV (median comp): $384,653
• List price: $349,000
• Delta: -9.27%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
369 Park Way Dr	0.48mi	3/2.0	1,500 (+4%)	10mo	$335,000	$223	59

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 · 5.08% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.44×
• Total profit: $43,257
• Equity at exit: $52,037

10-year hold

• IRR: 21.5%
• Equity multiple: 3.01×
• Total profit: $195,973
• Equity at exit: $30,175

Cash invested: $97,720 (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 99705

• Home prices YoY: -21.2%
• Rents YoY: 5.1%
• Active inventory: 255
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $4,663 medium
• Mortgage (P&I): −$1,830
• Tax from tax record: −$297 /mo · $3,566/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$979
• Net cashflow: $1,411

Break-even live

Break-even rent $2,877

Max offer price $349,000

Occupancy floor 65%

Sensitivity live

Price	-10% $1,609	-5% $1,510	+0% $1,411	+5% $1,312	+10% $1,213
Rent	-10% $1,043	-5% $1,227	+0% $1,411	+5% $1,595	+10% $1,779
Rate	-1.0pp $1,587	-0.5pp $1,500	base $1,411	+0.5pp $1,321	+1.0pp $1,229

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,726
▸ 2× units	1	1	$2,938
Total (3 units)			$4,663

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2555 Mission Rd North Pole, AK	2.0–3.0	1.0	1175	$1,450	$1.23	46d	2	0.82mi
2921 Glacier State Dr North Pole, AK	2.0	1.0	880	$1,750	$1.99	46d	1	1.34mi

Listing history 34 events

1. 2026-06-22
   days on market $349,000 Active 310 DOM
2. 2026-06-21
   days on market $349,000 Active 309 DOM
3. 2026-06-19
   days on market $349,000 Active 307 DOM
4. 2026-06-18
   days on market $349,000 Active 306 DOM
5. 2026-06-17
   days on market $349,000 Active 305 DOM
6. 2026-06-16
   days on market $349,000 Active 304 DOM
7. 2026-06-15
   days on market $349,000 Active 303 DOM
8. 2026-06-14
   days on market $349,000 Active 301 DOM
9. 2026-06-13
   days on market $349,000 Active 300 DOM
10. 2026-06-10
    days on market $349,000 Active 298 DOM
11. 2026-06-09
    days on market $349,000 Active 297 DOM
12. 2026-06-08
    days on market $349,000 Active 296 DOM
13. 2026-06-05
    days on market $349,000 Active 292 DOM
14. 2026-06-03
    days on market $349,000 Active 291 DOM
15. 2026-06-02
    days on market $349,000 Active 290 DOM
16. 2026-06-01
    days on market $349,000 Active 289 DOM
17. 2026-05-31
    days on market $349,000 Active 288 DOM
18. 2026-05-30
    days on market $349,000 Active 287 DOM
19. 2026-05-12
    status Active 1375-char remark

    Show marketing remark (1375 chars)

    Attention investors—don’t miss this income-generating triplex at 298 West 5th Avenue in North Pole, Alaska, listed at $349,000. With two of the three units already rented and the third available for owner occupancy or immediate leasing, this property offers strong potential for both cash flow and long-term equity. Situated on 0.30 acres with durable 2x6 construction, the building includes a total of four bedrooms and three bathrooms, with ample parking for up to eight vehicles. The layout consists of three side-by-side units: Unit 3 is a spacious two-bedroom, one-bathroom residence, while Units 1 and 2 are efficient one-bedroom, one-bathroom apartments. Whether you're looking to house hack by living in one unit while the others help pay the mortgage, or fully lease the property for passive income, this triplex provides flexibility and low overhead. Located just minutes from both Fort Wainwright and Eielson Air Force Base, it’s an ideal location for attracting military tenants, and the rental history reflects consistent demand. The property is easy to maintain, cost-effective to operate, and primed for reliable returns. A virtual tour is available in the link—be sure to check it out and see why this North Pole property is a smart addition to any portfolio. rents are currently $1600 for the 2 bed unit and $1400 for the 1 bed units.

20. 2026-04-16
    historical 1375-char remark

    Show marketing remark (1375 chars)

    Attention investors—don’t miss this income-generating triplex at 298 West 5th Avenue in North Pole, Alaska, listed at $349,000. With two of the three units already rented and the third available for owner occupancy or immediate leasing, this property offers strong potential for both cash flow and long-term equity. Situated on 0.30 acres with durable 2x6 construction, the building includes a total of four bedrooms and three bathrooms, with ample parking for up to eight vehicles. The layout consists of three side-by-side units: Unit 3 is a spacious two-bedroom, one-bathroom residence, while Units 1 and 2 are efficient one-bedroom, one-bathroom apartments. Whether you're looking to house hack by living in one unit while the others help pay the mortgage, or fully lease the property for passive income, this triplex provides flexibility and low overhead. Located just minutes from both Fort Wainwright and Eielson Air Force Base, it’s an ideal location for attracting military tenants, and the rental history reflects consistent demand. The property is easy to maintain, cost-effective to operate, and primed for reliable returns. A virtual tour is available in the link—be sure to check it out and see why this North Pole property is a smart addition to any portfolio. rents are currently $1600 for the 2 bed unit and $1400 for the 1 bed units.

21. 2025-07-21
    listed $349,000 Active 1375-char remark

    Show marketing remark (1375 chars)

    Attention investors—don’t miss this income-generating triplex at 298 West 5th Avenue in North Pole, Alaska, listed at $349,000. With two of the three units already rented and the third available for owner occupancy or immediate leasing, this property offers strong potential for both cash flow and long-term equity. Situated on 0.30 acres with durable 2x6 construction, the building includes a total of four bedrooms and three bathrooms, with ample parking for up to eight vehicles. The layout consists of three side-by-side units: Unit 3 is a spacious two-bedroom, one-bathroom residence, while Units 1 and 2 are efficient one-bedroom, one-bathroom apartments. Whether you're looking to house hack by living in one unit while the others help pay the mortgage, or fully lease the property for passive income, this triplex provides flexibility and low overhead. Located just minutes from both Fort Wainwright and Eielson Air Force Base, it’s an ideal location for attracting military tenants, and the rental history reflects consistent demand. The property is easy to maintain, cost-effective to operate, and primed for reliable returns. A virtual tour is available in the link—be sure to check it out and see why this North Pole property is a smart addition to any portfolio. rents are currently $1600 for the 2 bed unit and $1400 for the 1 bed units.

22. 2024-06-25
    historical $1,100
23. 2024-05-06
    listed $1,100
24. 2022-09-16
    soldstatus
25. 2020-10-23
    soldstatus 582-char remark

    Show marketing remark (582 chars)

    Excellent triplex with Great rental history! Completed updated and remodeled. Great location w/ all city amenities. Of the 3 units, Unit#3 is a 2 bdrm/1bath currently rented for $1100.00 p/m. The other two units are both 1 Bdrm/1 bath. Of those Unit#2 is rented for $800.00 p/m and Unit #1 is vacant and ready to occupy! Walking distance to parks, shopping, schools, library, bike and recreation trails! Roof was completely redone in 2016 with engineer and city inspector approval. 24-48 hours to show rented units, Unit #1 can be shown with short notice. More pictures coming soon!

26. 2020-10-16
    soldstatus
27. 2020-10-16
    soldstatus
28. 2020-08-06
    status Pending
29. 2020-07-14
    listed $214,900 582-char remark

    Show marketing remark (582 chars)

    Excellent triplex with Great rental history! Completed updated and remodeled. Great location w/ all city amenities. Of the 3 units, Unit#3 is a 2 bdrm/1bath currently rented for $1100.00 p/m. The other two units are both 1 Bdrm/1 bath. Of those Unit#2 is rented for $800.00 p/m and Unit #1 is vacant and ready to occupy! Walking distance to parks, shopping, schools, library, bike and recreation trails! Roof was completely redone in 2016 with engineer and city inspector approval. 24-48 hours to show rented units, Unit #1 can be shown with short notice. More pictures coming soon!

30. 2020-07-13
    listed $214,900 Active
31. 2016-09-26
    soldstatus
32. 2016-09-26
    soldstatus
33. 2016-06-07
    listed $172,000
34. 2010-06-07
    soldstatus

ⓘ 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: $3,566 · $297/mo
• Projected year-2 tax: $3,860 · $322/mo
• Expected delta: +$293/yr (+$24/mo · 8.2%)

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

Climate risk First Street

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

Taxation est. · year 1

• Rental income: $55,956
• − Mortgage interest: −$19,549
• − Property taxes: −$3,566
• − Insurance: −$1,745
• − Repairs & maintenance: −$4,476
• − Management: −$4,476
• − Depreciation: −$10,153
• Taxable income: $11,989
• Est. tax owed @ 24.0%: −$2,877
• After-tax cash flow: $14,054/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: Fairbanks North Star Borough School District
• NCES district ID: 0200600
• Math proficiency: 33% ▼ -6.00%
• Reading proficiency: 45% ▲ 3.00%
• Median HH income: $69,697
• Composite: 35.5/100
• National rank: #4915
• State rank: #10 of 21 in AK

Livability — North Pole

• Score: 67/100
• State rank: #22
• US rank: #10245

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Pole, AK
• County: Fairbanks North Star Borough · 69,381 people
• City population: 21,769
• Metro: Fairbanks, AK
• Population (ZIP): 21,769
• Household income: $96,964
• Rent vs Own: 23.1% rent · 76.9% own
• Severe rent burden: 237.0

Population outlook (Fairbanks North Star County) Hauer SSP2

• Today (2025): 101,607 people
• By 2030: 102,796 · +1.2%
• By 2040: 104,748 · +3.1%
• By 2050: 107,598 · +5.9%
• By 2075: 118,829 · +16.9%
• By 2100: 127,151 · +25.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 12% Hispanic / Latino 7% Native American 4% Black 1% Asian 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Italian 4% Portuguese 3% Scottish 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 93% English-only · French/Haitian/Cajun 1% Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Fairbanks North Star

• 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: ▼ -42.32%
• Current HPI: 157.102
• Rent YoY: ▲ 5.08%
• Metro: Fairbanks, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+102.9% since first listed

16 events — show timeline

• 2026-05-12 Relisted — GFBR
• 2026-04-16 Delisted — GFBR
• 2025-07-21 Listed $349,000 GFBR
• 2024-06-25 Rental Removed $1,100 RENT.
• 2024-05-06 Listed for Rent $1,100 RENT.
• 2022-09-16 Sold (Public Records) — Public Records
• 2020-10-23 Sold (MLS) — GFBR
• 2020-10-16 Sold (Public Records) — Public Records
• 2020-10-16 Sold (Public Records) — Public Records
• 2020-08-06 Pending — AKMLS
• 2020-07-14 Listed $214,900 GFBR
• 2020-07-13 Listed $214,900 AKMLS
• 2016-09-26 Sold (Public Records) — Public Records
• 2016-09-26 Sold (MLS) — GFBR
• 2016-06-07 Listed $172,000 GFBR
• 2010-06-07 Sold (Public Records) — Public Records

Property tax history

+3.8%/yr

Latest (2025): $3,566 · +1.9% YoY. Source: county tax records.