344 E 15th Ave · Anchorage, AK 99501

$830,000

91 bd · 49.0 ba · 7,588 sqft · MultiFamily public records · 2 Days on market

Built 1965 7,392 sqft lot

---

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 +3.9/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.1/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

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

Well-maintained 7-unit apartment building featuring fresh exterior paint and a newer roof. A proven performer with long-term tenants who would love to stay. 5 units enjoy private south-facing balconies overlooking the Sullivan Park baseball fields, providing an uncommon open-space setting. The spacious top-floor penthouse offers a large living areas and mountain views! Additional amenities include two separate on-site laundry facilities, a dedicated workshop adjacent to the boiler room, and ample utility/storage space for streamlined property management. Combining pride of ownership, a desirable unit mix, quality capital improvements, and a loyal tenant base, 344 E. 15th Avenue presents an

Key facts

• Top-floor penthouse
• Dedicated workshop
• Large living areas

Tags

• PRIVATE SOUTH-FACING BALCONIES
• TOP-FLOOR PENTHOUSE
• LARGE LIVING AREAS
• MOUNTAIN VIEWS
• DEDICATED WORKSHOP
• AMPLE UTILITY STORAGE SPACE

Property features AI

Exterior

• Parking: 9 open parking spaces; No attached garage
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1965
• Construction: Wood frame construction; Block and poured concrete foundation; Bitumen/torch down roof
• Exterior features: Paved road access

Interior

• Bedrooms: 13 bedrooms
• Flooring: Carpet
• Bathrooms: 7 full bathrooms
• Interior features: Carpet flooring

What this means for you Summary

Snapshot

• This is a 7 × 13-bed/7.0-bath units multifamily listed at $830k.

Deal economics

• At list price, monthly cash flow is $9k ($105k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $830k).
• Cap rate 18.9% 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.
• Zoned schools: North Star Elementary (math 12% / reading 17%, grade F, #146 of 156 statewide, top 95%, 391 students, 0% FRL); Central Middle School of Science (math 17% / reading 32%, grade F, #30 of 36 statewide, top 86%, 371 students, 80% FRL) — zoned schools at 40% FRL track the district average.
• Zoned-school proficiency averages 20% at this address vs 40% district-wide (-20 pts) — the specific schools serving this property underperform the Anchorage School District average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+5.1%/yr); 102 active listings in the ZIP; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $18,158/mo this rent would consume 307% of the median local household income ($71k/yr) (locally 889% 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 $6k of loan paydown is wiped out by about $25k 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.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $232k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 26y 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.

Recommended offer $830,000

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 1965 — 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. 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?
6. 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?
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: 2.19% ✓
• Cap rate: 18.93%
• Cash-on-cash: 45.15%
• DSCR: 3.01
• GRM: 3.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.12% rent growth · sell at horizon

5-year hold

• IRR: 44.6%
• Equity multiple: 2.99×
• Total profit: $462,154
• Equity at exit: $123,756

10-year hold

• IRR: 51.5%
• Equity multiple: 6.55×
• Total profit: $1,289,810
• Equity at exit: $71,763

Cash invested: $232,400 (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 99501

• Home prices YoY: -3.7%
• Rents YoY: 5.1%
• Active inventory: 102
• Price-to-rent: 26.7×

Monthly cashflow live

• Estimated rent: $18,158 medium
• Mortgage (P&I): −$4,353
• Tax from tax record: −$902 /mo · $10,829/yr
• Insurance: −$346
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,813
• Net cashflow: $8,744

Break-even live

Break-even rent $7,090

Max offer price $830,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 7× units	13	7	$18,158
Total (7 units)			$18,158

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: $207,500
• Closing costs: $24,900
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-13
   status $830,000 Pending 2 DOM
2. 2026-06-10
   days on market $830,000 Active 2 DOM
3. 2026-06-09
   remarks 699-char remark
4. 2026-06-09
   listed $830,000 Active 1 DOM

ⓘ 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: $10,829 · $902/mo
• Projected year-2 tax: $10,829 · $902/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $217,896
• − Mortgage interest: −$46,493
• − Property taxes: −$10,829
• − Insurance: −$4,150
• − Repairs & maintenance: −$17,432
• − Management: −$17,432
• − Depreciation: −$24,145
• Taxable income: $97,415
• Est. tax owed @ 24.0%: −$23,380
• After-tax cash flow: $81,548/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): 16,175
• Household income: $70,891
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 889.0

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: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 53% Hispanic / Latino 11% Two or more races 11% Native American 9% Black 9% Asian 6% Pacific Islander 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 3% Dominican 1%
• Common ancestry: Portuguese 3% Slovak 3% Romanian 2%
• Foreign-born: 12% · Canada, Jamaica, China
• Languages at home: 81% English-only · Spanish 7% Other Asian/Pacific 2% Tagalog/Filipino 2%

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: ▼ -9.72%
• Current HPI: 251.948
• Rent YoY: ▲ 5.12%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+44.3% since first listed

11 events — show timeline

• 2026-06-08 Listed $830,000 AKMLS
• 2022-02-26 Price Changed $1,250 RENT.
• 2011-04-29 Sold (Public Records) — Public Records
• 2010-09-28 Listed $669,900 AKMLS
• 2007-10-16 Sold (Public Records) — Public Records
• 2007-10-16 Sold (Public Records) — Public Records
• 2007-10-16 Sold (Public Records) — Public Records
• 2007-04-01 Listed $495,000 AKMLS
• 2006-09-25 Listed $788,000 AKMLS
• 2000-10-02 Listed $320,000 AKMLS
• 2000-07-15 Listed $575,000 AKMLS

Property tax history

+3.0%/yr

Latest (2025): $10,829 · +3.7% YoY. Source: county tax records.