2426 Redoubt Ave · Kenai, AK 99611

$1,955,000

1 bd · 576.0 ba · 6,888 sqft · MultiFamily public records · 6 Days on market

Built 1977 1.00 ac 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
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• 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: 24 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

Move quickly on this! Investment opportunity awaits you with this 24 unit apartment complex inside City Limits of Kenai. Bonus includes the adjoining . 65 acre vacant lot for future expansion or development.

Key facts

• Adjoining vacant lot
• 1 acre lot
• 36 parking spots

Tags

• 24 UNIT APARTMENT COMPLEX
• ADJOINING VACANT LOT

Property features AI

Finance

• Other: Property is not new construction

Exterior

• Parking: 36 open parking spaces; No attached garage; No carport
• Utilities: Public sewer
• Home design: Multi-family property; Built in 1977
• Construction: Wood frame construction; Block foundation
• Exterior features: Paved road access; Shingle / asphalt roof

Interior

• Bedrooms: 24 bedrooms
• Bathrooms: 24 full bathrooms
• Interior features: Total living area approximately 14,168; Public sewer

What this means for you Summary

Snapshot

• This is a 24 × 24-bed/24.0-bath units multifamily listed at $1.96M.

Deal economics

• At list price, monthly cash flow is $18k ($221k/yr) — positive. Per door: $767/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($38k rent vs $1.96M).
• Cap rate 17.6% vs local median 3.7% in Kenai — 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 64/100 on livability (#38 in AK) — a middle-class / working-renter tenant base. Strengths: housing A+, crime B+; Watch: health & safety C-, amenities F, commute F.
• Kenai Peninsula Borough School District (rural): math 35% / reading 48% proficiency, ranked #8 of 21 in AK (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Mt. View Elementary (math 32% / reading 37%, grade F, #93 of 156 statewide, top 66%, 403 students, 51% FRL); Kenai Middle School (math 28% / reading 47%, grade F, #19 of 36 statewide, top 51%, 411 students, 38% FRL); Kenai Central High School (math 32% / reading 52%, grade F, #17 of 61 statewide, top 32%, 463 students, 32% FRL).
• Market conditions: 213 active listings in the ZIP; 152 units permitted in Kenai Peninsula Borough in 2024 (20 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $14k of loan paydown is wiped out by about $59k of value loss. Plan a longer hold.
• Kenai Peninsula County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $547k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 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 $1,955,000

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 1977 — 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. 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.
6. 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.
7. 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: 1.95% ✓
• Cap rate: 17.59%
• Cash-on-cash: 40.35%
• DSCR: 2.80
• GRM: 4.3

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: 36.7%
• Equity multiple: 2.56×
• Total profit: $855,046
• Equity at exit: $291,497

10-year hold

• IRR: 43.4%
• Equity multiple: 5.11×
• Total profit: $2,251,878
• Equity at exit: $169,033

Cash invested: $547,400 (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 99611

• Home prices YoY: -30.6%
• Active inventory: 213
• Price-to-rent: 102.8×

Monthly cashflow live

• Estimated rent: $38,025 medium
• Mortgage (P&I): −$10,252
• Tax from tax record: −$565 /mo · $6,778/yr
• Insurance: −$815
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,985
• Net cashflow: $18,408

Break-even live

Break-even rent $14,724

Max offer price $1,955,000

Occupancy floor 47%

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

Units	Beds	Baths	Est. rent
▸ 24× units	24	24	$38,016
Total (24 units)			$38,025

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: $488,750
• Closing costs: $58,650
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-28
   status Pending
2. 2026-04-22
   listed $1,955,000 Active
3. 2003-03-10
   listed $925,000
4. 2002-09-30
   listed $925,000
5. 2000-04-24
   listed $770,000

ⓘ 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: $6,778 · $565/mo
• Projected year-2 tax: $15,021 · $1,252/mo
• Expected delta: +$8,243/yr (+$687/mo · 121.6%)

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

Climate risk First Street

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

Taxation est. · year 1

• Rental income: $456,300
• − Mortgage interest: −$109,510
• − Property taxes: −$6,778
• − Insurance: −$9,775
• − Repairs & maintenance: −$36,504
• − Management: −$36,504
• − Depreciation: −$56,873
• Taxable income: $200,356
• Est. tax owed @ 24.0%: −$48,085
• After-tax cash flow: $172,812/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: Kenai Peninsula Borough School District
• NCES district ID: 0200390
• Math proficiency: 35% ▼ -6.00%
• Reading proficiency: 48% ▲ 1.00%
• Median HH income: $60,704
• Composite: 36.71/100
• National rank: #4594
• State rank: #8 of 21 in AK

Livability — Kenai

• Score: 64/100
• State rank: #38
• US rank: #14592

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kenai, AK
• Population (ZIP): 16,028

Population outlook (Kenai Peninsula County) Hauer SSP2

• Today (2025): 63,736 people
• By 2030: 66,260 · +4.0%
• By 2040: 70,449 · +10.5%
• By 2050: 74,414 · +16.8%
• By 2075: 87,508 · +37.3%
• By 2100: 95,360 · +49.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 14% Native American 8% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 4% Portuguese 3% Romanian 2%
• Foreign-born: 3% · Canada
• Languages at home: 92% English-only · Spanish 2% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Kenai Peninsula

• 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: ▼ -74.50%
• Current HPI: 169.2848
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+153.9% since first listed

5 events — show timeline

• 2026-04-28 Pending — AKMLS
• 2026-04-22 Listed $1,955,000 AKMLS
• 2003-03-10 Listed $925,000 AKMLS
• 2002-09-30 Listed $925,000 AKMLS
• 2000-04-24 Listed $770,000 AKMLS

Property tax history

-0.6%/yr

Latest (2025): $6,778 · -11.8% YoY. Source: county tax records.