625 E 22nd Ave · Anchorage, AK 99503

$749,000

8 bd · 5.5 ba · 4,007 sqft · MultiFamily public records · 87 Days on market

Built 1983 $187/sqft · 29% below area Est $1014k · 26% under

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Why this score? — see what drove the C 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 +15.6/30.0
• ARV discount +15.0/15.0
• Appreciation +6.5/10.0
• DSCR +4.8/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

GREAT INVESTMENT OPPORTUNITY! Fully occupied 4-plex located in the heart of Midtown Anchorage, conveniently situated near Joint Base Elmendorf-Richardson, the Ted Stevens Anchorage International Airport, Downtown Anchorage, and all the city’s top amenities. Nestled in a quiet neighborhood with easy access to the scenic Chester Creek Trail, which spans nearly 4 miles across Anchorage, this property offers a combination of location, flexibility, and income potential that’s hard to find. This unique and versatile 4-plex currently operates with a mix of long-term and short-term rentals: • Unit 1: 3 Bed | 1.5 Bath | 1,448 SqFt • Unit 2: 2 Bed | 1.5 Bath | 944 SqFt • Unit 3: 1 Bed | 1 Bath | 435 SqFt • Unit 4: 2 Bed | 1.5 Bath | 952 SqFt Two units are used as long-term rentals, while two units operate as fully furnished short-term rentals, providing the next owner with multiple income strategies. Whether you're looking to maximize cash flow, house hack by living in one unit, or convert units to fit your preferred rental strategy, this property offers exceptional flexibility. The short-term rental units come fully furnished, and furnishings can be included with the sale, creating a turnkey investment opportunity. This cash-flowing property is ideal for investors looking to step directly into an income-producing asset. Financials available upon request.

Key facts

• Quiet neighborhood
• Built 1983
• Listed 87 days

Tags

• FULLY OCCUPIED 4-PLEX
• HEART OF MIDTOWN ANCHORAGE
• NEAR DOWNTOWN ANCHORAGE
• QUIET NEIGHBORHOOD
• TURNKEY INVESTMENT OPPORTUNITY
• CASH-FLOWING PROPERTY

What this means for you Summary

Snapshot

• This is a 8-bed/5.5-bath multifamily listed at $749k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $680k (9.3% below list).
• Recommended offer: $680k (9.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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 (+2.3%/yr); 65 active listings in the ZIP; solid renter incomes; 306 units permitted in Anchorage Municipality in 2024 (90 in 5+ unit buildings).
• At $6,795/mo this rent would consume 107% of the median local household income ($76k/yr) (locally 747% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $28k of equity ($5k loan paydown + $23k appreciation (3.1% local appreciation)).
• Anchorage County population projected at +12% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (3.1% appreciation + 2.3% rent growth), your $210k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$46k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 29y 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 $679,500 (9.3% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.91% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.80%
• DSCR: 1.08
• GRM: 9.2

CMA / ARV

• ARV (median comp): $1,013,669
• List price: $749,000
• Delta: -26.11%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
413 Eyak Dr	0.46mi	8/5.0	3,842 (-4%)	6mo	$799,900	$208	65
2225 Eagle St	0.09mi	8/4.0	3,432 (-14%)	2mo	$630,000	$184	64
1516 Latouche St	0.57mi	9/4.0 (+1)	3,796 (-5%)	1mo	$625,000	$165	53
1410 Juneau St	0.57mi	8/4.0	4,080 (+2%)	16mo	$600,000	$147	51
1808 Juneau Dr	0.29mi	8/4.0	3,432 (-14%)	14mo	$599,000	$175	45
1234 LaTouche St	0.72mi	8/4.0	3,960 (-1%)	20mo	$659,500	$167	42
227 E 12th Ave	0.74mi	8/4.0	3,720 (-7%)	22mo	$629,000	$169	29
1200 Karluk St	0.72mi	9/4.0 (+1)	3,640 (-9%)	18mo	$365,000	$100	25

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

Projected returns pro-forma

3.1% appreciation · 2.28% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.52×
• Total profit: $109,301
• Equity at exit: $340,985

10-year hold

• IRR: 11.2%
• Equity multiple: 2.67×
• Total profit: $349,746
• Equity at exit: $528,789

Cash invested: $209,720 (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 99503

• Home prices YoY: 1.3%
• Rents YoY: 2.3%
• Active inventory: 65
• Price-to-rent: 34.3×

Monthly cashflow live

• Estimated rent: $6,795 high
• Mortgage (P&I): −$3,928
• Tax from tax record: −$814 /mo · $9,772/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,427
• Net cashflow: $314

Break-even live

Break-even rent $6,398

Max offer price $749,000

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,819
1× unit	2	1	$1,733
▸ 2× units	1	1	$3,242
Total (4 units)			$6,795

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: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $749,000 Active 87 DOM
2. 2026-06-17
   days on market $749,000 Active 86 DOM
3. 2026-06-16
   days on market $749,000 Active 85 DOM
4. 2026-06-15
   days on market $749,000 Active 84 DOM
5. 2026-06-14
   days on market $749,000 Active 82 DOM
6. 2026-06-13
   days on market $749,000 Active 81 DOM
7. 2026-06-10
   days on market $749,000 Active 79 DOM
8. 2026-06-09
   days on market $749,000 Active 78 DOM
9. 2026-06-08
   days on market $749,000 Active 77 DOM
10. 2026-06-07
    days on market $749,000 Active 76 DOM
11. 2026-06-03
    days on market $749,000 Active 72 DOM
12. 2026-06-02
    days on market $749,000 Active 71 DOM
13. 2026-06-01
    days on market $749,000 Active 70 DOM
14. 2026-05-31
    days on market $749,000 Active 69 DOM
15. 2026-05-30
    days on market $749,000 Active 68 DOM
16. 2026-03-19
    listed $749,000 Active 1402-char remark

    Show marketing remark (1402 chars)

    GREAT INVESTMENT OPPORTUNITY! Fully occupied 4-plex located in the heart of Midtown Anchorage, conveniently situated near Joint Base Elmendorf-Richardson, the Ted Stevens Anchorage International Airport, Downtown Anchorage, and all the city’s top amenities. Nestled in a quiet neighborhood with easy access to the scenic Chester Creek Trail, which spans nearly 4 miles across Anchorage, this property offers a combination of location, flexibility, and income potential that’s hard to find. This unique and versatile 4-plex currently operates with a mix of long-term and short-term rentals: • Unit 1: 3 Bed | 1.5 Bath | 1,448 SqFt • Unit 2: 2 Bed | 1.5 Bath | 944 SqFt • Unit 3: 1 Bed | 1 Bath | 435 SqFt • Unit 4: 2 Bed | 1.5 Bath | 952 SqFt Two units are used as long-term rentals, while two units operate as fully furnished short-term rentals, providing the next owner with multiple income strategies. Whether you're looking to maximize cash flow, house hack by living in one unit, or convert units to fit your preferred rental strategy, this property offers exceptional flexibility. The short-term rental units come fully furnished, and furnishings can be included with the sale, creating a turnkey investment opportunity. This cash-flowing property is ideal for investors looking to step directly into an income-producing asset. Financials available upon request.

17. 2018-08-14
    soldstatus
18. 2018-02-17
    listed $499,500
19. 2017-08-25
    listed $569,900
20. 2015-08-17
    listed $525,000
21. 2005-11-22
    soldstatus
22. 2005-07-28
    listed $419,000
23. 1998-01-09
    soldstatus
24. 1997-10-20
    listed $226,000

ⓘ 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: $9,772 · $814/mo
• Projected year-2 tax: $9,772 · $814/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: $81,540
• − Mortgage interest: −$41,956
• − Property taxes: −$9,772
• − Insurance: −$3,745
• − Repairs & maintenance: −$6,523
• − Management: −$6,523
• − Depreciation: −$21,789
• Taxable loss: −$8,769
• Est. tax savings @ 24.0%: +$2,104
• After-tax cash flow: $5,870/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): 12,964
• Household income: $76,144
• Rent vs Own: 68.2% rent · 31.8% own
• Severe rent burden: 747.0

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 0.78)
• Race & ethnicity: White 43% Asian 15% Native American 15% Two or more races 13% Hispanic / Latino 8% Black 8% Pacific Islander 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 17% · Canada, Jamaica, China
• Languages at home: 75% English-only · Tagalog/Filipino 9% Spanish 6% Other Asian/Pacific 3%

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: ▲ 3.10%
• Current HPI: 238.2191
• Rent YoY: ▲ 2.28%
• Metro: Anchorage, AK
• State GDP YoY: —
• F500 in state: 0

Price history

+231.4% since first listed

9 events — show timeline

• 2026-03-19 Listed $749,000 Fizber.com
• 2018-08-14 Sold (Public Records) — Public Records
• 2018-02-17 Listed $499,500 AKMLS
• 2017-08-25 Listed $569,900 AKMLS
• 2015-08-17 Listed $525,000 AKMLS
• 2005-11-22 Sold (Public Records) — Public Records
• 2005-07-28 Listed $419,000 AKMLS
• 1998-01-09 Sold (Public Records) — Public Records
• 1997-10-20 Listed $226,000 AKMLS

Property tax history

+4.1%/yr

Latest (2025): $9,772 · -0.9% YoY. Source: county tax records.