3124 Richmond Ave · Anchorage, AK 99508

$2,295,000

39 bd · 19.5 ba · 15,900 sqft · MultiFamily public records · 69 Days on market

Built 1965 0.46 ac lot

---

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 +18.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 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: 13 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 MLS

Great Investment opportunity! Rents are $24,196.00 per month on 19 units. Several of the units are currently leasing between $1.300.00 to $1,563.00 per month. Potential rent for property could be $30,000 per month.

Key facts

• 0.46 acre lot
• 20 parking spots
• Built 1965

What this means for you Summary

Snapshot

• This is a 13 × 3-bed/?-bath units multifamily listed at $2.29M.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $175/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 $2.15M (6.5% below list).
• Recommended offer: $2.15M (6.5% below list) — sets the bar for 1% rule.
• Cap rate 7.5% 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 $21,464/mo this rent would consume 325% 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 $16k of loan paydown is wiped out by about $69k 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 69 days — a 6% lower offer ($2.16M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 21y 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 $2,146,400 (6.5% below list)

Questions for the listing agent

1. It's been on market 69 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 1965 — 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. 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.
10. 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.
11. 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: 7.48%
• Cash-on-cash: 4.26%
• DSCR: 1.19
• GRM: 8.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.7%
• Equity multiple: 0.71×
• Total profit: $-185,758
• Equity at exit: $342,192

10-year hold

• IRR: 4.0%
• Equity multiple: 1.31×
• Total profit: $199,916
• Equity at exit: $198,430

Cash invested: $642,600 (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: 115.8×

Monthly cashflow live

• Estimated rent: $21,464 high
• Mortgage (P&I): −$12,035
• Tax from tax record: −$1,686 /mo · $20,229/yr
• Insurance: −$956
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,507
• Net cashflow: $2,279

Break-even live

Break-even rent $18,579

Max offer price $2,295,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 13× units	3	—	$21,463
Total (13 units)			$21,464

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: $573,750
• Closing costs: $68,850
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $2,295,000 Active 69 DOM
2. 2026-06-17
   days on market $2,295,000 Active 68 DOM
3. 2026-06-16
   days on market $2,295,000 Active 67 DOM
4. 2026-06-15
   days on market $2,295,000 Active 66 DOM
5. 2026-06-14
   days on market $2,295,000 Active 64 DOM
6. 2026-06-13
   days on market $2,295,000 Active 63 DOM
7. 2026-06-10
   days on market $2,295,000 Active 61 DOM
8. 2026-06-09
   days on market $2,295,000 Active 60 DOM
9. 2026-06-08
   days on market $2,295,000 Active 59 DOM
10. 2026-06-07
    days on market $2,295,000 Active 58 DOM
11. 2026-06-03
    days on market $2,295,000 Active 54 DOM
12. 2026-06-02
    days on market $2,295,000 Active 53 DOM
13. 2026-06-01
    days on market $2,295,000 Active 52 DOM
14. 2026-05-31
    days on market $2,295,000 Active 51 DOM
15. 2026-05-30
    days on market $2,295,000 Active 50 DOM
16. 2025-08-06
    listed $2,295,000 Active

    Show marketing remark (221 chars)

    Great Investment opportunity! Rents are $24,196.00 per month on 19 units. Several of the units are currently leasing between $1.300.00 to $1,563.00 per month. Potential rent for property could be $30,000 per month.

17. 2025-08-06
    listed $2,295,000 Active 221-char remark

    Show marketing remark (221 chars)

    Great Investment opportunity! Rents are $24,196.00 per month on 19 units. Several of the units are currently leasing between $1.300.00 to $1,563.00 per month. Potential rent for property could be $30,000 per month.

18. 2011-02-02
    listed $1,295,000
19. 2010-01-27
    listed $1,265,000
20. 2009-03-15
    listed $1,295,000
21. 2006-12-08
    listed $1,395,000
22. 2006-09-06
    soldstatus
23. 2005-03-17
    listed $1,200,000
24. 1990-04-05
    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: $20,229 · $1,686/mo
• Projected year-2 tax: $23,770 · $1,981/mo
• Expected delta: +$3,541/yr (+$295/mo · 17.5%)

ⓘ 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: $257,568
• − Mortgage interest: −$128,556
• − Property taxes: −$20,229
• − Insurance: −$11,475
• − Repairs & maintenance: −$20,605
• − Management: −$20,605
• − Depreciation: −$66,764
• Taxable loss: −$10,666
• Est. tax savings @ 24.0%: +$2,560
• After-tax cash flow: $29,912/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

+91.2% since first listed

9 events — show timeline

• 2025-08-06 Listed $2,295,000 AKMLS
• 2025-08-06 Listed $2,295,000 AKMLS
• 2011-02-02 Listed $1,295,000 AKMLS
• 2010-01-27 Listed $1,265,000 AKMLS
• 2009-03-15 Listed $1,295,000 AKMLS
• 2006-12-08 Listed $1,395,000 AKMLS
• 2006-09-06 Sold (Public Records) — Public Records
• 2005-03-17 Listed $1,200,000 AKMLS
• 1990-04-05 Sold (Public Records) — Public Records

Property tax history

+2.6%/yr

Latest (2025): $20,229 · +4.2% YoY. Source: county tax records.