322 W Redoubt Ave

Soldotna, AK 99669

$2,999,000D

960 bd · 576.0 ba · 6,144 sqft · Built 1976 · MultiFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $26,748/mo
• Mortgage (P&I): −$15,727
• Tax + insurance: −$4,998
• HOA: −$0
• Vac / Maint / Mgmt: −$5,617
• Net cashflow: $406/mo
• Annual: $4,866/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.58%
• DSCR: 1.03
• 1% rule: 0.89%
• Cash to close: $839,720

Investor read

• This is a 16×2bd/1ba + 8×1bd/1ba units multifamily listed at $3.00M.
• At list price, monthly cash flow is $406 ($5k/yr) — positive. Per door: $17/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 $2.67M (10.8% below list).
• It's been on market 115 days — a 9% lower offer ($2.73M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.67M (10.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $21k of loan paydown is wiped out by about $90k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#7 in AK, #2,693 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A; Watch: amenities D+, 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.
• Market conditions: 227 active listings in the ZIP; 152 units permitted in Kenai Peninsula Borough in 2024 (20 in 5+ unit buildings).
• Kenai Peninsula County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $351k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Questions for listing agent

• It's been on market 115 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?