3635-3711 Carleton Ave, Anchorage, AK 99517

Exceptional West Anchorage Investment Opportunity - 11 Townhouse-Style Apartments with Condo Conversion Option. Bult in 1985 to condo specs, each spacious residence offers 3bed/2.5 baths, a large 1car garage & extra storage, private laundry, decks w/ sliding glass doors, nicely updated kitchens. Tenants pay G&E. Freshly painted, updated decks and most units remodeled. Roofs replaced in 2021. Each unit size is 1386sqft per recent appraisal. Appraised value came in at $2,850,000 June 2026. Replat happened in spring 2026, dividing up the original lot into a 4plex, 7plex & R2M lot. The building is 100% occupied by credit-qualified tenants, whom pay their own G&E. Big upside to potentially operate bnbs given the fantastic Turnagain location. The true value lies in the future. The seller has completed nearly all of the legal work necessary for a condominium conversion, allowing a new owner the opportunity to finish the process and potentially sell each townhouse individually. With an estimated market value of approximately $330,000 per unit, the property offers a compelling value-add strategy rarely found in today's market. As an added bonus, the seller is also offering the adjacent R2M development parcel (MLS #26-6497). A builder recently confirmed the site can accommodate up to 10 additional units, and the project qualifies for the Municipality's tax abatement program. Purchase all properties together and the seller will offer a discounted package price, creating an exceptional opportunity to expand your footprint in one of Anchorage's strongest rental markets. Whether you're seeking stable cash flow today, long-term appreciation, or the ability to unlock substantial equity through condominium sales, this is a truly one-of-a-kind investment opportunity in South Turnagain. Buyer to verify all information.