Proven Preformance!
If you've been looking for a turnkey, income-producing investment in Nome, Alaska, this one deserves a close look. 504 & 506 East G Street, offered together with Raven's Nest at 407 East 5th Avenue, is a fully assembled, 100% leased, nine-unit residential portfolio listed at $1,600,000 — and the numbers back up the price.
The Property at a Glance
This offering brings together two mirror-image four-plex apartment buildings and a proven short-term rental studio, all centrally located and walkable to Main Street, major employers, and the waterfront.
- 9 total residential units — 8 long-term apartments plus 1 short-term rental
- 100% leased with no current vacancy
- 8,928 SF of building area across 21,000 SF of land (two lots: 14,000 SF and 7,000 SF)
- 9.2% pro forma cap rate, with 2025 actual performance running even stronger at 9.5%
The two four-plexes — 504 and 506 East G Street — are two-story, wood-frame buildings with a matching layout: four townhome-style units each, a mix of two-bedroom and three-bedroom floor plans, private exterior entrances, and one full bathroom per unit. Bedrooms sit upstairs, living space downstairs — a layout that tends to appeal to families and long-term tenants alike.
Rounding out the portfolio is Raven's Nest, a 300 SF efficiency studio at 407 East 5th Avenue that's established itself as a strong short-term rental performer — more on that below.
The Numbers That Matter
Real estate investors live and die by net operating income (NOI) and cap rate, and this property's trend line is moving in the right direction:
| 2024 Actual | 2025 Actual | Pro Forma | |
|---|---|---|---|
| Total Gross Income | $205,712 | $233,456 | $248,000 |
| Operating Expenses | $65,372 | $81,416 | $88,508 |
| NOI | $140,340 | $152,039 | $147,092 |
| Cap Rate at $1.6M | 8.8% | 9.5% | 9.2% |
What stands out is that 2025's actual performance already exceeds the pro forma projection — this isn't a story about hoped-for future income, it's a portfolio that's already delivering.
The standout growth driver is Raven's Nest, whose short-term rental income more than doubled year-over-year, from $18,462 in 2024 to $48,481 in 2025.
Built-In Upside
One of the more interesting features of this deal is that the value-add opportunity doesn't require renovation. A look at the rent roll shows several units priced meaningfully below comparable units elsewhere in the portfolio — for example, similar three-bedroom units renting for $2,000 in one building and $2,200 in the other. As leases turn over, bringing these units to market rent represents upside beyond the numbers already on the books.
And the portfolio doesn't just talk about upside — it demonstrates it. Unit 504-C, fully remodeled in 2024 with an open-concept layout, new cabinets, flooring, and light fixtures, now commands the highest rent in the portfolio at $2,500/month.
What a Buyer Gets on Day One
- Redundant twin-boiler heating system, housed in a dedicated 192 SF mechanical building — meaning heat backup is already built in for Nome's climate
- New exterior paint and pressure-treated porches (2022)
- 16 dedicated parking spaces across the two four-plexes, plus additional parking for Raven's Nest
- A 20' conex shipping container included for on-site storage
- An established rent roll and operating history — this is not a lease-up project
The Financing Picture
For a buyer putting 25% down at a 6.75% rate on a 25-year amortization:
- Down payment: $400,000
- Loan amount: $1,200,000
- Estimated annual debt service: ≈ $100,000
- Projected annual pre-tax cash flow: ≈ $47,000
- Cash-on-cash return: ≈ 11.8%
That's a healthy return profile for a fully occupied asset with minimal deferred maintenance in a supply-constrained rental market.
Why Location Matters Here
Nome's rental market is tight, and this property sits right in the center of town — close to downtown, the waterfront, and everyday amenities. That proximity has been a consistent driver of demand for this portfolio, and it's a factor that isn't going away.
The Bottom Line
504 & 506 East G Street is a rare combination: full occupancy, diversified income (long-term leases plus a thriving short-term rental), a track record that already beats projections, and built-in rent upside that doesn't require capital improvements. For an investor, a workforce housing operator, or an owner-occupant looking to offset a mortgage with rental income, it's worth a serious look.
Information deemed reliable but not guaranteed. Buyer to verify all information, including square footage, income, expenses, and zoning, to their own satisfaction.
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