For SaleSingle Family Home

$609,500

Ranch-Style Home with Vaulted Addition and Mountain Views

1331 Hillcrest Drive, Anchorage, Alaska 99503, United States

Hardwood floors, heated 2-car garage, RV parking — steps from Coastal Trail

4

Beds

3

Baths

1,878

Sq Ft

1951

Built

0.25 acres

Lot

2-car attached (heated floor)

Garage

Vaulted ceilings and two-story additionHardwood floors and wood-burning fireplaceLarge unfinished basement for expansionHeated 2-car garage and RV parking0.25-acre lot with private backyardClose to Coastal Trail and Westchester Lagoon

About This Home

What sets this North Star residence apart is the two-story addition that rises above the original ranch footprint, creating vaulted ceilings and a sense of scale rare for a mid-century home. Step inside to well-preserved hardwood floors and a wood-burning fireplace that anchors the main living space. The addition introduces generous vertical volume and flexible living areas — perfect for a playroom, home office, or a primary suite with elevated sight lines toward the Chugach Mountains.

The kitchen and adjoining rooms retain a comfortable, lived-in character while offering an opportunity to personalize finishes to your taste. Practical features for Anchorage life include baseboard heating, a large unfinished basement ready for finishing, and a 2-car attached garage with heated floors that eases winter mornings and gear storage. RV parking beside the driveway expands vehicle options and supports active, outdoors-focused lifestyles.

Outside, the quarter-acre lot gives you a private backyard framed by mature landscaping and room for gardening, entertaining, or a future deck. From this Hillcrest Drive address you’re about 0.5 miles from Westchester Lagoon and the Coastal Trail — ideal for biking, birdwatching, and waterfront walks — and roughly 1.5 miles to downtown Anchorage when you want restaurants or cultural events. Romig Middle School and West High are both within a few blocks, making school runs quick and walkable.

Practicality meets potential throughout: a large unfinished basement provides a clear path to add square footage and value, while the home’s condition is described as good, reflecting thoughtful upkeep since the 1951 build. With no HOA restrictions, the property appeals to buyers who want flexibility — whether that means finishing the basement, creating an accessory dwelling under R1 zoning allowances, or expanding outdoor amenities. This is a home that balances original character, useful upgrades, and proximity to Anchorage’s best outdoor assets.

Property Features

Interior Features

  • Hardwood floors throughout main living areas
  • Wood-burning fireplace
  • Vaulted ceilings in two-story addition
  • Large unfinished basement — development potential
  • Baseboard heating
  • 4 bedrooms and 3 bathrooms

Exterior & Lot

  • 0.25-acre level lot with private backyard
  • 2-car attached garage with heated floor
  • Additional RV parking
  • Asphalt shingle roof
  • Frontage on Hillcrest Drive

Location & Neighborhood

  • 0.5 miles to Westchester Lagoon and the Coastal Trail
  • 1.5 miles to Downtown Anchorage
  • Romig Middle School and West High School within walking distance
  • Residential North Star neighborhood — quiet streets with mature landscaping
  • Zoned R1 (single-family residential; accessory units allowed)

Walkability & Recreation

  • Walkability Rating: 75/100 — Some errands on foot
  • Westchester Lagoon (0.5 mi) and Coastal Trail (0.5 mi) for walking, biking, birding
  • Short walks to neighborhood schools and local green spaces
  • Easy bike or short drive to downtown amenities and dining
  • Community-oriented, pedestrian-friendly residential streets

Neighborhood

North Star is a residential neighborhood prized for its proximity to Anchorage’s best outdoor corridors and short rides into downtown. Streets here are lined with mature trees and a mix of mid-century and updated homes; residents value walkability, nearby schools, and direct access to the Coastal Trail and Westchester Lagoon for year-round recreation. Local life blends quiet, family-friendly blocks with quick access to city amenities, cultural venues, and waterfront routes.

Market Insights

The North Star micro-market remains competitive, driven by limited inventory and strong preference for single-family homes near the Coastal Trail and Westchester Lagoon. Recent data points show this property sold in early 2024 for $624,900; current automated valuations center around a $609,500 midpoint (range $576k–$643k) while the 2025 assessed value is $517,300. Those figures indicate market pricing modestly above assessment, a pattern consistent with steady appreciation in the neighborhood. Comparable recent sales on Hillcrest Drive show price-per-square-foot values in the mid-to-high $200s, with a nearby 4BR sale and a townhouse sale providing local benchmarks. Days on market and inventory months are not robustly available for this immediate pocket, but qualitative indicators — low visible inventory and active demand for homes with outdoor access and school proximity — point to a seller-leaning environment. For buyers, actuarial rents and a rent-per-square-foot estimate (~$1.54/sf) underscore rental demand if considering a hold strategy; for sellers, the combination of limited supply and desirable walkability (estimated 75/100) supports listing with confidence, while attention to potential tax reassessment is advised given recent sale activity.

Nearby Schools

Romig Middle School

Middle · 0.3 mi

8/10

West High School

High · 0.3 mi

5/10

North Star Elementary School

Elementary

5/10

Walkability & Recreation

75
Walkability
82
Recreation

Excellent trail and waterfront access: Westchester Lagoon and the Coastal Trail are about 0.5 miles away for biking, walking, and birding; downtown amenities are within 1.5 miles for cultural and dining options.

Property Overview

1331 Hillcrest Drive is a 4-bedroom, 3-bathroom single-family home built in 1951, offering 1,878 square feet of living space on a 0.25-acre lot in Anchorage's desirable North Star neighborhood. The property uniquely combines the charm of its original ranch-style design with a two-story addition, providing ample space and functionality. Notable features include hardwood floors, a wood-burning fireplace, and vaulted ceilings in the addition. The home also boasts a large unfinished basement, offering potential for customization or additional living space. The 2-car attached garage with heated floors and additional RV parking cater to Alaskan lifestyle needs. The private backyard enhances outdoor living, and the absence of an HOA provides flexibility for homeowners.

From a valuation perspective, the property was sold on February 29, 2024, for $624,900, following a price reduction from the original listing at $649,500. The current Zestimate® places the home's value at $606,700, with an estimated range between $576,000 and $643,000. The assessed value for 2025 is $517,300, suggesting that the market value exceeds the assessed value, a common scenario in appreciating markets. The annual property tax for 2025 is $6,983.

The North Star neighborhood offers a blend of residential tranquility and urban convenience. The property is located approximately 0.5 miles from Westchester Lagoon and the Coastal Trail, providing easy access to outdoor recreation. Downtown Anchorage is just 1.5 miles away, offering a variety of dining, shopping, and entertainment options. Educational institutions are within close proximity, with Romig Middle School and West High School both about 0.3 miles from the property. The neighborhood's Walkability Rating is estimated at 75/100, indicating a pedestrian-friendly environment.

Overall, 1331 Hillcrest Drive presents a compelling opportunity for buyers seeking a spacious and well-located home in Anchorage. The combination of original charm and modern updates, along with its proximity to recreational amenities and schools, enhances its appeal. Potential buyers should consider the recent sale price and current market trends when evaluating this property.

Investment Highlights

  • Unique blend of original charm and modern updates
  • Proximity to Westchester Lagoon and Coastal Trail (0.5 mi)
  • No HOA restrictions
  • Additional RV parking available
  • Large unfinished basement offers customization potential

Key Findings

  • Sold on February 29, 2024, for $624,900 after a price reduction
  • 2025 assessed value: $517,300; annual property tax: $6,983
  • Zoned R1 - Single Family Residential
  • Located 0.5 miles from Westchester Lagoon and Coastal Trail
  • Romig Middle School (8/10) and West High School (5/10) within 0.3 miles

Things to Consider

  • Assessed value below recent sale price; potential for property tax reassessment
  • Built in 1951; potential for aging infrastructure requiring maintenance
  • Elementary and high schools have average ratings (5/10)

Opportunity Analysis

Well-maintained home in a desirable Anchorage neighborhood with recent updates and proximity to recreational amenities. The combination of original charm and modern features, along with no HOA restrictions, offers flexibility and appeal to a broad range of buyers.

Potential Use Scenarios

  • Ideal for families seeking proximity to schools and outdoor recreation
  • Potential for customization of unfinished basement to add value
  • Monitor market trends for potential appreciation in the North Star neighborhood

Risk Factors

  • Potential for property tax reassessment due to recent sale price
  • Maintenance considerations for a home built in 1951
  • Average ratings for elementary and high schools may impact family buyers

Buyers should conduct independent due diligence before making any purchase decisions.

AI Valuation Estimate

Low

$576K

Midpoint

$610K

High

$643K

$324/SF estimated price per square foot

85% confidence

Sales comparison approach using recent sale of subject property and comparable sales in the neighborhood. Adjusted for property size, condition, and unique features. Assessed value of $517,300 appears below market.

As of 2026-03-06

This is a computer-generated estimate for informational purposes only and is not an appraisal or professional valuation.

Market & Area Data

Market Trends

Demographics

North Star neighborhood has seen steady appreciation in property values over the past five years. Walkability Rating estimate: 75/100.

Nearby Points of Interest

  • Westchester Lagoon (0.5 mi)
  • Coastal Trail (0.5 mi)
  • Downtown Anchorage (1.5 mi)
  • Romig Middle School (0.3 mi)
  • West High School (0.3 mi)

Proximity to Westchester Lagoon and Coastal Trail offers recreational opportunities; close to downtown Anchorage amenities; nearby schools within walking distance.

School District

DistrictAnchorage School District
ElementaryNorth Star Elementary School (5/10)
MiddleRomig Middle School (8/10)
HighWest High School (5/10)

Market data is based on aggregated public records and may not reflect real-time conditions.

Property Details

Building Details

Year Built1951
Constructionwood frame
Stories2
Roofasphalt_shingle
Heatingbaseboard
Coolingnone
Basementunfinished
FireplaceYes
Conditiongood

Lot & Site

Lot Size0.25 acres (10,890 SF)
Topographylevel
Parkingattached_garage_and_driveway
Parking Spaces2
FrontageFrontage on Hillcrest Drive

Utilities

Waterpublic
Sewerpublic
Electricmunicipal
Gasmunicipal

Zoning & Land Use

Zoning CodeR1
DescriptionSingle Family Residential
JurisdictionMunicipality of Anchorage

Allowed Uses

single familyaccessory dwelling unithome occupation
Current Useresidential
Assessor UseSingle Family Residential

Tax & Sale History

Tax Assessment

Total Assessed$517,300
Land$104,800
Improvements$412,500
Annual Tax (2025)$6,983

Sale History

2024-02-29$624,900

$333/SF

Sold after 3.8% price reduction from original listing price of $649,500

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