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    269 Illinois Street Fairbanks, AK 99701

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    Claim this Listing
    For Sale
    $625,000

    Commercial Sale, Other - Fairbanks, AK

    Property size:
    5,120 SF
    Lot size:
    0.62 Acres
    Price / SF:
    $122/SF
    Added:
    Jul 19, 2025
    Days on Market:
    288
    Last Refresh:
    May 2 at 12:06 pm

    Property Features for 269 Illinois Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2
    Standard status
    Active
    Size
    5,120 SF
    Lot size
    0.62 Acres

    Building Details

    Year built
    1950
    Architectural style
    Other

    We can help!

    Listing Contact
    Melissa Richardson

    Listing agent Melissa Richardson License #RECS18401,PersonLicenseNumber

    Listing office NextHome Arctic Sun 600 3rd Street, AK

    Listing date Jul 19, 2025

    MLS# 158204 Listing URL

    Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Versatile Commercial Property, Fairbanks

    Located at the intersection of Illinois Street and Phillips Field Road in central Fairbanks, this commercial property offers a range of potential uses. The 5,120 square foot concrete block building is situated on 0.62 acres and features two access points and ample paved parking with 10+ spaces, plus additional parking in the secured lot. Zoned Light Industrial and located within the Historic Overlay District, the property experiences high traffic volume, with over 14,000 vehicles passing daily. Originally constructed in 1950, the building has a history in Fairbanks commerce, formerly operating as a gas station before transitioning to a tire and wheel shop, and most recently serving as an auto repair shop. The building includes a spacious shop area, dedicated office space, retail/showroom frontage, customer service areas, and dual restrooms. Large display windows are jeweler-grade plate glass, providing natural light and exposure for retail or display purposes. A delivery/truck door and inside storage area support flexible logistics. Heating is provided by a hot water baseboard system fueled by oil, with a supplemental pellet stove. Utilities include public water/sewer and electric. Owner financing and lease options are available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Alaska State Interlock Building Supply JP's Auto Repair Auto Repair Shop Intoxalock Ignition Interlock Building Supply Lifesafer Ignition Interlock Factory

    Map

    City
    Fairbanks
    County
    Yukon-Koyukuk
    State
    Alaska
    Longitude
    -147.7202064
    Latitude
    64.848052

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    FAQs

    What type of property is this?
    Auto shop - High-visibility commercial property with industrial utility and retail potential.
    Where is this auto shop located?
    The property is located at 269 Illinois Street Fairbanks, AK.
    What is the asking price?
    The asking price for this property is $625,000.
    What are key features of this property?
    This property features: High‑visibility location at a busy intersection with over 14,000 vehicles passing daily.; Versatile commercial property zoned Light Industrial with retail/showroom frontage.; Ample paved parking (10+ spaces) plus additional secured parking.
    (907) 388-2175
    We can help!
    Listing Contact
    Melissa Richardson
    Real Estate License ID: RECS18401,PersonLicenseNumber
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    269 Illinois Street, Fairbanks, AK 99701

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