Retail Condo with Plaza
For Sale
$250,000
5401 Cordova Street, Anchorage, AK 99518
COMMERCIAL - Anchorage, AK
Property Size1,000 SF
Price / SF$250
Days on Market55
Property Features for 5401 Cordova Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I1 - Light Industrial
Subdivision
1A - Anchorage Municipality
Standard status
Active
APN
0092423500301
Size
1,000 SF
Taxes and HOA fees
Tax Description
Spruce Heights #4 L3 B1 Airport Plaza
Legal Description
Spruce Heights #4 L3 B1 Airport Plaza
Listing Agency:
EXP Realty, LLC
(907) 519-0095
Listed By:
Peter Carpenter · License #110384
(907) 854-8404
Added: Jun 29
Changed: Aug 4
Last Checked: Aug 22 at 1:06PM
MLS# 26-7893
Copyright © 2026 Alaska Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering is a 1,000-square-foot commercial condo in an end building configuration, with a retail entrance. The unit is currently utilized as a hair salon under a month-to-month lease.
The property is described as being near C Street and International Airport Road, with the end building positioned first to be seen from the main road and providing an entrance to the plaza.
The association covers water, sewer, refuse, exterior and grounds, and maintains reserves. The dues reflect recent roof replacements. The unit can be sold as a package with three side-by-side units (101, 102, and 103), and owner financing is available.
The property is described as being near C Street and International Airport Road, with the end building positioned first to be seen from the main road and providing an entrance to the plaza.
The association covers water, sewer, refuse, exterior and grounds, and maintains reserves. The dues reflect recent roof replacements. The unit can be sold as a package with three side-by-side units (101, 102, and 103), and owner financing is available.
Key Highlights
- 1,000 SF commercial condo near C St and International Airport Rd
- Retail entrance; currently used by a hair salon on an MTM lease
- End building with frontage as the first unit to be seen from the main road and plaza entrance
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,846
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$336,920
$336.9K
Cap Rate 7%
$240,657
$240.7K
Cap Rate 9%
$187,178
$187.2K
Market Conditions
NOI Build-Up for 1,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$25.2K $25.20/SF
− Vacancy
−$1.1K −$1.13/SF
EGI
$24.1K $24.07/SF
− OpEx
−$7.2K −$7.22/SF
NOI
$16.8K $16.85/SF
Area
Anchorage, AK
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$336,920
Cap Rate 7%
$240,657
Cap Rate 9%
$187,178
Alternative Uses
Best Use
Retail
$240.7K
$210.6K – $280.8K
NOI $16,846 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Demographics for 99518, AK
9,861
Population
4,568
Households
2.2
Avg Household Size
36
Median Age
32%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
2,595
Density / Sq Mi
$91,077
Median Household Income
$49,761
Median Earnings
$1,661
Median Rent
$297,900
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - End-building retail condo with a dedicated retail entrance and association coverage for key exterior services.
Where is this retail space located?
The property is located at 5401 Cordova Street Anchorage, AK.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,000 SF commercial condo near C St and International Airport Rd; Retail entrance; currently used by a hair salon on an MTM lease; End building with frontage as the first unit to be seen from the main road and plaza entrance
