Light Industrial Flex Condo with Garage
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
0092423500201
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
Building Details
Floors in Building
1
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 2:06PM
MLS# 26-7892
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 property is a 1,000 SF commercial condo configured in an end building within an association-managed plaza. The unit includes a garage door and is currently used by a courier service on a month-to-month arrangement. The association provides shared services including water, sewer, and refuse, and also covers exterior, grounds, and reserves.
The location is described as being near C Street and International Airport Road in Anchorage, Alaska, with the end-building position making it the first building seen from the main road and plaza entrance.
For tenants or owner-occupants seeking light industrial space that supports delivery or distribution-style operations, the garage door and flexible warehouse/flex layout are practical for day-to-day logistics. It is also available for consideration as part of a three-unit side-by-side package with units 101, 102, and 103. Owner financing is noted as available.
The location is described as being near C Street and International Airport Road in Anchorage, Alaska, with the end-building position making it the first building seen from the main road and plaza entrance.
For tenants or owner-occupants seeking light industrial space that supports delivery or distribution-style operations, the garage door and flexible warehouse/flex layout are practical for day-to-day logistics. It is also available for consideration as part of a three-unit side-by-side package with units 101, 102, and 103. Owner financing is noted as available.
Key Highlights
- 1,000 SF commercial condo near C St and International Airport Rd
- End unit positioned first to be seen from the main road with entrance to the plaza
- Includes a garage door; currently used by a courier service on a month‑to‑month (MTM) lease
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
$11,357
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
4.54%
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%
$227,140
$227.1K
Cap Rate 7%
$162,243
$162.2K
Cap Rate 9%
$126,189
$126.2K
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
$19.2K $19.20/SF
− Vacancy
−$1.7K −$1.73/SF
EGI
$17.5K $17.47/SF
− OpEx
−$6.1K −$6.12/SF
NOI
$11.4K $11.36/SF
Area
Anchorage, AK
Vacancy
9.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$227,140
Cap Rate 7%
$162,243
Cap Rate 9%
$126,189
Alternative Uses
Best Use
Flex RnD
$162.2K
$142.0K – $189.3K
NOI $11,357 @ 7.0% cap · market cap 4.54%
Second Best
Industrial
$150.7K
$131.8K – $175.8K
NOI $10,546 @ 7.0% cap · market cap 4.22%
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
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - A 1,000 SF light industrial condo with a garage door, currently on a month-to-month courier use.
Where is this flex 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; End unit positioned first to be seen from the main road with entrance to the plaza; Includes a garage door; currently used by a courier service on a month‑to‑month (MTM) lease
