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    Versatile Building on Old Steese Highway Title is generated by Realmo AI

    700 OLD STEESE HIGHWAY, Fairbanks, AK 99701

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    For Sale
    $2,195,000

    Multi-purpose - Fairbanks, AK

    Property size:
    12,500 SF
    Lot size:
    0.87 Acres
    Price / SF:
    $175/SF
    Added:
    May 15, 2025
    Days on Market:
    360
    Last Refresh:
    May 9 at 10:06 am

    Property Features for 700 OLD STEESE HIGHWAY

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    General Use District - 1
    Parking
    40
    Standard status
    Active
    Size
    12,500 SF
    Lot size
    0.87 Acres

    Taxes and HOA fees

    Tax Annual Amount
    25831.5

    Building Details

    Year built
    1985
    Architectural style
    Other

    We can help!

    Listing Contact
    Scott Rosenthal
    Scott Rosenthal

    Listing agent Scott Rosenthal License #RECS17638

    Listing office THE REAL ESTATE GROUP AK 1292 Sadler Way, Fairbanks, AK

    Listing date May 15, 2025

    MLS# 157596 Listing URL

    Copyright © 2026 Greater Fairbanks Board-Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime frontage on the Old Steese Highway.
    • Two levels with large open areas suitable for various purposes.
    • Potential for cultivation and retail in the cannabis industry.
    • Partially set up commercial kitchen area.
    • Remodeled men's and women's restrooms on both levels.
    • Large conference room, private office, and private restroom upstairs.

    Overview

    This two-level, 12,500 square foot building, situated with frontage on the Old Steese Highway in Fairbanks, Alaska, offers a range of potential uses. The property is zoned for general use. The lower level features a large open area suitable for tables or a dance floor, a stage, multiple potential bar areas, and a partially set up commercial kitchen area. Remodeled men's and women's restrooms are also located on this level. The upper level provides additional space for tables, dance floors, and another bar. It also includes a large conference room, remodeled men's and women's bathrooms, a private office with a private restroom, and additional storage. The 0.867217-acre lot provides space for various business operations, including a restaurant, bar, or retail establishment. The property could also accommodate cultivation and retail for the cannabis industry. This building presents an opportunity for a variety of commercial ventures.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bars & Pubs

    Map

    City
    Fairbanks
    County
    Yukon-Koyukuk
    State
    Alaska
    Longitude
    -147.6958211
    Latitude
    64.8508773

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    FAQs

    What type of property is this?
    Bar & Pub - Two-level, 12,500 SF building suitable for diverse commercial ventures.
    Where is this bar & pub located?
    The property is located at 700 OLD STEESE HIGHWAY Fairbanks, AK.
    What is the asking price?
    The asking price for this property is $2,195,000.
    What are key features of this property?
    This property features: Prime frontage on the Old Steese Highway.; Two levels with large open areas suitable for various purposes.; Potential for cultivation and retail in the cannabis industry.
    (907) 987-1000
    We can help!
    Listing Contact
    Scott Rosenthal
    Scott Rosenthal
    Real Estate License ID: RECS17638
    Learn More
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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.

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