Two-Building Warehouse
For Sale
$1,500,000
1007 32nd Avenue, Anchorage, AK 99503
Sale offering includes two warehouse buildings, with one in fair condition and one requiring major renovation.
Property Size9,600 SF
Price / SF$156.25
Days on Market1053
Property Features for 1007 32nd Avenue
General Information
Standard status
Active
Size
9,600 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$40,000
Amenities
3
150 Parking Spaces.
City
Building Details
Year Built
1965
Listing Agency:
SSS Commercial Real Estate
(907) 727-8686
Listed By:
Stewart Smith · License #6724
(907) 727-8686
Source:
Xome
Added: Sep 24, 2023
Changed: Aug 8
Last Checked: Aug 11 at 5:24AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SSS Commercial Real Estate
Investment Insights
Based on property information with market context.
This for-sale warehouse property includes two buildings totaling 9,600 square feet: a smaller building and a larger building. The smaller structure is described as being in fair condition and features a 12' x 12' overhead door. The larger building is noted as needing major renovation.
The property is located off Spenard Road near the former KTVA TV studio site. An easement use agreement is referenced for a tower, satellite dish, and communications shed, with the grantee responsible for their share of property taxes, maintenance, and related costs at closing.
With two separate warehouse buildings on site, the property offers an opportunity to accommodate multiple uses or staged redevelopment, subject to the recorded easement terms provided at closing.
The property is located off Spenard Road near the former KTVA TV studio site. An easement use agreement is referenced for a tower, satellite dish, and communications shed, with the grantee responsible for their share of property taxes, maintenance, and related costs at closing.
With two separate warehouse buildings on site, the property offers an opportunity to accommodate multiple uses or staged redevelopment, subject to the recorded easement terms provided at closing.
Key Highlights
- Two warehouse buildings totaling 7,200 SF and 2,400 SF (10,600 SF total)
- Smaller building in fair condition with a 12' x 12' overhead door
- Larger building requires major renovation
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
$114,444
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
7.63%
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%
$2,288,880
$2.3M
Cap Rate 7%
$1,634,914
$1.6M
Cap Rate 9%
$1,271,600
$1.3M
Market Conditions
NOI Build-Up for 9,600 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
$144.0K $15.00/SF
− Vacancy
−$9.4K −$0.98/SF
EGI
$134.6K $14.03/SF
− OpEx
−$20.2K −$2.10/SF
NOI
$114.4K $11.92/SF
Area
Anchorage, AK
Vacancy
6.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
15.00%
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%
$2,288,880
Cap Rate 7%
$1,634,914
Cap Rate 9%
$1,271,600
Alternative Uses
Best Use
Warehouse
$1.63M
$1.43M – $1.91M
NOI $114,444 @ 7.0% cap · market cap 7.63%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.61M
$2.28M – $3.04M
NOI $182,477 @ 7.0% cap · market cap 12.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99503, AK
13,550
Population
7,411
Households
1.8
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
20.7 sq mi
ZIP Area
655
Density / Sq Mi
$76,888
Median Household Income
$46,734
Median Earnings
$1,185
Median Rent
$316,700
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?
Warehouse - Sale offering includes two warehouse buildings, with one in fair condition and one requiring major renovation.
Where is this warehouse located?
The property is located at 1007 32nd Avenue Anchorage, AK.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two warehouse buildings totaling 7,200 SF and 2,400 SF (10,600 SF total); Smaller building in fair condition with a 12' x 12' overhead door; Larger building requires major renovation
