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    540 Water St Unit Ketchikan, AK 99901

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    For Sale
    $422,000

    Prime Ketchikan Office Condo, 1797 sq ft.

    Property size:
    1,797 SF

    Property Features for 540 Water St Unit

    General Information

    Property type
    Other commercial real estate
    Square Feet
    1,797 SF

    We can help!

    Listing Contact
    Michael Elerding

    Listing Agency: Coastal Keller Williams Realty Alaska Group Listing Agent: Michael Elerding

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 1,797 square foot commercial condo unit, located at 540 Water Street Unit #302 in Ketchikan, Alaska, presents a unique investment or owner-occupancy opportunity. Situated in the newly converted Tongass Vista Office Condo (formerly the Keene Currall Office Building), this property benefits from its prime downtown location near the historic Ketchikan Tunnel and boasts excellent occupancy rates within the building. Unit #302 offers a thoughtfully designed layout ideal for professional services, featuring three private offices, a modern waiting room, a reception area, a large private conference room, an expansive bookkeeping area, a secluded library, and a breakroom complete with a private bathroom. Six dedicated parking spaces are included, providing ample convenience for clients and staff. The conversion of the Keene Currall Office Building into modern business condos represents a significant upgrade, promising a solid return on investment. This is a rare chance to acquire prime commercial real estate in a thriving Ketchikan location. The seller is offering owner financing, subject to credit approval. This property is ready for immediate occupancy or lease.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Currall Geoffery G Law Firm Keene & Currall Law Firm Bradford Law Law Firm Mary Eberle Foster Care Service Rainwood Counseling Foster Care Service

    Map

    City
    Ketchikan
    County
    Ketchikan Gateway Borough
    State
    Alaska
    Longitude
    -131.6508
    Latitude
    55.34386

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    FAQs

    What type of property is this?
    Commercial real estate - Prime Ketchikan Office Condo, 1797 sq ft.
    Where is this commercial real estate located?
    The property is located at 540 Water St Unit Ketchikan, AK.
    What is the asking price?
    The asking price for this property is $422,000.
    (907) 247-5811
    Request Owner's contact information
    540 Water St Unit Ketchikan, AK 99901
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    Ketchikan, AK 99901
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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
    540 Water St Unit Ketchikan, AK 99901
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    We can help!
    Listing Contact
    Michael Elerding
    Real Estate License ID: 17477
    (907) 247-5811
    Learn more
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