NNN Restaurant Investment
For Sale
Contact for pricing
1135 Muldoon Road, Anchorage, AK 99504
Absolute NNN restaurant lease with scheduled rent increases and no landlord operating responsibilities.
Property Size3,060 SF
Price / SF$638.24
Days on Market12
Property Features for 1135 Muldoon Road
General Information
Standard status
Active
Size
3,060 SF
Total Parking Spaces
35
Property subtype
Retail
Zoning
General Business District, Special Limitations
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$125,000
Building Details
Year Built
1997
Year Renovated
2017
Units
1
Tenancy
Single
Listing Agency:
SRS Real Estate Partners Newport Beach
Listed By:
Calvin Short · License #01927216
Source:
Crexi
Added: Aug 10
Changed: Aug 15
Last Checked: Aug 20 at 6:25AM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This 3,060-square-foot restaurant property in Anchorage, Alaska, is occupied by Arby's under a 20-year absolute NNN lease. The building was constructed in 1997 and received a remodel in 2018. Lease economics include 8% rent increases at five-year intervals, while the tenant handles CAM, taxes, insurance, and maintenance obligations.
The lease is guaranteed by DRG Meats Alaska, LLC, identified as a 9-unit subsidiary of Diversified Restaurant Group. The operating group has approximately 365 Taco Bell and Arby's restaurants nationwide. The property is located at 1135 Muldoon Road in Anchorage and is zoned General Business District, Special Limitations.
The lease is guaranteed by DRG Meats Alaska, LLC, identified as a 9-unit subsidiary of Diversified Restaurant Group. The operating group has approximately 365 Taco Bell and Arby's restaurants nationwide. The property is located at 1135 Muldoon Road in Anchorage and is zoned General Business District, Special Limitations.
Key Highlights
- 20‑year absolute NNN lease with 8% rent increases every five years
- 3,060 SF restaurant building at 1135 Muldoon Road, Anchorage, AK 99504
- Arby's occupies the property
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
$58,164
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
2.98%
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%
$1,163,280
$1.2M
Cap Rate 7%
$830,914
$830.9K
Cap Rate 9%
$646,267
$646.3K
Market Conditions
NOI Build-Up for 3,060 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
$80.8K $26.40/SF
− Vacancy
−$3.2K −$1.06/SF
EGI
$77.6K $25.34/SF
− OpEx
−$19.4K −$6.34/SF
NOI
$58.2K $19.01/SF
Area
Anchorage, AK
Vacancy
4.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,163,280
Cap Rate 7%
$830,914
Cap Rate 9%
$646,267
Alternative Uses
Best Use
Specialty Retail
$830.9K
$727.1K – $969.4K
NOI $58,164 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99504, AK
42,375
Population
17,720
Households
2.4
Avg Household Size
34
Median Age
31%
College-Educated
91%
High-School Grad
36.8 sq mi
ZIP Area
1,151
Density / Sq Mi
$83,338
Median Household Income
$46,883
Median Earnings
$1,529
Median Rent
$309,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Absolute NNN restaurant lease with scheduled rent increases and no landlord operating responsibilities.
Where is this nnn property located?
The property is located at 1135 Muldoon Road Anchorage, AK.
What is the asking price?
The asking price for this property is $1,953,000.
What are key features of this property?
This property features: 20‑year absolute NNN lease with 8% rent increases every five years; 3,060 SF restaurant building at 1135 Muldoon Road, Anchorage, AK 99504; Arby's occupies the property
