Office and Light Manufacturing
For Sale
$2,350,000
139 E 51st Avenue, Anchorage, AK 99503
Leased building with updated interiors, suitable for offices and manufacturing.
Property Size10,952 SF
Price / SF$214.57
Days on Market774
Property Features for 139 E 51st Avenue
General Information
Standard status
Active
Size
10,952 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$16,200
Amenities
3
35 Parking Spaces.
Building Details
Year Built
1981
Listing Agency:
Colliers International
(907) 223-3332
Listed By:
Colliers International
(907) 223-3332
Source:
Xome
Added: Jul 11, 2024
Changed: Aug 23
Last Checked: Aug 22 at 9:51AM
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 Colliers International
Investment Insights
Based on property information with market context.
This property, offered for sale, is currently leased to Convergint. The building features updated interior finishes, LED lighting, HVAC, sprinklers, controls, and security systems. The layout includes both office spaces and a light manufacturing area, with one overhead door. An Offering Memorandum is available upon execution of a Non-Disclosure Agreement.
Key Highlights
- Leased to Convergint, providing immediate income.
- Updated interior finishes throughout.
- Includes both office and light manufacturing space.
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
$134,545
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
5.73%
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%
$2,690,900
$2.7M
Cap Rate 7%
$1,922,071
$1.9M
Cap Rate 9%
$1,494,944
$1.5M
Market Conditions
NOI Build-Up for 10,952 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
$230.0K $21.00/SF
− Vacancy
−$50.6K −$4.62/SF
EGI
$179.4K $16.38/SF
− OpEx
−$44.8K −$4.10/SF
NOI
$134.5K $12.29/SF
Area
Anchorage, AK
Vacancy
22.00%
Lease Rate
$21.00 /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%
$2,690,900
Cap Rate 7%
$1,922,071
Cap Rate 9%
$1,494,944
Alternative Uses
Best Use
Office B
$1.92M
$1.68M – $2.24M
NOI $134,545 @ 7.0% cap · market cap 5.73%
Second Best
Industrial
$1.65M
$1.44M – $1.93M
NOI $115,502 @ 7.0% cap · market cap 4.91%
Theoretical Best
Specialty Retail
$2.97M
$2.60M – $3.47M
NOI $208,176 @ 7.0% cap · market cap 8.86%
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Leased building with updated interiors, suitable for offices and manufacturing.
Where is this office units located?
The property is located at 139 E 51st Avenue Anchorage, AK.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Leased to Convergint, providing immediate income.; Updated interior finishes throughout.; Includes both office and light manufacturing space.
