Industrial Property with Warehouse
For Sale
$2,225,000
345 Boniface Pkwy, Anchorage, AK 99504
Warehouse/shop space with office on 0.92 acres of industrial land.
Property Size12,776 SF
Lot Size0.92 Acres
Price / SF$174.15
Days on Market944
Property Features for 345 Boniface Pkwy
General Information
Standard status
Active
Size
12,776 SF
Lot size
0.92 Acres
Taxes and HOA fees
Annual Taxes
$15,539
Listing Agency:
Spire Commercial
(907) 230-1523
Listed By:
Ryan Schwalbe · License #194501
(907) 231-0380
Source:
Exprealty
Added: Feb 9, 2024
Changed: Sep 8
Last Checked: Sep 9 at 5:16AM
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 Spire Commercial
Investment Insights
Based on property information with market context.
The property features approximately 12,776 square feet of warehouse and shop space, complemented by around 500 square feet of office area. It is situated on a 40,196 square foot (0.92 acres) lot zoned I1: Light Industrial, providing ample yard space. The location benefits from high traffic volume, with an Average Annual Daily Traffic (AADT) of over 22,000 on Boniface Parkway and over 67,000 on the Glenn Highway. The warehouse portion includes a tall clear height box shop, a mezzanine, a showroom, and Quonset space. The property is equipped with six overhead doors, 3-phase electric power, and floor drains.
Key Highlights
- High traffic location: AADT of 22,000+ on Boniface and 67,000+ on Glenn Hwy.
- Large lot size: 40,196sf (0.92 acres) of I1 Light Industrial land with ample yard space.
- Extensive warehouse/shop space: Approximately 12,776sf.
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
$156,953
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
7.05%
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%
$3,139,060
$3.1M
Cap Rate 7%
$2,242,186
$2.2M
Cap Rate 9%
$1,743,922
$1.7M
Market Conditions
NOI Build-Up for 12,776 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
$268.3K $21.00/SF
− Vacancy
−$59.0K −$4.62/SF
EGI
$209.3K $16.38/SF
− OpEx
−$52.3K −$4.10/SF
NOI
$157.0K $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%
$3,139,060
Cap Rate 7%
$2,242,186
Cap Rate 9%
$1,743,922
Alternative Uses
Best Use
Office B
$2.24M
$1.96M – $2.62M
NOI $156,953 @ 7.0% cap · market cap 7.05%
Second Best
Warehouse
$2.18M
$1.90M – $2.54M
NOI $152,306 @ 7.0% cap · market cap 6.85%
Theoretical Best
Specialty Retail
$3.47M
$3.04M – $4.05M
NOI $242,846 @ 7.0% cap · market cap 10.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse/shop space with office on 0.92 acres of industrial land.
Where is this warehouse located?
The property is located at 345 Boniface Pkwy Anchorage, AK.
What is the asking price?
The asking price for this property is $2,225,000.
What are key features of this property?
This property features: High traffic location: AADT of 22,000+ on Boniface and 67,000+ on Glenn Hwy.; Large lot size: 40,196sf (0.92 acres) of I1 Light Industrial land with ample yard space.; Extensive warehouse/shop space: Approximately 12,776sf.
