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    4241 Homer Spit Rd Homer, AK 99603

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    For Sale
    $1,950,000

    World-renowned seafood restaurant for sale in Homer, Alaska.

    Type:Business Opportunity
    Added:
    Jun 7, 2023
    Days on Market:
    1061
    Last Refresh:
    Jan 20 at 10:06 am

    Property Features for 4241 Homer Spit Rd

    General Information

    Standard status
    Active
    Property subtype
    Business Opportunity

    We can help!

    Listing Contact
    Becky Turkington

    Listing agent Becky Turkington License #188838

    Listing office Kachemak Keller Williams Realty Alaska Group

    Listing date Jun 7, 2023

    Source Exprealty

    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 Kachemak Keller Williams Realty Alaska Group

    Overview

    Homer Alaska Restaurant Opportunity

    Captain Patties Fish House, a world-renowned restaurant located in Homer, Alaska, is available for purchase. Situated on the shores of Kachemak Bay, the restaurant offers views of the water and sunsets. Homer is known as the "Halibut Fishing Capital of the World" and attracts visitors. Captain Patties Fish House has been a popular restaurant for over two decades, offering fresh seafood and views of Kachemak Bay. The restaurant's menu features Alaskan halibut, salmon, crab legs, and shrimp, along with a wine and beverage selection. The sale includes all equipment, fixtures, and inventory. The staff is experienced and available to continue serving the clientele. This is an opportunity to acquire a restaurant with a reputation and potential in Homer, Alaska.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Bayview Properties LLC Real Estate Agency AK Starfish Co. Clothing Store DeepStrike Sportfishing LLC Tour Operator Captain Pattie's Fish ... Restaurant Carmen's Gelato Grocery & Convenience Store

    Map

    City
    Homer
    County
    Kenai Peninsula
    State
    Alaska
    Longitude
    -151.425
    Latitude
    59.6025

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      Homer Alaska Restaurant Opportunity

      World-renowned seafood restaurant for sale in Homer, Alaska.
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    FAQs

    What type of property is this?
    Restaurant - World-renowned seafood restaurant for sale in Homer, Alaska.
    Where is this restaurant located?
    The property is located at 4241 Homer Spit Rd Homer, AK.
    What is the asking price?
    The asking price for this property is $1,950,000.
    What are key features of this property?
    This property features: World‑renowned, thriving restaurant with a long‑established reputation.; Prime location in Homer, Alaska, attracting global visitors.; Panoramic views of Kachemak Bay, offering stunning sunsets.
    (503) 298-3217
    We can help!
    Listing Contact
    Becky Turkington
    Real Estate License ID: 188838
    Learn More
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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
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    4241 Homer Spit Rd, Homer, AK, 99603-8035

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