Fully Leased Warehouse
For Sale
$2,100,000
43210 Kenai Spur Hwy, Kenai, AK 99611
Two leased warehouse units with overhead doors, heated space, covered storage, and yard area.
Property Size14,462 SF
Price / SF$145.21
Days on Market98
Property Features for 43210 Kenai Spur Hwy
General Information
Standard status
Active
Size
14,462 SF
Occupancy
100%
Additional Details
Cap Rate
9%
Drive-In Doors
4
Building Details
Tenancy
Multi
Listing Agency:
Debenham Real Estate, LLC
Listed By:
Shaun T Debenham
(907) 562-9330
Source:
Kachemakgrouprealestate
Added: Jun 21
Changed: Sep 17
Last Checked: Sep 24 at 1:30PM
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 Debenham Real Estate, LLC
Investment Insights
Based on property information with market context.
This for-sale warehouse property is configured as two leased units, each with two overhead doors. The buildings provide heated warehouse space along with covered storage and access to a storage yard, supporting a range of warehousing and light distribution needs. The roof was newly installed this year.
The property is located at 43210 Kenai Spur Hwy in Kenai, Alaska. It is currently fully leased to two national tenants, which helps establish an income-generating operating profile for an owner-operator or investor.
For tenants and buyers seeking straightforward warehouse functionality, the combination of multiple overhead doors, heated warehouse space, and both covered and yard storage offers flexibility for deliveries, staging, and day-to-day storage requirements. Investors benefit from the property’s current occupancy by two national tenants and the recent roof replacement, which can reduce near-term building exterior risk.
The property is located at 43210 Kenai Spur Hwy in Kenai, Alaska. It is currently fully leased to two national tenants, which helps establish an income-generating operating profile for an owner-operator or investor.
For tenants and buyers seeking straightforward warehouse functionality, the combination of multiple overhead doors, heated warehouse space, and both covered and yard storage offers flexibility for deliveries, staging, and day-to-day storage requirements. Investors benefit from the property’s current occupancy by two national tenants and the recent roof replacement, which can reduce near-term building exterior risk.
Key Highlights
- Two fully leased warehouse units to two national tenants
- Each unit includes two overhead doors
- Heated warehouse space plus covered storage for both units
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
$108,610
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
5.17%
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%
$2,172,200
$2.2M
Cap Rate 7%
$1,551,571
$1.6M
Cap Rate 9%
$1,206,778
$1.2M
Market Conditions
NOI Build-Up for 14,462 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
$137.1K $9.48/SF
− Vacancy
−$9.3K −$0.64/SF
EGI
$127.8K $8.84/SF
− OpEx
−$19.2K −$1.33/SF
NOI
$108.6K $7.51/SF
Area
Kenai Peninsula County, AK
Vacancy
6.80%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$2,172,200
Cap Rate 7%
$1,551,571
Cap Rate 9%
$1,206,778
Alternative Uses
Best Use
Warehouse
$1.55M
$1.36M – $1.81M
NOI $108,610 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$100.30M
$87.76M – $117.02M
NOI $7,021,129 @ 7.0% cap · market cap 334.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Drive-in doors
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Demographics for 99611, AK
15,827
Population
7,130
Households
2.2
Avg Household Size
38
Median Age
24%
College-Educated
94%
High-School Grad
526.8 sq mi
ZIP Area
30
Density / Sq Mi
$69,816
Median Household Income
$47,259
Median Earnings
$1,108
Median Rent
$279,800
Median Home Value
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Warehouse - Two leased warehouse units with overhead doors, heated space, covered storage, and yard area.
Where is this warehouse located?
The property is located at 43210 Kenai Spur Hwy Kenai, AK.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Two fully leased warehouse units to two national tenants; Each unit includes two overhead doors; Heated warehouse space plus covered storage for both units
