Turn-Key Historic Restaurant
For Sale
$3,500,000
415 E Street, Anchorage, AK 99501
Renovated historic Anchorage restaurant with two dining areas, two commercial kitchens, and two full bars.
Property Size6,500 SF
Price / SF$538.46
Days on Market509
Property Features for 415 E Street
General Information
Standard status
Active
Size
6,500 SF
Property subtype
General Commercial
Amenities
3
Bay, City
Building Details
Year Built
1964
Listing Agency:
Burnett Co Realty, Inc.
(907) 276-8287
Listed By:
Bruce Burnett · License #0484247
(907) 276-8287
Source:
Xome
Added: Mar 21, 2025
Changed: Aug 8
Last Checked: Aug 11 at 5:23AM
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 Burnett Co Realty, Inc.
Investment Insights
Based on property information with market context.
A historical restaurant building centrally located downtown in Anchorage, Alaska, offered for sale as an almost turn-key operation. The property is described as a survivor of the 1964 earthquake and has been completely renovated, including a stated $3M HARDROCK scope. The current configuration features two separate dining areas, two commercial kitchens, two full bars, and two stages with a sound system.
The sale includes FF&E, and a liquor license is also available for sale. This package is designed to support immediate restaurant operations within the existing build-out and entertainment-ready features.
The sale includes FF&E, and a liquor license is also available for sale. This package is designed to support immediate restaurant operations within the existing build-out and entertainment-ready features.
Key Highlights
- Renovated historic downtown Anchorage restaurant (Year built: 1964)
- Completely renovated with two separate dining areas
- Includes 2 commercial kitchens and 2 full bars
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
$123,552
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
3.53%
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%
$2,471,040
$2.5M
Cap Rate 7%
$1,765,029
$1.8M
Cap Rate 9%
$1,372,800
$1.4M
Market Conditions
NOI Build-Up for 6,500 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
$171.6K $26.40/SF
− Vacancy
−$6.9K −$1.06/SF
EGI
$164.7K $25.34/SF
− OpEx
−$41.2K −$6.34/SF
NOI
$123.6K $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%
$2,471,040
Cap Rate 7%
$1,765,029
Cap Rate 9%
$1,372,800
Alternative Uses
Best Use
Specialty Retail
$1.77M
$1.54M – $2.06M
NOI $123,552 @ 7.0% cap · market cap 3.53%
Second Best
Industrial
$979.3K
$856.9K – $1.14M
NOI $68,550 @ 7.0% cap · market cap 1.96%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 99501, AK
18,590
Population
8,906
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
92%
High-School Grad
6.7 sq mi
ZIP Area
2,775
Density / Sq Mi
$69,591
Median Household Income
$43,542
Median Earnings
$1,181
Median Rent
$378,700
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?
Conventional restaurant - Renovated historic Anchorage restaurant with two dining areas, two commercial kitchens, and two full bars.
Where is this conventional restaurant located?
The property is located at 415 E Street Anchorage, AK.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Renovated historic downtown Anchorage restaurant (Year built: 1964); Completely renovated with two separate dining areas; Includes 2 commercial kitchens and 2 full bars
