Flex Space with
For Sale
$499,900
12872 Old Seward Hwy # 2, Anchorage, AK 99515
I-1-zoned garage condo with dedicated plumbing fixtures, windows, and adaptable workspace.
Property Size1,244 SF
Price / SF$401.85
Days on Market28
Property Features for 12872 Old Seward Hwy # 2
General Information
Standard status
Active
Size
1,244 SF
Property subtype
Commercial
Zoning
I-1
Additional Details
Mezzanine
280 SF
Amenities
private toilet
sink
shower
Building Details
Year Built
2024
Listing Agency:
Real Broker Alaska
Listed By:
Yvan C Corbin
(855) 450-0442
Source:
Seehomesinalaska
Added: Aug 9
Changed: Sep 4
Last Checked: Sep 4 at 3:03PM
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 Real Broker Alaska
Investment Insights
Based on property information with market context.
Built in 2024, this 1,244-square-foot flex space is configured as a garage condominium at 12872 Old Seward Hwy # 2 in South Anchorage. The unit includes a private toilet, sink, and shower, along with windows throughout. Its 20-by-50-foot garage layout provides functional work and storage space, while the mezzanine adds another usable area with 8-foot ceilings.
The property is designated I-1 and features 9-inch-thick commercial-grade concrete floors designed to support heavy loads. The combination of garage access, dedicated plumbing, natural light, and mezzanine space accommodates a range of business, equipment-storage, and workspace needs.
The property is designated I-1 and features 9-inch-thick commercial-grade concrete floors designed to support heavy loads. The combination of garage access, dedicated plumbing, natural light, and mezzanine space accommodates a range of business, equipment-storage, and workspace needs.
Key Highlights
- 1,244‑square‑foot flex space built in 2024
- I‑1 zoning at 12872 Old Seward Hwy # 2 in South Anchorage
- 20' by 50' garage with a 14' by 20' mezzanine
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
$14,830
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
2.97%
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%
$296,600
$296.6K
Cap Rate 7%
$211,857
$211.9K
Cap Rate 9%
$164,778
$164.8K
Market Conditions
NOI Build-Up for 1,244 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
$18.7K $15.00/SF
− Vacancy
−$1.2K −$0.98/SF
EGI
$17.4K $14.03/SF
− OpEx
−$2.6K −$2.10/SF
NOI
$14.8K $11.92/SF
Area
Anchorage, AK
Vacancy
6.50%
Lease Rate
$15.00 /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%
$296,600
Cap Rate 7%
$211,857
Cap Rate 9%
$164,778
Alternative Uses
Best Use
Warehouse
$211.9K
$185.4K – $247.2K
NOI $14,830 @ 7.0% cap · market cap 2.97%
Second Best
Flex RnD
$201.8K
$176.6K – $235.5K
NOI $14,128 @ 7.0% cap · market cap 2.83%
Theoretical Best
Specialty Retail
$337.8K
$295.6K – $394.1K
NOI $23,646 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Demographics for 99515, AK
22,532
Population
8,137
Households
2.8
Avg Household Size
37
Median Age
41%
College-Educated
95%
High-School Grad
10.6 sq mi
ZIP Area
2,126
Density / Sq Mi
$112,445
Median Household Income
$55,657
Median Earnings
$1,716
Median Rent
$400,500
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Flex space - I-1-zoned garage condo with dedicated plumbing fixtures, windows, and adaptable workspace.
Where is this flex space located?
The property is located at 12872 Old Seward Hwy # 2 Anchorage, AK.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 1,244‑square‑foot flex space built in 2024; I‑1 zoning at 12872 Old Seward Hwy # 2 in South Anchorage; 20' by 50' garage with a 14' by 20' mezzanine
