Two-Story Office
For Sale
$425,000
411 W Northern Lights Boulevard, Anchorage, AK 99503
Two-story office conversion with frontage on Northern Lights Boulevard, currently tenant-occupied and scheduled to vacate in May.
Property Size1,700 SF
Price / SF$250
Days on Market657
Property Features for 411 W Northern Lights Boulevard
General Information
Standard status
Active
Size
1,700 SF
Property subtype
General Commercial
Additional Details
Road Access
Yes
Amenities
3
Building Details
Stories
2
Listing Agency:
Jack White Commercial
(907) 830-7319
Listed By:
Jack White Commercial · License #AK17954
(907) 830-7319
Source:
Xome
Added: Nov 5, 2024
Changed: Aug 23
Last Checked: Aug 23 at 4:58AM
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 Jack White Commercial
Investment Insights
Based on property information with market context.
This two-story office conversion is currently used as office space and has been maintained meticulously over the years. The current tenant is scheduled to vacate in May, offering an opportunity for a new tenant or an owner-occupant. Financial information is available upon request, and the property has had a strong lease history.
The building has frontage on Northern Lights Boulevard in Midtown, providing a visible street presence along this main corridor.
With its compact, converted-home layout across two stories, the property may fit well for professional office users looking for an established, maintained space.
The building has frontage on Northern Lights Boulevard in Midtown, providing a visible street presence along this main corridor.
With its compact, converted-home layout across two stories, the property may fit well for professional office users looking for an established, maintained space.
Key Highlights
- Two‑story office conversion with frontage on Northern Lights Boulevard
- Currently tenant‑occupied and scheduled to vacate in May
- Long‑standing strong lease history and meticulous maintenance (financials available upon request)
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
$20,885
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
4.91%
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%
$417,700
$417.7K
Cap Rate 7%
$298,357
$298.4K
Cap Rate 9%
$232,056
$232.1K
Market Conditions
NOI Build-Up for 1,700 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
$35.7K $21.00/SF
− Vacancy
−$7.9K −$4.62/SF
EGI
$27.8K $16.38/SF
− OpEx
−$7.0K −$4.10/SF
NOI
$20.9K $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%
$417,700
Cap Rate 7%
$298,357
Cap Rate 9%
$232,056
Alternative Uses
Best Use
Office B
$298.4K
$261.1K – $348.1K
NOI $20,885 @ 7.0% cap · market cap 4.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$461.6K
$403.9K – $538.6K
NOI $32,314 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Demographics for 99503, AK
13,550
Population
7,411
Households
1.8
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
20.7 sq mi
ZIP Area
655
Density / Sq Mi
$76,888
Median Household Income
$46,734
Median Earnings
$1,185
Median Rent
$316,700
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Two-story office conversion with frontage on Northern Lights Boulevard, currently tenant-occupied and scheduled to vacate in May.
Where is this office building located?
The property is located at 411 W Northern Lights Boulevard Anchorage, AK.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑story office conversion with frontage on Northern Lights Boulevard; Currently tenant‑occupied and scheduled to vacate in May; Long‑standing strong lease history and meticulous maintenance (financials available upon request)
