Two-Level Retail
1316 Ocean Drive, Homer, AK 99603
For Sale
New
$1,295,000
Renovated commercial space is arranged for separate occupants on the upper and lower floors.
Property Size3,066 SF
Price / SF$422.37
Days on Market2
Property Features for 1316 Ocean Drive
General Information
Standard status
Size
Zoning
Amenities
20908.8
0.48
Tax Authority
Post on Pad,Concrete Perimeter,Slab
3066
Building Details
Building Size
Year Built
Buildings
Stories
Tenancy
Listing Agency:
Berkshire Hathaway HomeServices Alaska Realty
(907) 312-2438
Listed By:
Chanel Ebert
Source:
Svrealtyak
Added: Nov 9
Changed: Nov 10
Last Checked: Nov 10 at 1:36AM
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 Berkshire Hathaway HomeServices Alaska Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The 3,066-square-foot retail building has upper- and lower-level areas designed for separate occupants. It was renovated and previously operated as a restaurant and bakery. An additional cabin is also on the property. The building dates to 1976, and the site is zoned GC1 - General Commercial 1.
At 1316 Ocean Drive in Homer, Alaska, the property occupies a 0.48-acre parcel. Its configuration includes the main commercial building and the existing cabin.
At 1316 Ocean Drive in Homer, Alaska, the property occupies a 0.48-acre parcel. Its configuration includes the main commercial building and the existing cabin.
Key Highlights
- 3,066‑square‑foot retail building with upper- and lower‑level areas configured for separate occupants
- Existing cabin on the property
- 0.48‑acre parcel at 1316 Ocean Drive, Homer, AK 99603
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,345
Cap Rate
3.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$986,900
$986.9K
Cap Rate 7%
$704,929
$704.9K
Cap Rate 9%
$548,278
$548.3K
Market Conditions
NOI Build-Up for 3,066 SF
Gross rent
$73.6K $24.00/SF
− Vacancy
−$3.1K −$1.01/SF
EGI
$70.5K $22.99/SF
− OpEx
−$21.1K −$6.90/SF
NOI
$49.3K $16.09/SF
Area
Kenai Peninsula County, AK
Vacancy
4.20%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$986,900
Cap Rate 7%
$704,929
Cap Rate 9%
$548,278
Alternative Uses
Best Use
Retail
$704.9K
$616.8K – $822.4K
NOI $49,345 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$897.7K
$785.5K – $1.05M
NOI $62,841 @ 7.0% cap · market cap 4.85%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Demographics for 99603, AK
10,766
Population
6,251
Households
1.7
Avg Household Size
43
Median Age
39%
College-Educated
94%
High-School Grad
1,068.8 sq mi
ZIP Area
10
Density / Sq Mi
$76,368
Median Household Income
$41,530
Median Earnings
$1,236
Median Rent
$345,600
Median Home Value
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Retail space - Renovated commercial space is arranged for separate occupants on the upper and lower floors.
Where is this retail space located?
The property is located at 1316 Ocean Drive Homer, AK.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 3,066‑square‑foot retail building with upper- and lower‑level areas configured for separate occupants; Existing cabin on the property; 0.48‑acre parcel at 1316 Ocean Drive, Homer, AK 99603
