Bar and Entertainment
For Sale
$2,195,000
195 E Pioneer Ave, Homer, AK 99603
Established venue configured for live music, dining, private events, and other entertainment uses.
Property Size4,096 SF
Lot Size1.00 Acre
Price / SF$535.89
Days on Market97
Property Features for 195 E Pioneer Ave
General Information
Standard status
Active
Size
4,096 SF
Lot size
1.00 Acre
Property subtype
Commercial
Additional Details
Business Included
Yes
Equipment Included
Yes
Building Details
Year Built
1976
Listing Agency:
Berkshire Hathaway HomeServices Alaska Realty
Listed By:
Gina Pelaia · License #16355
(907) 399-6183
Source:
Viewanchoragehouses
Added: Jun 22
Changed: Sep 9
Last Checked: Sep 24 at 11:08AM
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
Investment Insights
Based on property information with market context.
Alice's Champagne Palace is a bar and entertainment venue at 195 E Pioneer Ave in Homer, Alaska. The property includes more than 4,000 square feet under roof on approximately one acre and is equipped for continued operation. Its layout supports live music, dining, private events, concerts, and special events, providing a substantial setting for multiple forms of entertainment.
An additional commercial space is leased to a drive-thru coffee shop, creating a separate rental component within the property. The venue has served as a community gathering place for decades and occupies a highly visible position along Pioneer Avenue. Existing improvements and equipment support continued use as an operating entertainment property or adaptation to a different owner-directed concept.
An additional commercial space is leased to a drive-thru coffee shop, creating a separate rental component within the property. The venue has served as a community gathering place for decades and occupies a highly visible position along Pioneer Avenue. Existing improvements and equipment support continued use as an operating entertainment property or adaptation to a different owner-directed concept.
Key Highlights
- More than 4, 000 square feet under roof
- Approximately one acre along Pioneer Avenue
- Configured for concerts, dining, private events, and special events
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
$81,604
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
3.72%
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%
$1,632,080
$1.6M
Cap Rate 7%
$1,165,771
$1.2M
Cap Rate 9%
$906,711
$906.7K
Market Conditions
NOI Build-Up for 4,096 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
$115.0K $28.08/SF
− Vacancy
−$6.2K −$1.52/SF
EGI
$108.8K $26.56/SF
− OpEx
−$27.2K −$6.64/SF
NOI
$81.6K $19.92/SF
Area
Kenai Peninsula County, AK
Vacancy
5.40%
Lease Rate
$28.08 /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%
$1,632,080
Cap Rate 7%
$1,165,771
Cap Rate 9%
$906,711
Alternative Uses
Best Use
Specialty Retail
$1.17M
$1.02M – $1.36M
NOI $81,604 @ 7.0% cap · market cap 3.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$28.41M
$24.86M – $33.14M
NOI $1,988,559 @ 7.0% cap · market cap 90.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
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
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Established venue configured for live music, dining, private events, and other entertainment uses.
Where is this bar & pub located?
The property is located at 195 E Pioneer Ave Homer, AK.
What is the asking price?
The asking price for this property is $2,195,000.
What are key features of this property?
This property features: More than 4, 000 square feet under roof; Approximately one acre along Pioneer Avenue; Configured for concerts, dining, private events, and special events
