Historic Mixed-Use
For Sale
$3,600,000
207 Fourth Ave, Seward, AK 99664
Three commercial spaces and seven furnished apartments occupy a three-building property in downtown Seward.
Property Size21,002 SF
Price / SF$171.41
Days on Market33
Property Features for 207 Fourth Ave
General Information
Standard status
Active
Size
21,002 SF
Property subtype
Commercial
Additional Details
Sprinkler System
Yes
Building Details
Year Built
1906
Buildings
3
Listing Agency:
Coastal Heritage Properties
Listed By:
Ristine F Casagranda · License #18858
(907) 362-2299
Source:
Seehomesinalaska
Added: Sep 21
Changed: Oct 21
Last Checked: Oct 23 at 7:03AM
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 Coastal Heritage Properties
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Investment Insights
Based on property information with market context.
This 1906 mixed-use property comprises three buildings with three commercial spaces totaling approximately 9,000 square feet and seven furnished apartments. The apartments have operated as nightly accommodations for five years. A commercial fire suppression system was installed throughout the property in 2024. One apartment was remodeled in 2016 with quartz countertops, custom cabinetry, tile, hardwood flooring, and high-end appliances; another occupies a former ballroom with a skylight and butler’s pantry.
The buildings are located on Fourth Avenue in downtown Seward. In 2023, the property received National Park Service recognition, and a Historic American Buildings Survey study was completed and recorded in the Library of Congress. A vacant lot at 304 Washington Street is currently used for parking. The businesses operating in the buildings are not included in the sale.
The buildings are located on Fourth Avenue in downtown Seward. In 2023, the property received National Park Service recognition, and a Historic American Buildings Survey study was completed and recorded in the Library of Congress. A vacant lot at 304 Washington Street is currently used for parking. The businesses operating in the buildings are not included in the sale.
Key Highlights
- Three buildings with three commercial spaces totaling approximately 9,000 square feet
- Seven furnished apartments have operated as nightly accommodations for five years
- Commercial fire suppression system installed throughout the property in 2024
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$144,914
Cap Rate
4.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,898,280
$2.9M
Cap Rate 7%
$2,070,200
$2.1M
Cap Rate 9%
$1,610,156
$1.6M
Market Conditions
NOI Build-Up for 21,002 SF
Gross rent
$252.0K $12.00/SF
− Vacancy
−$20.2K −$0.96/SF
EGI
$231.9K $11.04/SF
− OpEx
−$86.9K −$4.14/SF
NOI
$144.9K $6.90/SF
Area
Kenai Peninsula County, AK
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,898,280
Cap Rate 7%
$2,070,200
Cap Rate 9%
$1,610,156
Alternative Uses
Best Use
Apartment 5plus
$126.55M
$110.73M – $147.65M
NOI $8,858,770 @ 7.0% cap · market cap 246.08%
Second Best
Retail
$4.83M
$4.23M – $5.63M
NOI $338,015 @ 7.0% cap · market cap 9.39%
Theoretical Best
Multifamily LT 5
$145.66M
$127.45M – $169.94M
NOI $10,196,221 @ 7.0% cap · market cap 283.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Demographics for 99664, AK
5,155
Population
2,171
Households
2.4
Avg Household Size
39
Median Age
39%
College-Educated
94%
High-School Grad
2,688.3 sq mi
ZIP Area
2
Density / Sq Mi
$83,101
Median Household Income
$51,685
Median Earnings
$1,158
Median Rent
$335,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three commercial spaces and seven furnished apartments occupy a three-building property in downtown Seward.
Where is this mixed-use property located?
The property is located at 207 Fourth Ave Seward, AK.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Three buildings with three commercial spaces totaling approximately 9,000 square feet; Seven furnished apartments have operated as nightly accommodations for five years; Commercial fire suppression system installed throughout the property in 2024
