Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Commercial Land in Downtown Fairbanks Title is generated by Realmo AI

    223 ILLINOIS STREET lot 8A, Fairbanks, AK 99701

    View on Map
    Claim this Listing
    For Sale
    $265,900

    COMMERCIAL - Fairbanks, AK

    Lot size:
    0.49 Acres
    Added:
    May 19, 2026
    Days on Market:
    8
    Last Refresh:
    May 26 at 3:06 pm

    Property Features for 223 ILLINOIS STREET lot 8A

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    General Commercial Distri
    Standard status
    Active
    APN
    0086762
    Lot size
    0.49 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1611

    We can help!

    Listing Contact
    Kelly Paschall

    Listing agent Kelly Paschall License #RECS17628

    Listing office ALASKA REAL ESTATE VALUES 510 Noble Street, Fairbanks, AK

    Listing date May 19, 2026

    MLS# 160100

    Copyright © 2026 Greater Fairbanks Board-Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime commercial real estate
    • High‑traffic location in downtown Fairbanks (7500 vehicles daily)
    • Nearly half‑acre parcel
    • Paved lot ready for development
    • Established commercial use (formerly LA CASA DEL BURRITO)
    • Successful food truck history

    Overview

    This commercial real estate is located in downtown Fairbanks. The property is a nearly half-acre parcel, specifically 0.4902 acres. The site has been the home of LA CASA DEL BURRITO for years, a highly successful food truck. The lot is paved and ready for a new endeavor. Approximately 7,500 vehicles pass by the location daily. The zoning is General Commercial District.
    Property Profile Location Intelligence

    Current Use by Public Records

    La Casa Del ... Restaurant

    Map

    City
    Fairbanks
    County
    Yukon-Koyukuk
    State
    Alaska
    Longitude
    -147.7203366
    Latitude
    64.8470747

    Nearby Similar for Sale

    • $1,075,000
      5,000 SF

      Fairbanks Office Building For Sale

      5,000 SF office building with private offices and amenities.
      728 GAFFNEY ROAD, Fairbanks, AK 99701
      View Details
    • $625,000
      5,120 SF

      Versatile Commercial Property, Fairbanks

      High-visibility commercial property with industrial utility and retail potential.
      269 Illinois Street, Fairbanks, AK 99701
      View Details
    • $625,000
      5,120 SF

      Versatile Commercial Property, Fairbanks

      Central Fairbanks commercial property with industrial utility and retail potential.
      269 ILLINOIS STREET, Fairbanks, AK 99701
      View Details
    • $850,000
      1,425 SF

      Restaurant/Coffee Shop Opportunity in Fairbanks

      Well-maintained building suitable for restaurant, coffee shop, or retail.
      3300 COLLEGE ROAD, Fairbanks, AK 99709
      View Details
    • $850,000
      5,200 SF

      Historic Fairbanks Bed & Breakfast

      Profitable bed and breakfast in a historic downtown location.
      410 COWLES STREET, Fairbanks, AK 99701
      View Details
    • $1,710,000
      4,640 SF

      Commercial Building - Fairbanks, AK

      Pristine commercial building suitable for medical, office, or retail use.
      2054 30TH AVENUE, Fairbanks, AK 99701
      View Details
    • $850,000
      3,052 SF

      Fairbanks Building with High Visibility

      Versatile building suitable for law, medical, or real estate offices.
      104 KUTTER ROAD, Fairbanks, AK 99701
      View Details
    • $824,950
      8,480 SF

      Fairbanks Office Building For Sale

      Two-story office building in central Fairbanks with long-term tenants.
      909 CUSHMAN STREET, FAIRBANKS, AK 99701
      View Details
    • $824,950
      8,480 SF

      Fairbanks Two-Story Office Building

      Two-story office building in central Fairbanks with long-term tenants.
      909 Cushman Street, Fairbanks, AK 99701
      View Details
    • $750,000
      5,754 SF

      Versatile Warehouse Space in Fairbanks

      Large warehouse with storefront, offices, and additional structures.
      600 OLD STEESE HIGHWAY, Fairbanks, AK 99712
      View Details
    • $355,000
      2,275 SF

      Versatile Commercial Property in Fairbanks

      Unique mixed-use property with showroom and warehouse in historic Fairbanks.
      201 MINNIE STREET, Fairbanks, AK 99701
      View Details
    • $230,000
      1,498 SF

      Commercial Property with Kitchen Setup

      Commercial property with road frontage, parking, and flexible zoning.
      696 DAHL LANE, Fairbanks, AK 99712
      View Details

    FAQs

    What type of property is this?
    Commercial land - Prime commercial land, formerly a successful food truck location.
    Where is this commercial land located?
    The property is located at 223 ILLINOIS STREET lot 8A Fairbanks, AK.
    What is the asking price?
    The asking price for this property is $265,900.
    What are key features of this property?
    This property features: Prime commercial real estate; High‑traffic location in downtown Fairbanks (7500 vehicles daily); Nearly half‑acre parcel
    (907) 590-6761
    We can help!
    Listing Contact
    Kelly Paschall
    Real Estate License ID: RECS17628
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    223 ILLINOIS STREET lot: 8A, Fairbanks, AK 99701-2908
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!