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    Iconic Sitka Mixed-Use Property Title is generated by Realmo AI

    231 Lincoln St, Sitka, AK 99835

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    Eight-story building with apartments and retail in downtown Sitka.

    Type:Mixed Use
    Property size:
    30,475 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $155/SF
    Added:
    May 17, 2024
    Days on Market:
    748
    Last Refresh:
    May 12 at 9:57 pm

    Property Features for 231 Lincoln St

    General Information

    Standard status
    Active
    Size
    30,475 SF
    Lot size
    0.14 Acres
    Property subtype
    Mixed Use

    We can help!

    Listing Contact
    Angie Nolan

    Listing agent Angie Nolan License #AK 18175

    Listing office Alaska Unlimited Realty

    Listing date May 17, 2024

    Source Crexi

    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 Alaska Unlimited Realty

    HighLights

    • Iconic downtown Sitka location with SPECTACULAR views of Sitka Sound and Mt. Edgecumbe.
    • Diverse mix of residential units (24 one‑bedroom, 12 efficiency, 1 penthouse) and four retail spaces.
    • Prime street‑level visibility for retail spaces in a central, bustling location.
    • Located in the Central Business District (CBD), providing easy access to amenities, shopping, and dining.
    • Penthouse features two bedrooms, private laundry, and SPACIOUS living areas.
    • Additional storage rooms available for rent.

    Overview

    The Cathedral Arms is an eight-story mixed-use property located in downtown Sitka. It features apartments and retail shops with views of Sitka Sound and Mt. Edgecumbe. The property includes 37 residential units: 24 one-bedroom apartments, 12 efficiency apartments, and one penthouse. The one-bedroom apartments have a living room, kitchen, bathroom, and closet space. The efficiency apartments include a living room, small kitchen, bathroom, and closet space. The eighth-floor penthouse features two bedrooms, one bathroom, a kitchen, a dining room, a living room, and a private laundry room with a washer and dryer. The first floor has four retail spaces with street-level visibility. Common areas on the first floor include mechanical rooms, a lobby, and a vestibule. Residents on floors two through six have access to a shared laundry room with coin-operated washers and dryers. Storage rooms are available for rent. The property has a lot area of 6,303 square feet and a building area of 30,475 square feet. It is zoned within the Central Business District (CBD), providing access to amenities, shopping, dining, and natural attractions.
    Location Intelligence

    Current Use by Public Records

    The Raven's Hook (Bike/Boat/Book/etc) Store

    Map

    City
    Sitka
    County
    Sitka
    State
    Alaska
    Longitude
    -135.336077
    Latitude
    57.049931

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    • $4,750,000
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      Iconic Mixed-Use Building in Sitka

      Eight-story building with apartments and retail in downtown Sitka.
      237 Lincoln Street, Sitka, AK 99835
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Eight-story building with apartments and retail in downtown Sitka.
    Where is this mixed-use property located?
    The property is located at 231 Lincoln St Sitka, AK.
    What is the asking price?
    The asking price for this property is $4,750,000.
    What are key features of this property?
    This property features: Iconic downtown Sitka location with SPECTACULAR views of Sitka Sound and Mt. Edgecumbe.; Diverse mix of residential units (24 one‑bedroom, 12 efficiency, 1 penthouse) and four retail spaces.; Prime street‑level visibility for retail spaces in a central, bustling location.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Angie Nolan
    Real Estate License ID: AK 18175
    Learn More
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    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.

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