Waterfront Mixed-Use
For Sale
$685,000
251 Main St, Seldovia, AK 99663
Commercial Business zoning supports a Main Street storefront, residential quarters, and a garage-shop beside the Seldovia harbor.
Property Size2,240 SF
Price / SF$305.80
Days on Market125
Property Features for 251 Main St
General Information
Standard status
Active
Size
2,240 SF
Property subtype
Commercial
Zoning
Commercial Business
Amenities
waterfront grassy lawn
large deck
covered patio
fireplace
chef's kitchen
grand island
vaulted ceilings
single-car garage/shop
high-ceiling workshop
Building Details
Year Built
1983
Listing Agency:
Seldovia Property
Listed By:
Jenny F Chissus · License #RECB16495
Source:
Viewanchoragehouses
Added: Apr 28
Changed: Aug 29
Last Checked: Aug 25 at 8:03AM
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 Seldovia Property
Investment Insights
Based on property information with market context.
This 2,240-square-foot mixed-use property, built in 1983, combines commercial, residential, and workshop space on the Seldovia waterfront. The Main Street storefront is paired with an upstairs two-bedroom, two-bath residence featuring an open living and dining area, vaulted ceilings, fireplace, kitchen with island, pantry, deck, and harbor and mountain views. The primary suite bathroom was remodeled between 2023 and 2025.
A separate downstairs apartment includes one bedroom, a full bathroom, living room, remodeled kitchen, covered patio, and furnishings that transfer with the sale. A single-car garage and high-ceiling workshop provide enclosed storage or project space. The property also includes a large grassy waterfront lawn and a substantial patio.
Located at 251 Main St in the Commercial Business zone, the property sits near the Seldovia Small Boat Harbor, shops, the airport, post office, grocery store, Linwood Bar and Grill, Boardwalk Hotel, and Otter Cove Ice Cream.
A separate downstairs apartment includes one bedroom, a full bathroom, living room, remodeled kitchen, covered patio, and furnishings that transfer with the sale. A single-car garage and high-ceiling workshop provide enclosed storage or project space. The property also includes a large grassy waterfront lawn and a substantial patio.
Located at 251 Main St in the Commercial Business zone, the property sits near the Seldovia Small Boat Harbor, shops, the airport, post office, grocery store, Linwood Bar and Grill, Boardwalk Hotel, and Otter Cove Ice Cream.
Key Highlights
- 2,240 SF mixed‑use property on the Seldovia waterfront
- Commercial Business zoning with a Main Street‑facing storefront
- Upstairs 2‑bedroom, 2‑bath residence with harbor and mountain views
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
$36,051
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
5.26%
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%
$721,020
$721.0K
Cap Rate 7%
$515,014
$515.0K
Cap Rate 9%
$400,567
$400.6K
Market Conditions
NOI Build-Up for 2,240 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
$53.8K $24.00/SF
− Vacancy
−$2.3K −$1.01/SF
EGI
$51.5K $22.99/SF
− OpEx
−$15.5K −$6.90/SF
NOI
$36.1K $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 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%
$721,020
Cap Rate 7%
$515,014
Cap Rate 9%
$400,567
Alternative Uses
Best Use
Retail
$515.0K
$450.6K – $600.9K
NOI $36,051 @ 7.0% cap · market cap 5.26%
Second Best
Office B
$457.3K
$400.2K – $533.6K
NOI $32,014 @ 7.0% cap · market cap 4.67%
Theoretical Best
Multifamily LT 5
$15.54M
$13.59M – $18.12M
NOI $1,087,493 @ 7.0% cap · market cap 158.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99663, AK
451
Population
389
Households
1.2
Avg Household Size
51
Median Age
26%
College-Educated
96%
High-School Grad
114.8 sq mi
ZIP Area
4
Density / Sq Mi
$82,045
Median Household Income
$27,813
Median Earnings
$1,042
Median Rent
$196,500
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial Business zoning supports a Main Street storefront, residential quarters, and a garage-shop beside the Seldovia harbor.
Where is this mixed-use property located?
The property is located at 251 Main St Seldovia, AK.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: 2,240 SF mixed‑use property on the Seldovia waterfront; Commercial Business zoning with a Main Street‑facing storefront; Upstairs 2‑bedroom, 2‑bath residence with harbor and mountain views
