Two-Story Elevator-Served Office
For Sale
$2,400,000
2702 Gambell St, Anchorage, AK 99503
Partially leased office property with elevator service, two floors, and substantial upgrades throughout.
Property Size12,892 SF
Price / SF$186.16
Days on Market8
Property Features for 2702 Gambell St
General Information
Standard status
Active
Size
12,892 SF
Elevators
Yes
Property subtype
Commercial
Occupancy
50%
Additional Details
Highway Access
Yes
Building Details
Buildings
1
Stories
2
Listing Agency:
Jack White Commercial
Listed By:
Andrew Ingram · License #AK17954
(907) 563-5500
Source:
Viewanchoragehouses
Added: Sep 15
Changed: Sep 19
Last Checked: Sep 21 at 7:24AM
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 Jack White Commercial
Investment Insights
Based on property information with market context.
This two-story office building contains 12,892 square feet and is served by an elevator. The property has undergone extensive upgrades and is described as meticulously maintained. Approximately 50% of the building is leased, with leased space comprising half of the first floor and half of the second floor. The remaining area can support continued owner occupancy or additional leasing, as outlined in the property information.
The building is located in Midtown Anchorage, one block from the New Seward Highway and E Northern Lights Blvd. Its two-level configuration, elevator access, existing tenancy, and upgraded condition provide a clear framework for office users seeking a partially occupied building.
The building is located in Midtown Anchorage, one block from the New Seward Highway and E Northern Lights Blvd. Its two-level configuration, elevator access, existing tenancy, and upgraded condition provide a clear framework for office users seeking a partially occupied building.
Key Highlights
- 12,892‑square‑foot office building
- Two‑story configuration with elevator service
- Approximately 50% leased across portions of both floors
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
$158,378
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
6.60%
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%
$3,167,560
$3.2M
Cap Rate 7%
$2,262,543
$2.3M
Cap Rate 9%
$1,759,756
$1.8M
Market Conditions
NOI Build-Up for 12,892 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
$270.7K $21.00/SF
− Vacancy
−$59.6K −$4.62/SF
EGI
$211.2K $16.38/SF
− OpEx
−$52.8K −$4.10/SF
NOI
$158.4K $12.29/SF
Area
Anchorage, AK
Vacancy
22.00%
Lease Rate
$21.00 /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%
$3,167,560
Cap Rate 7%
$2,262,543
Cap Rate 9%
$1,759,756
Alternative Uses
Best Use
Office B
$2.26M
$1.98M – $2.64M
NOI $158,378 @ 7.0% cap · market cap 6.60%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.50M
$3.06M – $4.08M
NOI $245,051 @ 7.0% cap · market cap 10.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
50%
Occupancy
Yes
Highway access
Location Intelligence
Demographics for 99503, AK
13,550
Population
7,411
Households
1.8
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
20.7 sq mi
ZIP Area
655
Density / Sq Mi
$76,888
Median Household Income
$46,734
Median Earnings
$1,185
Median Rent
$316,700
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Partially leased office property with elevator service, two floors, and substantial upgrades throughout.
Where is this office building located?
The property is located at 2702 Gambell St Anchorage, AK.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 12,892‑square‑foot office building; Two‑story configuration with elevator service; Approximately 50% leased across portions of both floors
