Flex Space with Heated
For Sale
$1,349,999
Pending
301 N Lucus Rd, Wasilla, AK 99654
Signalized-corner industrial facility with office, will-call, mezzanine, and secured outdoor storage area.
Property Size12,696 SF
Lot Size1.84 Acres
Days on Market311
Property Features for 301 N Lucus Rd
General Information
Standard status
Pending
Size
12,696 SF
Lot size
1.84 Acres
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Building Details
Year Built
1984
Listing Agency:
Elevate Commercial
(907) 360-1936
Listed By:
Jennifer Willardson
Source:
Viewanchoragehouses
Added: Oct 23, 2025
Changed: Aug 29
Last Checked: Aug 29 at 5:18PM
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 Elevate Commercial
Investment Insights
Based on property information with market context.
Built in 1984, this 12,696-square-foot flex property combines a heated warehouse with office areas, will-call space, and a mezzanine. The improvements sit on a fenced 1.84-acre lot, providing both enclosed building area and controlled outdoor space for commercial operations.
The property occupies a signalized intersection along the Parks Highway in Wasilla, with reported exposure to more than 27,000 vehicles per day. A leaseback is required through September 2026. The septic tank and field lines are currently being replaced.
The property occupies a signalized intersection along the Parks Highway in Wasilla, with reported exposure to more than 27,000 vehicles per day. A leaseback is required through September 2026. The septic tank and field lines are currently being replaced.
Key Highlights
- 12,696‑square‑foot flex facility built in 1984
- Heated warehouse with office and will‑call areas
- Mezzanine included in the building configuration
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
$103,185
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
7.64%
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%
$2,063,700
$2.1M
Cap Rate 7%
$1,474,071
$1.5M
Cap Rate 9%
$1,146,500
$1.1M
Market Conditions
NOI Build-Up for 12,696 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
$126.5K $9.96/SF
− Vacancy
−$5.1K −$0.40/SF
EGI
$121.4K $9.56/SF
− OpEx
−$18.2K −$1.43/SF
NOI
$103.2K $8.13/SF
Area
Matanuska-Susitna County, AK
Vacancy
4.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$2,063,700
Cap Rate 7%
$1,474,071
Cap Rate 9%
$1,146,500
Alternative Uses
Best Use
Flex RnD
$2.02M
$1.76M – $2.35M
NOI $141,116 @ 7.0% cap · market cap 10.45%
Second Best
Warehouse
$1.47M
$1.29M – $1.72M
NOI $103,185 @ 7.0% cap · market cap 7.64%
Theoretical Best
Multifamily LT 5
$93.86M
$82.13M – $109.50M
NOI $6,570,169 @ 7.0% cap · market cap 486.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Demographics for 99654, AK
40,726
Population
17,006
Households
2.4
Avg Household Size
35
Median Age
24%
College-Educated
95%
High-School Grad
113.6 sq mi
ZIP Area
359
Density / Sq Mi
$93,739
Median Household Income
$53,748
Median Earnings
$1,233
Median Rent
$342,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Signalized-corner industrial facility with office, will-call, mezzanine, and secured outdoor storage area.
Where is this flex space located?
The property is located at 301 N Lucus Rd Wasilla, AK.
What is the asking price?
The asking price for this property is $1,349,999.
What are key features of this property?
This property features: 12,696‑square‑foot flex facility built in 1984; Heated warehouse with office and will‑call areas; Mezzanine included in the building configuration
