Building Details

Year built 1983

Listing Agency: NextHome Arctic Sun Show Phone

Listed By: Jerrie Wagner · License #RECA16459,PersonLicenseNumber Show Phone

Added: Aug 13 Changed: Aug 28 Last Checked: Aug 30 at 10:06AM

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MLS# 160852

Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

The Golden Eagle Saloon is an operating bar property at 3630 Main Street in Ester, Alaska. Built in 1983, the approximately 4,800-square-foot building includes the primary saloon and a full basement. Interior features include a pool table, dartboards, televisions, bar equipment, coolers, a piano, memorabilia, pellet-stove heat, and space used for live music, gatherings, and community events. Basement improvements include a boiler, utility sinks, an employee shower, washer hookup, storage areas, pellet storage, and a bottle chute connecting the bar to a lower collection area.

The property includes two dry cabins measuring approximately 24 by 24 feet each, along with a separate parking and septic lot. Additional improvements include a rebuilt well house, an approximately 185-foot well, replacement septic equipment with lift station, covered fuel tanks, secondary containment, and a 1,700-gallon backup water tank. A small freestanding structure modeled after Ester’s original post office is used for storage and is positioned for potential drive-through commercial use, subject to applicable approvals. Furniture, fixtures, and equipment associated with the business are anticipated to convey, with final inclusions to be confirmed separately.

Key Highlights

• Operating saloon with established business identity and associated furniture, fixtures, and equipment
• Approximately 4,800 square feet with a full basement; building constructed in 1983
• Two approximately 24‑by‑24‑foot dry cabins historically used for employee housing

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

$51,942

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

7.19%

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%

$1,038,840 $1.0M

Cap Rate 7%

$742,029 $742.0K

Cap Rate 9%

$577,133 $577.1K

Market Conditions

NOI Build-Up for 4,800 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

$80.1K $16.68/SF

− Vacancy

−$10.8K −$2.25/SF

EGI

$69.3K $14.43/SF

− OpEx

−$17.3K −$3.61/SF

NOI

$51.9K $10.82/SF

Area

Fairbanks North Star County, AK

Vacancy

13.50%

Lease Rate

$16.68 /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%

$1,038,840

Cap Rate 7%

$742,029

Cap Rate 9%

$577,133

Alternative Uses

Best Use

Specialty Retail

$742.0K

$649.3K – $865.7K (±1% cap)

NOI $51,942 @ 7.0% cap · market cap 7.19%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$937.7K

$820.5K – $1.09M (±1% cap)

NOI $65,641 @ 7.0% cap · market cap 9.09%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Bars & Pubs

Lease Details

Turnkey business

Opportunity

Location Intelligence

Demographics for 99725, AK

261

Population

270

Households

1

Avg Household Size

38

Median Age

35%

College-Educated

82%

High-School Grad

4.8 sq mi

ZIP Area

54

Density / Sq Mi

$50,912

Median Household Income

$40,673

Median Earnings

$209,300

Median Home Value

Market

Vacancy Rate% for Retail in West region

7% 2020

6.3% 2021

5.5% 2022

5.3% 2023

5.5% 2024

5.8% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Bar & Pub - Operating bar property with a basement, workforce housing cabins, event space, and supporting utility improvements.

Where is this bar & pub located?

The property is located at 3630 Main Street Ester, AK.

What is the asking price?

The asking price for this property is $722,500.

What are key features of this property?

This property features: Operating saloon with established business identity and associated furniture, fixtures, and equipment; Approximately 4,800 square feet with a full basement; building constructed in 1983; Two approximately 24‑by‑24‑foot dry cabins historically used for employee housing