Remodeled Medical Office
For Sale
$450,000
3823 Spenard Road, Anchorage, AK 99517
Completely remodeled building with medical-grade electrical, triple-pane street-side windows, and accessible ramp, currently configured for chiropractic use.
Property Size1,440 SF
Price / SF$312.50
Days on Market52
Property Features for 3823 Spenard Road
General Information
Standard status
Active
Size
1,440 SF
Property subtype
General Commercial
Amenities
reception area
kitchenette
accessible ramp
washer/dryer
3
Building Details
Year Built
1956
Listing Agency:
(855) 450-0442
Listed By:
Real Broker Alaska
(907) 229-8993
Source:
Xome
Added: Jul 19
Changed: Sep 7
Last Checked: Sep 8 at 3:58AM
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 Real Broker Alaska
Investment Insights
Based on property information with market context.
This completely remodeled building is updated throughout and equipped with medical-grade electrical. Street-side windows are triple pane for noise reduction, and the property includes a newer roof along with new exterior and interior paint. An accessible ramp provides entry, and the interior layout features a reception area, multiple offices and rooms, a kitchenette, and one accessible bathroom that also houses a full-size washer and dryer.
Currently used as a chiropractic office, the space includes treatment and massage rooms plus additional private offices for clinical and admin/billing functions. There is also a large room that is being used for storage, along with alley access. The building is described as having substantial usable space for a smaller footprint, and it can also be used as an office or a small medical building.
Currently used as a chiropractic office, the space includes treatment and massage rooms plus additional private offices for clinical and admin/billing functions. There is also a large room that is being used for storage, along with alley access. The building is described as having substantial usable space for a smaller footprint, and it can also be used as an office or a small medical building.
Key Highlights
- Completely remodeled building on Spenard Road, currently configured for chiropractic use
- Medical‑grade electrical throughout the building
- Triple‑pane street‑side windows for noise reduction
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
$18,662
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
4.15%
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%
$373,240
$373.2K
Cap Rate 7%
$266,600
$266.6K
Cap Rate 9%
$207,356
$207.4K
Market Conditions
NOI Build-Up for 1,440 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
$34.6K $24.00/SF
− Vacancy
−$3.5K −$2.40/SF
EGI
$31.1K $21.60/SF
− OpEx
−$12.4K −$8.64/SF
NOI
$18.7K $12.96/SF
Area
Anchorage, AK
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
40.00%
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%
$373,240
Cap Rate 7%
$266,600
Cap Rate 9%
$207,356
Alternative Uses
Best Use
Healthcare Medical
$266.6K
$233.3K – $311.0K
NOI $18,662 @ 7.0% cap · market cap 4.15%
Second Best
Office B
$252.7K
$221.1K – $294.8K
NOI $17,690 @ 7.0% cap · market cap 3.93%
Theoretical Best
Specialty Retail
$391.0K
$342.2K – $456.2K
NOI $27,372 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99517, AK
16,307
Population
7,718
Households
2.1
Avg Household Size
39
Median Age
40%
College-Educated
95%
High-School Grad
3.2 sq mi
ZIP Area
5,096
Density / Sq Mi
$99,307
Median Household Income
$57,466
Median Earnings
$1,364
Median Rent
$365,300
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?
Medical Office Space - Completely remodeled building with medical-grade electrical, triple-pane street-side windows, and accessible ramp, currently configured for chiropractic use.
Where is this medical office space located?
The property is located at 3823 Spenard Road Anchorage, AK.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Completely remodeled building on Spenard Road, currently configured for chiropractic use; Medical‑grade electrical throughout the building; Triple‑pane street‑side windows for noise reduction
