Waterfront Mixed-Use Commercial
3851 Homer Spit Rd Homer, AK 99603
3851 Homer Spit Rd, Homer, AK, 99603
$1,799,000
For Sale
$1,799,000
Fee-simple waterfront property on Homer Spit with multiple tenant spaces and substantial platform deck for marine and retail uses.
Property Size4,907 SF
Lot Size0.50 Acres
Price / SF$366.62
Days on Market33
Property Features for 3851 Homer Spit Rd
General Information
- Standard status
- Active
- Size
- 4,907 SF
- Lot size
- 0.50 Acres
Listing agency
Berkshire Hathaway HomeServices Alaska Realty
(907) 399-6183
Listed by
Gina Pelaia · License #16355
(907) 399-6183
Source
Exprealty
Added: Jun 20 Updated: Jul 22 at 5:20PM Checked: Jul 22 at 5:20PM
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 Berkshire Hathaway HomeServices Alaska Realty
Investment Insights
Based on property information with market context.
This iconic fee-simple waterfront commercial property on the Homer Spit is known locally as the “Shellfish Building.” It includes approximately a half-acre of land and an approximately 4,907-square-foot building designed for flexibility, with multiple tenant spaces and private restrooms. The building is occupied by a diverse mix of established tenants, including Kachemak Shellfish Mariculture Association, retail shellfish operations, Broken Oar Restaurant, and other long-term tenants, with commercial, retail, office, restaurant, and warehouse uses represented.
The property operates year-round and offers direct beach frontage with views of Kachemak Bay and the surrounding mountains. An impressive approximately 6,510-square-foot platform deck provides outdoor space that can support uses such as outdoor dining, events, retail displays, marine-related activities, or future expansion. The property was engineered with room to accommodate a future elevator installation, supporting the option for improved accessibility.
Storm-related impacts have occurred over time, and a professional engineering report is available upon request. The property is located within the Marine Industrial zoning district, which offers a range of commercial and marine-related uses.
The property operates year-round and offers direct beach frontage with views of Kachemak Bay and the surrounding mountains. An impressive approximately 6,510-square-foot platform deck provides outdoor space that can support uses such as outdoor dining, events, retail displays, marine-related activities, or future expansion. The property was engineered with room to accommodate a future elevator installation, supporting the option for improved accessibility.
Storm-related impacts have occurred over time, and a professional engineering report is available upon request. The property is located within the Marine Industrial zoning district, which offers a range of commercial and marine-related uses.
Key Highlights
- .50‑acre fee‑simple waterfront commercial property on World‑Famous Homer Spit with direct beach frontage and views of Kachemak Bay and surrounding mountains
- Approximately 4,907 SF building with multiple tenant spaces supporting commercial, retail, office, restaurant, and warehouse uses
- Year‑round occupied by established long‑term tenants, including Kachemak Shellfish Mariculture Association and Broken Oar Restaurant, plus retail shellfish operations
Local Financial Insights For Specialty Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $137.8k | $28.08 |
| − Vacancy | −$7.4k | −$1.52 |
| EGI | $130.3k | $26.56 |
| − OpEx | −$32.6k | −$6.64 |
| NOI | $97.8k | $19.92 |
4,907 SF · lease $28.08/SF/yr · vacancy 5.40% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,761 @ 7.0% cap · market cap 5.43%
Second Best
Retail
$1.13M
$987.2K – $1.32M
NOI $78,975 @ 7.0% cap · market cap 4.39%
Theoretical Best
Multifamily LT 5
$34.03M
$29.78M – $39.70M
NOI $2,382,290 @ 7.0% cap · market cap 132.42%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Kachemak Shellfish Growers
Restaurant
Seldovia Bay Ferry ...
Travel Agency
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FAQs
What type of property is this?
Conventional restaurant - Fee-simple waterfront property on Homer Spit with multiple tenant spaces and substantial platform deck for marine and retail uses.
Where is this conventional restaurant located?
The property is located at 3851 Homer Spit Rd Homer, AK.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: .50‑acre fee‑simple waterfront commercial property on World‑Famous Homer Spit with direct beach frontage and views of Kachemak Bay and surrounding mountains; Approximately 4,907 SF building with multiple tenant spaces supporting commercial, retail, office, restaurant, and warehouse uses; Year‑round occupied by established long‑term tenants, including Kachemak Shellfish Mariculture Association and Broken Oar Restaurant, plus retail shellfish operations
