Waterfront Mixed-Use Commercial
For Sale
$1,100,000
Pending
3851 Homer Spit Rd, Homer, AK 99603
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
Days on Market134
Property Features for 3851 Homer Spit Rd
General Information
Standard status
Pending
Size
4,907 SF
Class
Trophy asset
Lot size
0.50 Acres
Property subtype
Commercial
Zoning
Marine Industrial
Amenities
private restrooms
platform deck space
Building Details
Year Built
2008
Tenancy
Multi
Listing Agency:
Berkshire Hathaway HomeServices Alaska Realty
Listed By:
Gina Pelaia · License #16355
(907) 399-6183
Source:
Viewanchoragehouses
Added: Jun 12
Changed: Oct 1
Last Checked: Oct 20 at 9:38PM
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
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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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$97,761
Cap Rate
8.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,955,220
$2.0M
Cap Rate 7%
$1,396,586
$1.4M
Cap Rate 9%
$1,086,233
$1.1M
Market Conditions
NOI Build-Up for 4,907 SF
Gross rent
$137.8K $28.08/SF
− Vacancy
−$7.4K −$1.52/SF
EGI
$130.3K $26.56/SF
− OpEx
−$32.6K −$6.64/SF
NOI
$97.8K $19.92/SF
Area
Kenai Peninsula County, AK
Vacancy
5.40%
Lease Rate
$28.08 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,955,220
Cap Rate 7%
$1,396,586
Cap Rate 9%
$1,086,233
Alternative Uses
Best Use
Specialty Retail
$1.40M
$1.22M – $1.63M
NOI $97,761 @ 7.0% cap · market cap 8.89%
Second Best
Retail
$1.13M
$987.2K – $1.32M
NOI $78,975 @ 7.0% cap · market cap 7.18%
Theoretical Best
Multifamily LT 5
$34.03M
$29.78M – $39.70M
NOI $2,382,290 @ 7.0% cap · market cap 216.57%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Demographics for 99603, AK
10,766
Population
6,251
Households
1.7
Avg Household Size
43
Median Age
39%
College-Educated
94%
High-School Grad
1,068.8 sq mi
ZIP Area
10
Density / Sq Mi
$76,368
Median Household Income
$41,530
Median Earnings
$1,236
Median Rent
$345,600
Median Home Value
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Market
Vacancy Rate% for Industrial in West region
Frequently Asked Questions
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 $1,100,000.
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
