Two-Story Office Building with Two
For Sale
$2,000,000
471 W 36th Ave, Anchorage, AK 99503
Well-maintained two-story office building currently leased to two tenants in a highly visible, easily accessible Midtown Anchorage location.
Property Size14,101 SF
Price / SF$141.83
Days on Market388
Property Features for 471 W 36th Ave
General Information
Standard status
Active
Size
14,101 SF
Building Details
Buildings
1
Stories
2
Building Size
14,101 SF
Tenancy
Multi
Owner Occupied
No
Listing Agency:
Bond Filipenko Commercial Properties, LLC
(907) 952-1884
Listed By:
Mark Filipenko · License #16113
(907) 952-1884
Source:
Exprealty
Added: Jul 15, 2025
Changed: Jul 30
Last Checked: Jul 31 at 4:12PM
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 Bond Filipenko Commercial Properties, LLC
Investment Insights
Based on property information with market context.
This well-maintained two-story office building contains 14,101 SF and is currently leased to two tenants. The flexible layout supports operational space while also generating rental income alongside an owner-user setup.
Located in Midtown Anchorage at 471 W 36th Ave, the property is described as highly visible and easily accessible, helping support day-to-day business activity and convenient tenant access.
Located in Midtown Anchorage at 471 W 36th Ave, the property is described as highly visible and easily accessible, helping support day-to-day business activity and convenient tenant access.
Key Highlights
- 14,101 SF two‑story office building
- Currently leased to two tenants
- Flexible office layout
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
$173,231
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
8.66%
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%
$3,464,620
$3.5M
Cap Rate 7%
$2,474,729
$2.5M
Cap Rate 9%
$1,924,789
$1.9M
Market Conditions
NOI Build-Up for 14,101 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
$296.1K $21.00/SF
− Vacancy
−$65.1K −$4.62/SF
EGI
$231.0K $16.38/SF
− OpEx
−$57.7K −$4.10/SF
NOI
$173.2K $12.29/SF
Area
Anchorage, AK
Vacancy
22.00%
Lease Rate
$21.00 /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%
$3,464,620
Cap Rate 7%
$2,474,729
Cap Rate 9%
$1,924,789
Alternative Uses
Best Use
Office B
$2.47M
$2.17M – $2.89M
NOI $173,231 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.83M
$3.35M – $4.47M
NOI $268,032 @ 7.0% cap · market cap 13.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Demographics for 99503, AK
13,550
Population
7,411
Households
1.8
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
20.7 sq mi
ZIP Area
655
Density / Sq Mi
$76,888
Median Household Income
$46,734
Median Earnings
$1,185
Median Rent
$316,700
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?
Office building - Well-maintained two-story office building currently leased to two tenants in a highly visible, easily accessible Midtown Anchorage location.
Where is this office building located?
The property is located at 471 W 36th Ave Anchorage, AK.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 14,101 SF two‑story office building; Currently leased to two tenants; Flexible office layout
