Fenced Lot with Warehouse
For Sale
$800,000
491 N Lucille St, Wasilla, AK 99654
Warehouse on nearly two fenced acres, featuring an existing 5,200+ sq ft warehouse for flexible commercial use.
Property Size5,200 SF
Lot Size2.00 Acres
Price / SF$153.85
Days on Market52
Property Features for 491 N Lucille St
General Information
Standard status
Active
Size
5,200 SF
Lot size
2.00 Acres
Additional Details
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$5,725
Listing Agency:
Elite Real Estate Group The Crozier Team Branch Office
Listed By:
Kevin Crozier
(907) 376-7649
Source:
Exprealty
Added: Jul 17
Changed: Sep 4
Last Checked: Sep 5 at 11:10AM
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 Elite Real Estate Group The Crozier Team Branch Office
Investment Insights
Based on property information with market context.
This property consists of nearly two fenced acres with an existing 5,200+ sq ft warehouse building, providing a developed site for a range of commercial uses. The fenced acreage supports off-site operations and storage needs tied to the parcel.
The property is located at 491 N Lucille St in Wasilla, AK, and is described as a highly visible, central location with excellent accessibility.
The combination of a warehouse footprint and fenced outdoor area makes the site well-suited for businesses seeking an established indoor space together with perimeter-controlled yard area on the same property.
The property is located at 491 N Lucille St in Wasilla, AK, and is described as a highly visible, central location with excellent accessibility.
The combination of a warehouse footprint and fenced outdoor area makes the site well-suited for businesses seeking an established indoor space together with perimeter-controlled yard area on the same property.
Key Highlights
- Nearly 2 fenced acres with an existing 5,200+ sq ft warehouse
- Warehouse space offers flexible options for commercial use
- Property is described as centrally located with high visibility and convenient access
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
$42,262
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
5.28%
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%
$845,240
$845.2K
Cap Rate 7%
$603,743
$603.7K
Cap Rate 9%
$469,578
$469.6K
Market Conditions
NOI Build-Up for 5,200 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
$51.8K $9.96/SF
− Vacancy
−$2.1K −$0.40/SF
EGI
$49.7K $9.56/SF
− OpEx
−$7.5K −$1.43/SF
NOI
$42.3K $8.13/SF
Area
Matanuska-Susitna County, AK
Vacancy
4.00%
Lease Rate
$9.96 /SF/Yr
Expense Ratio
15.00%
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%
$845,240
Cap Rate 7%
$603,743
Cap Rate 9%
$469,578
Alternative Uses
Best Use
Warehouse
$603.7K
$528.3K – $704.4K
NOI $42,262 @ 7.0% cap · market cap 5.28%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$38.44M
$33.64M – $44.85M
NOI $2,690,995 @ 7.0% cap · market cap 336.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Demographics for 99654, AK
40,726
Population
17,006
Households
2.4
Avg Household Size
35
Median Age
24%
College-Educated
95%
High-School Grad
113.6 sq mi
ZIP Area
359
Density / Sq Mi
$93,739
Median Household Income
$53,748
Median Earnings
$1,233
Median Rent
$342,200
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse on nearly two fenced acres, featuring an existing 5,200+ sq ft warehouse for flexible commercial use.
Where is this warehouse located?
The property is located at 491 N Lucille St Wasilla, AK.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Nearly 2 fenced acres with an existing 5,200+ sq ft warehouse; Warehouse space offers flexible options for commercial use; Property is described as centrally located with high visibility and convenient access
