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    Mixed-Use Building on Stedman Street Title is generated by Realmo AI

    516 Stedman Street, Ketchikan, AK 99901

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    For Sale
    $799,000

    Three-story mixed-use building with retail and office space.

    Property size:
    5,750 SF
    Price / SF:
    $138/SF
    Added:
    Jan 12, 2026
    Days on Market:
    125
    Last Refresh:
    Apr 1 at 9:31 pm

    Property Features for 516 Stedman Street

    General Information

    Standard status
    Active
    Size
    5,750 SF
    Property subtype
    Other

    Building Details

    Year Built
    1988

    We can help!

    Listing Contact
    Michael Elerding

    Listing agent Michael Elerding

    Listing office Coastal Keller Williams Realty Alaska Group

    Listing date Jan 12, 2026

    Source Xome

    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 Coastal Keller Williams Realty Alaska Group

    HighLights

    • High Rental Income Potential: Existing gross rental income of $48,000 annually from the first two floors.
    • Flexible Zoning: Zoned General Commercial, allowing for retail, office space, or conversion to residential condos/employee housing.
    • Sizeable Rental Space: A total of 5,750 sq ft of rentable space across three floors.
    • Individually Metered Floors: Each floor is individually metered for electrical and has separate lockable access.
    • Third Floor Amenities: Vacant third floor includes 2 private offices, a kitchenette, 2 private bathrooms, and a deck/viewing area.
    • Includes 5 off‑street parking spaces.

    Overview

    Located on Stedman Street, this three-story building, constructed in 1988, offers 5,750 square feet of rental space. The property includes five off-street parking spaces. Each floor is individually metered for electrical service and features separate lockable access. A central staircase, enhanced by a rock feature, provides access to all three floors. The third floor, which is currently vacant and ready for rental, includes 2 private offices, a kitchenette, 2 private bathrooms, and a deck with a viewing area at the front. The property is zoned General Commercial, allowing for various business uses. The first and second floors are owner-occupied and have 1,572 and 1,994 square feet of rentable space, respectively. The annual gross rental income for the first two floors is $48,000. The third floor provides 2,104 square feet of rentable floor space. The building can be used for commercial retail or office space and may be converted to residential condos or employee housing. The existing owner is willing to stay and continue to lease or move at the buyer's request.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Local Paper (Bike/Boat/Book/etc) Store KFMJ Radio Station

    Map

    City
    Ketchikan
    County
    Prince of Wales-Hyder
    State
    Alaska
    Longitude
    -131.6384169
    Latitude
    55.339586

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    • $799,000
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      Mixed-Use Building with Rental Income

      Three-story mixed-use building with existing rental income and conversion potential.
      516 Stedman St, Ketchikan, AK, 99901-6693
      View Details

    FAQs

    What type of property is this?
    Retail space - Three-story mixed-use building with retail and office space.
    Where is this retail space located?
    The property is located at 516 Stedman Street Ketchikan, AK.
    What is the asking price?
    The asking price for this property is $799,000.
    What are key features of this property?
    This property features: High Rental Income Potential: Existing gross rental income of $48,000 annually from the first two floors.; Flexible Zoning: Zoned General Commercial, allowing for retail, office space, or conversion to residential condos/employee housing.; Sizeable Rental Space: A total of 5,750 sq ft of rentable space across three floors.
    (907) 247-5811
    We can help!
    Listing Contact
    Michael Elerding
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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