End-Unit Flex Condo with Garage
For Sale
$250,000
5401 Cordova St, Anchorage, AK 99518
Commercial condominium with a month-to-month occupant and association-managed exterior services.
Property Size1,000 SF
Price / SF$250
Days on Market11
Property Features for 5401 Cordova St
General Information
Standard status
Active
Size
1,000 SF
Listing Agency:
EXP Realty, LLC
(907) 854-8404
Listed By:
Peter Carpenter · License #110384
Source:
Kristancole
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 29 at 11:39AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This 1,000-square-foot commercial condominium is configured as a flex space with a garage door. The end-unit position places it at the front of the plaza near the main road and entrance, providing an easily identifiable location within the complex.
The property is currently occupied by a courier service under a month-to-month lease. Association services include water, sewer, refuse collection, exterior maintenance, grounds care, and reserves. Association dues reflect recent roof replacements. Units 101, 102, and 103 may also be purchased together as a side-by-side package. The property is located near C Street and International Airport Road in Anchorage.
The property is currently occupied by a courier service under a month-to-month lease. Association services include water, sewer, refuse collection, exterior maintenance, grounds care, and reserves. Association dues reflect recent roof replacements. Units 101, 102, and 103 may also be purchased together as a side-by-side package. The property is located near C Street and International Airport Road in Anchorage.
Key Highlights
- 1,000 SF commercial condominium configured as flex space
- End building near the plaza entrance and main road
- Garage door supports functional commercial use
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
$11,357
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
4.54%
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%
$227,140
$227.1K
Cap Rate 7%
$162,243
$162.2K
Cap Rate 9%
$126,189
$126.2K
Market Conditions
NOI Build-Up for 1,000 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
$19.2K $19.20/SF
− Vacancy
−$1.7K −$1.73/SF
EGI
$17.5K $17.47/SF
− OpEx
−$6.1K −$6.12/SF
NOI
$11.4K $11.36/SF
Area
Anchorage, AK
Vacancy
9.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$227,140
Cap Rate 7%
$162,243
Cap Rate 9%
$126,189
Alternative Uses
Best Use
Flex RnD
$162.2K
$142.0K – $189.3K
NOI $11,357 @ 7.0% cap · market cap 4.54%
Second Best
Industrial
$150.7K
$131.8K – $175.8K
NOI $10,546 @ 7.0% cap · market cap 4.22%
Theoretical Best
Specialty Retail
$271.5K
$237.6K – $316.8K
NOI $19,008 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99518, AK
9,861
Population
4,568
Households
2.2
Avg Household Size
36
Median Age
32%
College-Educated
96%
High-School Grad
3.8 sq mi
ZIP Area
2,595
Density / Sq Mi
$91,077
Median Household Income
$49,761
Median Earnings
$1,661
Median Rent
$297,900
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?
Flex space - Commercial condominium with a month-to-month occupant and association-managed exterior services.
Where is this flex space located?
The property is located at 5401 Cordova St Anchorage, AK.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 1,000 SF commercial condominium configured as flex space; End building near the plaza entrance and main road; Garage door supports functional commercial use
