Downtown Office Building with
For Sale
$3,850,000
645 G St, Anchorage, AK 99501
Four-story office building with ground-floor retail and a remodeled top-floor suite connected to the third floor by an internal stairwell.
Property Size25,706 SF
Price / SF$149.77
Days on Market459
Property Features for 645 G St
General Information
Standard status
Active
Size
25,706 SF
Listing Agency:
Jack White Commercial
(907) 563-5500
Listed By:
Marc Dunne
(907) 229-5525
Source:
Exprealty
Added: Jun 4, 2025
Changed: Aug 31
Last Checked: Sep 4 at 10:25AM
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 Jack White Commercial
Investment Insights
Based on property information with market context.
This four-story, fee-simple office building includes ground-floor retail space and extensive remodel work associated with the former RIM Architects. The top-floor space formerly occupied by RIM Architects is available for occupancy and is connected to the third floor through an exposed internal stairwell, creating a flexible office configuration for an owner-user or related use.
The property is described as being in downtown Anchorage, adjacent to City Hall and the Dena’ina Convention Center. Updated common areas and HVAC ionization and energy-efficiency upgrades are noted as part of the improvements.
For additional details such as the current floor configuration and available terms reflected in the rent roll and op ex, the listing indicates contacting the Listing Licensee.
The property is described as being in downtown Anchorage, adjacent to City Hall and the Dena’ina Convention Center. Updated common areas and HVAC ionization and energy-efficiency upgrades are noted as part of the improvements.
For additional details such as the current floor configuration and available terms reflected in the rent roll and op ex, the listing indicates contacting the Listing Licensee.
Key Highlights
- Four‑story fee‑simple office building with ground‑floor retail in downtown Anchorage
- Adjacent to City Hall and the Dena'ina Convention Center
- Extensively remodeled by the former tenant/owner, RIM Architects
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
$315,798
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
8.20%
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%
$6,315,960
$6.3M
Cap Rate 7%
$4,511,400
$4.5M
Cap Rate 9%
$3,508,867
$3.5M
Market Conditions
NOI Build-Up for 25,706 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
$539.8K $21.00/SF
− Vacancy
−$118.8K −$4.62/SF
EGI
$421.1K $16.38/SF
− OpEx
−$105.3K −$4.10/SF
NOI
$315.8K $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%
$6,315,960
Cap Rate 7%
$4,511,400
Cap Rate 9%
$3,508,867
Alternative Uses
Best Use
Retail
$6.19M
$5.41M – $7.22M
NOI $433,048 @ 7.0% cap · market cap 11.25%
Second Best
Office B
$4.51M
$3.95M – $5.26M
NOI $315,798 @ 7.0% cap · market cap 8.20%
Theoretical Best
Specialty Retail
$6.98M
$6.11M – $8.14M
NOI $488,620 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99501, AK
18,590
Population
8,906
Households
2.1
Avg Household Size
38
Median Age
40%
College-Educated
92%
High-School Grad
6.7 sq mi
ZIP Area
2,775
Density / Sq Mi
$69,591
Median Household Income
$43,542
Median Earnings
$1,181
Median Rent
$378,700
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 - Four-story office building with ground-floor retail and a remodeled top-floor suite connected to the third floor by an internal stairwell.
Where is this office building located?
The property is located at 645 G St Anchorage, AK.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Four‑story fee‑simple office building with ground‑floor retail in downtown Anchorage; Adjacent to City Hall and the Dena'ina Convention Center; Extensively remodeled by the former tenant/owner, RIM Architects
