Showroom Flex
For Sale
$2,100,000
Pending
651 N Shoreline Dr, Wasilla, AK 99654
Steel-framed commercial building with showroom and warehouse functionality at a signalized highway intersection.
Property Size20,000 SF
Days on Market466
Property Features for 651 N Shoreline Dr
General Information
Standard status
Pending
Size
20,000 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
20,000 SF
Construction
steel frame
Listing Agency:
Elevate Commercial
(907) 360-1936
Listed By:
Jennifer Willardson · License #182858
(907) 360-1936
Source:
Exprealty
Added: May 23, 2025
Changed: Aug 30
Last Checked: Aug 30 at 8:49PM
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 Elevate Commercial
Investment Insights
Based on property information with market context.
Built in 1985, this 20,000-square-foot flex property combines showroom and warehouse space within a steel-framed commercial building. The configuration supports both customer-facing display functions and warehouse-oriented operations in one facility.
The property is located at 651 N Shoreline Dr in Wasilla, Alaska, along the Palmer-Wasilla Highway. It sits at a lighted intersection between Palmer and Wasilla, providing direct highway access and a prominent position for commercial use.
The property is located at 651 N Shoreline Dr in Wasilla, Alaska, along the Palmer-Wasilla Highway. It sits at a lighted intersection between Palmer and Wasilla, providing direct highway access and a prominent position for commercial use.
Key Highlights
- 20,000‑square‑foot showroom warehouse building
- Steel‑framed construction completed in 1985
- Positioned on the Palmer‑Wasilla Highway
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
$162,547
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
7.74%
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%
$3,250,940
$3.3M
Cap Rate 7%
$2,322,100
$2.3M
Cap Rate 9%
$1,806,078
$1.8M
Market Conditions
NOI Build-Up for 20,000 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
$199.2K $9.96/SF
− Vacancy
−$8.0K −$0.40/SF
EGI
$191.2K $9.56/SF
− OpEx
−$28.7K −$1.43/SF
NOI
$162.5K $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%
$3,250,940
Cap Rate 7%
$2,322,100
Cap Rate 9%
$1,806,078
Alternative Uses
Best Use
Retail
$3.45M
$3.02M – $4.02M
NOI $241,416 @ 7.0% cap · market cap 11.50%
Second Best
Flex RnD
$3.18M
$2.78M – $3.71M
NOI $222,300 @ 7.0% cap · market cap 10.59%
Theoretical Best
Multifamily LT 5
$147.86M
$129.37M – $172.50M
NOI $10,349,983 @ 7.0% cap · market cap 492.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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?
Flex space - Steel-framed commercial building with showroom and warehouse functionality at a signalized highway intersection.
Where is this flex space located?
The property is located at 651 N Shoreline Dr Wasilla, AK.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 20,000‑square‑foot showroom warehouse building; Steel‑framed construction completed in 1985; Positioned on the Palmer‑Wasilla Highway
