Flex Space with Fenced
For Sale
$2,400,000
7851 Spring St, Anchorage, AK 99518
Mixed-use property supporting residential, office, shop, and equipment-storage functions.
Property Size17,568 SF
Price / SF$136.61
Days on Market19
Property Features for 7851 Spring St
General Information
Standard status
Active
Size
17,568 SF
Property subtype
Commercial
Zoning
I1
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1984
Listing Agency:
EXP Realty, LLC
(907) 351-9434
Listed By:
Fred Thoerner · License #16527
Source:
Viewanchoragehouses
Added: Aug 12
Changed: Aug 28
Last Checked: Aug 29 at 10:33AM
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 17,568-square-foot flex property combines residential, office, shop, and yard components within an industrial setting. The building dates to 1984 and includes high ceilings, eight overhead doors, and newly installed LED lighting. A fenced outdoor area expands the property's functional footprint for equipment, fabrication, or storage needs.
Located at 7851 Spring St in Anchorage, the property is identified as I1 and was originally constructed as a firehouse. Its varied configuration supports owner occupancy, business operations, and multi-tenant use, subject to applicable requirements.
Located at 7851 Spring St in Anchorage, the property is identified as I1 and was originally constructed as a firehouse. Its varied configuration supports owner occupancy, business operations, and multi-tenant use, subject to applicable requirements.
Key Highlights
- 17,568‑square‑foot flex property
- Eight overhead doors
- Fenced outdoor yard
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
$220,303
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
9.18%
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%
$4,406,060
$4.4M
Cap Rate 7%
$3,147,186
$3.1M
Cap Rate 9%
$2,447,811
$2.4M
Market Conditions
NOI Build-Up for 17,568 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
$400.6K $22.80/SF
− Vacancy
−$48.1K −$2.74/SF
EGI
$352.5K $20.06/SF
− OpEx
−$132.2K −$7.52/SF
NOI
$220.3K $12.54/SF
Area
Anchorage, AK
Vacancy
12.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
37.50%
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%
$4,406,060
Cap Rate 7%
$3,147,186
Cap Rate 9%
$2,447,811
Alternative Uses
Best Use
Mixed Use
$3.15M
$2.75M – $3.67M
NOI $220,303 @ 7.0% cap · market cap 9.18%
Second Best
Warehouse
$2.99M
$2.62M – $3.49M
NOI $209,433 @ 7.0% cap · market cap 8.73%
Theoretical Best
Specialty Retail
$4.77M
$4.17M – $5.57M
NOI $333,933 @ 7.0% cap · market cap 13.91%
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 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 - Mixed-use property supporting residential, office, shop, and equipment-storage functions.
Where is this flex space located?
The property is located at 7851 Spring St Anchorage, AK.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 17,568‑square‑foot flex property; Eight overhead doors; Fenced outdoor yard
