Flex Space with Overhead
New
For Sale
$2,400,000
7851 Spring Street, Anchorage, AK 99518
COMMERCIAL - Anchorage, AK
Property Size17,568 SF
Lot Size1.00 Acre
Price / SF$136.61
Days on Market5
Property Features for 7851 Spring Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I1 - Light Industrial
Directions
Head East E 80th Ave from Old Seward. North on Spring Street property at end on right.
Subdivision
1A - Anchorage Municipality
Standard status
Active
APN
0141910700001
Size
17,568 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
Vans L3&4 B4
Legal Description
Vans L3&4 B4
Utilities
Heating system
Baseboard, Radiant
Water source
Private
Amenities
8 overhead doors
all new LED lights
a huge fenced yard
high ceilings
Building Details
Year built
1984
Building materials
Wood Frame
Roof type
Membrane
Listing Agency:
EXP Realty, LLC
(907) 519-0095
Listed By:
Fred Thoerner · License #16527
(907) 351-9434
Added: Aug 17
Last Checked: Aug 21 at 10:06AM
MLS# 26-10465
Copyright © 2026 Alaska Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1984 as a firehouse, this 17,568-square-foot flex property offers a combination of residence, office, shop, and equipment-storage areas. The building includes 8 overhead doors, high ceilings, new LED lighting, a fenced yard, wood-frame construction, and a membrane roof. Heating is provided by baseboard and radiant systems, with a private water source.
The property occupies 1 acre at 7851 Spring Street in Anchorage, Alaska. Its I1 - Light Industrial zoning supports the documented mix of residential, office, shop, yard, and storage functions. The configuration also accommodates use by multiple tenants, as stated in the property information.
The property occupies 1 acre at 7851 Spring Street in Anchorage, Alaska. Its I1 - Light Industrial zoning supports the documented mix of residential, office, shop, yard, and storage functions. The configuration also accommodates use by multiple tenants, as stated in the property information.
Key Highlights
- 17,568 square feet on 1 acre
- 8 overhead doors and high ceilings
- I1 - Light Industrial zoning
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
Office B
$3.08M
$2.70M – $3.60M
NOI $215,823 @ 7.0% cap · market cap 8.99%
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - I1-zoned property combines residential, office, shop, storage, and fenced-yard functionality in one commercial setting.
Where is this flex space located?
The property is located at 7851 Spring Street 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 feet on 1 acre; 8 overhead doors and high ceilings; I1 - Light Industrial zoning
