Multi-Building School
For Sale
$4,700,000
900 W Fireweed Lane, Anchorage, AK 99503
Commercial Sale, Anchorage, AK
Property Size27,821 SF
Lot Size1.00 Acre
Price / SF$168.94
Days on Market82
Property Features for 900 W Fireweed Lane
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B3 - General Business
View
City
Directions
Travel west from the intersection of Arctic and Fireweed, the campus is on the south side of street,
Subdivision
1A - Anchorage Municipality
Standard status
Active
APN
0012526100001
Size
27,821 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Description
T13NR4WSEC24 N2NE4SE4SE4 W66'
Legal Description
T13NR4WSEC24 N2NE4SE4SE4 W66'
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Building materials
Block, Concrete
Listing Agency:
Berkshire Hathaway HomeServices Alaska Realty
(907) 646-3600
Listed By:
Lottie Michael · License #2519
(907) 646-3600
Added: Jun 9
Changed: Aug 26
Last Checked: Aug 29 at 4:06AM
MLS# 26-6916
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.
This school property comprises five Class C buildings across nine lots totaling 1 acre, with 27,821 square feet of building area. The existing configuration includes classrooms, office areas, large group rooms, and supporting apartments, offering a varied campus layout for continued school or corporate use.
The property is located in midtown Anchorage along Fireweed Lane between Spenard Road and Arctic Boulevard. Improvements are constructed with block and concrete materials, with baseboard heating supplied by natural gas. Public water and public sewer serve the site.
The property is located in midtown Anchorage along Fireweed Lane between Spenard Road and Arctic Boulevard. Improvements are constructed with block and concrete materials, with baseboard heating supplied by natural gas. Public water and public sewer serve the site.
Key Highlights
- Five Class C buildings across nine lots
- 27,821 square feet on 1 acre
- Classrooms, offices, large group rooms, and supporting apartments
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
$348,875
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
7.42%
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%
$6,977,500
$7.0M
Cap Rate 7%
$4,983,929
$5.0M
Cap Rate 9%
$3,876,389
$3.9M
Market Conditions
NOI Build-Up for 27,821 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
$634.3K $22.80/SF
− Vacancy
−$76.1K −$2.74/SF
EGI
$558.2K $20.06/SF
− OpEx
−$209.3K −$7.52/SF
NOI
$348.9K $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%
$6,977,500
Cap Rate 7%
$4,983,929
Cap Rate 9%
$3,876,389
Alternative Uses
Best Use
Mixed Use
$4.98M
$4.36M – $5.81M
NOI $348,875 @ 7.0% cap · market cap 7.42%
Second Best
Office B
$4.88M
$4.27M – $5.70M
NOI $341,781 @ 7.0% cap · market cap 7.27%
Theoretical Best
Specialty Retail
$7.55M
$6.61M – $8.81M
NOI $528,822 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99503, AK
13,550
Population
7,411
Households
1.8
Avg Household Size
36
Median Age
30%
College-Educated
91%
High-School Grad
20.7 sq mi
ZIP Area
655
Density / Sq Mi
$76,888
Median Household Income
$46,734
Median Earnings
$1,185
Median Rent
$316,700
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?
School - Five-building campus with classrooms, offices, group rooms, apartments, and B3 - General Business zoning.
Where is this school located?
The property is located at 900 W Fireweed Lane Anchorage, AK.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: Five Class C buildings across nine lots; 27,821 square feet on 1 acre; Classrooms, offices, large group rooms, and supporting apartments
