Industrial Property with Warehouse/Shop
For Sale
Contact for pricing
345 Boniface Pkwy, Anchorage, AK 99504
Warehouse/shop space with office on industrial land with yard.
Property Size13,276 SF
Lot Size0.92 Acres
Price / SF$167.60
Days on Market938
Property Features for 345 Boniface Pkwy
General Information
Standard status
Active
Size
13,276 SF
Lot size
0.92 Acres
Property subtype
Industrial
Zoning
I1: Light Industrial
Lease Type
Modified Gross
Building Details
Buildings
4
Tenancy
Multi
Listing Agency:
SPIRE COMMERCIAL
Listed By:
Hugh Wade · License #AK 17280
(907) 230-1523
Source:
Crexi
Added: Feb 9, 2024
Changed: Aug 27
Last Checked: Sep 2 at 6:58AM
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 SPIRE COMMERCIAL
Investment Insights
Based on property information with market context.
The property features approximately 12,776 square feet of warehouse/shop space and approximately 500 square feet of office space. It is situated on a 40,196 square foot (0.92 acres) lot zoned I1: Light Industrial, offering a sizable yard. The location benefits from high traffic volume, with an Average Annual Daily Traffic (AADT) of over 22,000 on Boniface Parkway and 67,000+ on the Glenn Highway. The warehouse portion includes a tall clear height box shop, a mezzanine, a showroom, and Quonset space. The property is equipped with six overhead doors, 3-phase electric power, and floor drains.
Key Highlights
- Large 0.92 acre lot of I1 Light Industrial land
- Substantial 12,776sf warehouse/shop space
- High traffic location with AADT of 22,000+ on Boniface and 67,000+ on the Glenn Hwy
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
$163,096
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
7.33%
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%
$3,261,920
$3.3M
Cap Rate 7%
$2,329,943
$2.3M
Cap Rate 9%
$1,812,178
$1.8M
Market Conditions
NOI Build-Up for 13,276 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
$278.8K $21.00/SF
− Vacancy
−$61.3K −$4.62/SF
EGI
$217.5K $16.38/SF
− OpEx
−$54.4K −$4.10/SF
NOI
$163.1K $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%
$3,261,920
Cap Rate 7%
$2,329,943
Cap Rate 9%
$1,812,178
Alternative Uses
Best Use
Office B
$2.33M
$2.04M – $2.72M
NOI $163,096 @ 7.0% cap · market cap 7.33%
Second Best
Warehouse
$2.26M
$1.98M – $2.64M
NOI $158,267 @ 7.0% cap · market cap 7.11%
Theoretical Best
Specialty Retail
$3.60M
$3.15M – $4.21M
NOI $252,350 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Demographics for 99504, AK
42,375
Population
17,720
Households
2.4
Avg Household Size
34
Median Age
31%
College-Educated
91%
High-School Grad
36.8 sq mi
ZIP Area
1,151
Density / Sq Mi
$83,338
Median Household Income
$46,883
Median Earnings
$1,529
Median Rent
$309,200
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?
Warehouse - Warehouse/shop space with office on industrial land with yard.
Where is this warehouse located?
The property is located at 345 Boniface Pkwy Anchorage, AK.
What is the asking price?
The asking price for this property is $2,225,000.
What are key features of this property?
This property features: Large 0.92 acre lot of I1 Light Industrial land; Substantial 12,776sf warehouse/shop space; High traffic location with AADT of 22,000+ on Boniface and 67,000+ on the Glenn Hwy
