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    115 3rd Ave Anchorage, AK 99501-2501
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    Property profile & analytics

    115 3rd Ave, Anchorage, AK 99501-2501

    View on Map
    • Hotels
    • 39,524 SF
    • 0.80 lot acres
    Off-Market
    Property ID
    US02-0376740
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $1,425,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Barrow Park / City Park
    • ATM / Atm
    • Ramada by Wyndham Anchorage Downtown / Hotel & Motel
    • Slippery Salmon Bar & Grill / Bar & Pub

    Property Details for 115 3rd Ave

    Year built
    1963
    Lot size
    0.80 lot acres
    Zone code
    B2C CENTRAL BUSINESS
    Property type
    Hotels
    Property subtype
    Motels
    APN
    002-084-53-000
    APU
    208453000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 27, 2019 — Rupinder Alaska Incorporated Northern Lodging LLC Warranty Deed $2.2M · First National Bank Alaska
    Sep 14, 2007 — Northern Lodging LLC Kress Properties Alaska LLC Quit Claim Deed · related —
    Aug 7, 2007 — Kress Properties Alaska LLC 115 E 3rd Avenue LLC Quit Claim Deed · related $2.5M · First National Bank Alaska
    Aug 8, 2003 — 115 E 3rd Avenue LLC Marlow Manor Downtown LLC Grant Deed $5M · Northrim Bank
    May 31, 2002 — Marlow Manor Downtown LLC Westmark Third Avenue INC Grant Deed $4M · Northrim Bank
    — — Marlow Manor Downtown LLC — Deed Of Trust · related $700k · Northrim Bank
    — — 115 E 3rd Avenue LLC — Deed Of Trust · related $600k · Scott Bringman
    — — 115 E 3rd Ave LLC — Deed Of Trust · related $600k · Rock Partners
    — — Northern Lodging LLC — Deed Of Trust · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,375,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,475,000
      Market price range: $1.01M - $2.12M

    • Alternative Use

      Use
      Estimation
      HOTEL/MOTEL
      $1,670,000
      Current use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Anchorage
    County
    Anchorage
    State
    Alaska
    Longitude
    -149.882
    Latitude
    61.2198
    CBSA code
    11260
    CBSA name
    ANCHORAGE, AK METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $59,006
    $692,000
    $2,772,800
    $3,464,800
    -
    $692,000
    $2,772,800
    $3,464,800

    Comparable in this City

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      32,925 SF

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      333 Concrete St

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      84,684 SF

      939 5th Ave

      HOTEL/MOTEL
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      View Details
    • Value Estimation
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      125,629 SF

      720 5th Ave

      HOTEL/MOTEL
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      View Details
    • Value Estimation
      $1,295,000
      25,348 SF

      330 Ee St

      HOTEL/MOTEL
      330 Ee St, Anchorage, AK 99501-2307
      View Details

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    • $1,950,000
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      Anchorage Industrial Property - Huge Potential

      Large warehouse, office space, ample yard. Ideal for aviation.
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      Anchorage Office Condos For Sale

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      Historical Nightclub/Bar/Restaurant Opportunity

      Former nightclub/bar/restaurant with great reputation for food and entertainment.
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      90,883 SF

      Midtown Anchorage Automotive Property

      90,883 SF building on 8 acres in Midtown Anchorage.
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    • $495,000
      0.48 Acres

      Anchorage Land Ready For Development

      Three combined lots ideal for office, retail, or medical development.
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      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Warehouse and Office Space Available

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      Midtown Anchorage Office Suite

      Efficient office suite in Midtown Anchorage with natural light.
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      Retail Space Near Glenn Highway

      Shopping center space available off Glenn Highway in Anchorage.
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      Remodeled Office Space Available

      Modern office space with updated amenities and convenient location.
      106-431 W 7Th Ave, Anchorage, AK 99501
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      Downtown Warehouse/Office Space Available

      15,500 SF warehouse/office in Downtown Commercial Business District.
      443 E 4Th Ave, Anchorage, AK 99501
      View Details
    • Contact for pricing

      Class A Office Space Available

      Office space in a Class A building, ideal location.
      510 L St, Anchorage, AK 99501
      View Details
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    Anchorage, AK 99501-2501
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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