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    3505 Spenard Rd Anchorage, AK 99503-3770
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    Property profile & analytics

    3505 Spenard Rd, Anchorage, AK 99503-3770

    View on Map
    • Retail space
    • 4,180 SF
    • 0.25 lot acres
    Off-Market
    Last Sale Jan 24, 2024
    Property ID
    US02-0010877
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Rose's Alterations & Shoe Repair / (Bike/Boat/Book/etc) Store
    • Salsa Oaxaqueña / Restaurant
    • Sopranos Pizza & Philly's / Restaurant

    Property Details for 3505 Spenard Rd

    Year built
    1985
    Lot size
    0.25 lot acres
    Zone code
    B3 GENERAL BUSINESS
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    010-104-49-000
    APU
    1010449000

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jan 24, 2024 — Jy Property LLC S Hung Quit Claim Deed · related —
    Jul 19, 2011 — Hung S In In,hung S & Jung S Quit Claim Deed · related —
    Dec 14, 2009 — S Hung Kyung Chul Sim Warranty Deed $390k · Wells Fargo Bank NA
    Jun 7, 2004 — Kyung C Sim Morrissette,hyon N Grant Deed $294k · Pacific International Bank
    Mar 18, 2003 — Hyon N Morrissette Kim,kyung R Quit Claim Deed · related —
    Jul 10, 2001 — Hyon N Morissette Hong,charles D & Seon W Grant Deed $253k · First National Bank Anchorage
    — — Kyung C Sim — Deed Of Trust · related $300k · Hanmi Bank

    Description

    This exceptional mixed-use property, located at 3505 Spenard Road in Anchorage, Alaska, presents a compelling value-add investment opportunity. The 4,180 square foot building sits on an 11,183 square foot lot and is currently 100% occupied, generating a net operating income (NOI) of $72,000, with a pro-forma NOI projected at $86,000. The asking price is $1,050,000, representing a current cap rate of 6.86% and a pro-forma cap rate of 8.19%. Built in 1985, this concrete structure features commercial kitchens and benefits from a highly visible hard corner location with a stoplight, ensuring significant foot and vehicle traffic. The property includes 18 parking spaces, with overflow parking available on 35th Avenue. Zoned B3, this versatile property allows for a variety of business uses. Its strategic location in the vibrant Spenard neighborhood, near the airport and major residential developments, makes it an ideal investment for those seeking to capitalize on a growing market. The property's current occupancy and strong potential for increased NOI through value-add strategies make this a truly unique and attractive investment opportunity in a sought-after area of Anchorage. The price per square foot is $251.20.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Anchorage
    County
    Anchorage
    State
    Alaska
    Longitude
    -149.908
    Latitude
    61.1883
    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
    $6,938
    $226,100
    $181,300
    $407,400
    -
    $226,100
    $181,300
    $407,400

    Comparable in this City

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      $680,000
      9,068 SF

      600 36th Ave

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    • Value Estimation
      $1,200,000
      31,527 SF

      3700 Old Seward Hwy

      STORE, RETAIL OUTLET
      3700 Old Seward Hwy, Anchorage, AK 99503-6037
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    • Value Estimation
      $1,050,000
      16,300 SF

      341 Benson Blvd

      STORE, RETAIL OUTLET
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    • Value Estimation
      $860,000
      17,659 SF

      401 Northern Lgts Blvd

      STORE, RETAIL OUTLET
      401 Northern Lgts Blvd, Anchorage, AK 99503-2814
      View Details
    • Value Estimation by Request
      6,000 SF

      2400 C St

      STORE, RETAIL OUTLET
      2400 C St, Anchorage, AK 99503-2642
      View Details
    • Value Estimation by Request
      7,088 SF

      3206 Spenard Rd

      STORE, RETAIL OUTLET
      3206 Spenard Rd, Anchorage, AK 99503-3706
      View Details

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    Similar Nearby for Lease

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      Anchorage Retail-Office Space Available

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    Anchorage, AK 99503-3770
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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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