423 W 5th Avenue,Anchorage, AK 99501
Anchorage, AK 99501
Description
Rare downtown Anchorage investment directly across West 5th Avenue from the 5th Avenue Mall. Two attached buildings, 10,929 SF on 9,750 SF of B-2A land. 425 W 5th (±5,979 SF) is home to Ginger, an Anchorage dining institution since 2006; 423 W 5th (±4,950 SF) is vacant with immediate lease-up upside. Roof and HVAC replaced, no parking requirement. Under 7% in place, 12%+ stabilized pro-forma 423 & 425 West 5th Avenue. Two attached concrete-block buildings joined by a common rear hallway, with 75 feet of West 5th Avenue frontage and rear alley access on 9,750 SF (0.22 AC). Zoned B-2A, Central Business District Core; no on-site parking required. Built in the 1950s, with the Ginger space extensively renovated in 2006 and 2010. Roof and HVAC systems have been replaced. ANCHOR: Ginger has operated at 425 W 5th since 2006, serving Pacific Rim cuisine from a purpose-built restaurant, bar and private dining room. Rated 4.4 stars across 658 TripAdvisor reviews, ranked #7 of 665 Anchorage restaurants, and a Travelers' Choice award winner. Tenant-funded build-out includes a full commercial kitchen. UPSIDE: 423 W 5th (±4,950 SF) is vacant with excellent storefront visibility and an open floor plan, suited to lease-up or owner occupancy. Modest capital improvements and a lease at a conservative downtown rate take the stabilized return above 12%. LOCATION: Directly opposite the Simon 5th Avenue Mall and JCPenney, with Club Paris next door and the Egan Center, Dena'ina Center, Performing Arts Center, Town Square, Anchorage Museum and downtown hotel cluster within two blocks. Approximately 10,000 vehicles per day on West 5th Avenue. Offering memorandum, lease, expense history and stabilized underwriting available to qualified buyers under a confidentiality agreement. Please do not contact or disturb the tenant.
Details
| MLS # | 26-2699 |
|---|---|
| Listing Type | For Sale |
| Style | Commercial |
| Sub-Type | Resale |
| Status | Active |
| Days On Site | 189 |
| Listing Provided By | Jack White Commercial | Andrew Ingram |
Features
| SQ Feet | 10,929 |
|---|---|
| Zoning | B2A - Central Business Core |
| Acreage | 0.22 |
Taxes
| Tax Map Number | N/A |
|---|---|
| Tax Legal Description | L9 & 10 B43 W25' |
Area Information
| State | AK |
|---|---|
| City | Anchorage |
| Zip Code | 99501 |
| Area | 1A Anchorage Municipality |
| Subarea | Downtown Anchorage |
| Listing VS Median (in 99501) | |
Price: $1,425,000 low | high Med: $210,000 sqft: 10,929 low | high Med: 880 $ / sqft: $130 low | high Med: $239 On site: 189 low | high Med: 51 | |
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Learn More About This Property
| State | AK |
|---|---|
| City | Anchorage |
| Zip Code | 99501 |
| Area | 1A Anchorage Municipality |
| Subarea | Downtown Anchorage |
| Listing VS Median (in 99501) | |
Price: $1,425,000 low | high Med: $210,000 sqft: 10,929 low | high Med: 880 $ / sqft: $130 low | high Med: $239 On site: 189 low | high Med: 51 | |
