500 L St, Anchorage, AK 99501

Investment opportunity to acquire three office condos in a 5-condo building along with a residential property located across 5th Avenue. These properties have magnificent views of Cook Inlet and are within walking distance of downtown restaurants, shopping, Elderberry Park, Coastal Trail and Park Strip.

The total current tax assessed value of these properties is $3,858,000. The 5^th and 3^rd floor condos are almost entirely leased with long term leases and provide positive cash flow. Purchaser could move their office into first floor condo, which has approximately 3700 sf of office space available, and collect income on the upper floor leases plus the rental house. Alternatively, lease the first floor to improve return on investment.

As a proforma estimate, using a conservative $1.60/sf lease rate for the vacant 1st floor space brings the CAP rate from the current 8.36% to approximately 12%. The current monthly cash floor of office leases and residential rental house is $14,636 or $175,000/year.

These are one-of-a-kind properties at a sales price that makes it a once in a lifetime deal.