423 & 425 W 5th Ave, Anchorage, AK 99501

The offering presents two compelling scenarios: an owner-occupant can occupy 423 W 5th for their own business while collecting passive income from Ginger next door — dramatically reducing their effective occupancy cost — or a pure investor can lease the vacant space and enjoy dual cash flow from both buildings. Either way, the buyer is acquiring a well-maintained, income-producing asset in the absolute best restaurant and retail location in the state.

423 and 425 W 5th Avenue comprise 10,929 square feet of building area on 9,750 square feet of land (0.22 acres), situated directly across from the 5th Avenue Mall along one of Anchorage's highest-traffic retail corridors.

423 W 5th Avenue (4,950 SF | Parcel 0021050500001 | Lot 10 W 25 ft, Block 43, Original Subdivision) is currently vacant, having previously operated as a retail establishment. The space offers excellent storefront visibility, an open floor plan, and immediate availability — representing a compelling lease-up or owner-occupant opportunity in a location that commands premium rents.

Both buildings have had their roof systems and HVAC replaced within the past five years, significantly reducing near-term capital expenditure risk for the incoming owner. The property is zoned B2A (Central Business Core) and benefits from exceptional adjacencies including the 5th Avenue Mall directly across the street, Club Paris immediately to the west, and proximity to major downtown hotels, the Performing Arts Center, and the Downtown Transit Center.

Current cap rate is approximately 7.0% as-is. Upon lease-up of 423 W 5th at a conservative market rate, the stabilized cap rate is projected to exceed 10%, making this one of the stronger yield opportunities available in the Downtown Anchorage market.