for sale $1,600,000 · class b2b office building 20,424 sq ft two-story building, on a 21,000 sq ft...

� Central Business District

� Class B2B office building

� 20,424 sq ft two-story building, on a 21,000 sq ft

site, with onsite parking of 1.4 stalls per 1,000

sq ft.

� Surrounding businesses include the Anchorage

Museum, Federal Building & Federal

Courthouse, Covenant House and various small

office buildings.

� MLS 16-16393

Hugh Wade, CCIMOwner/ Broker

(907) 230-1523

www.SpireCommercial.com

Office Building

FOR SALE $1,600,000

707 A Street - Anchorage, AK

HUGH WADE, CCIMOwner / Broker

(907) [email protected]

1549 E. Tudor Rd, Ste C Anchorage, AK 99507


OFFERING SUMMARY

Location and Legal Description:

707 A Street, Anchorage, Alaska 99501Southwest corner of A Street and East 7th AvenueLots 4,5 and 6, Block 109, Original Townsite of Anchorage,

Price: $1,600,000

Building Size: 20,424 sq ft

Lot Size: 21,000 sq ft

Zoning: B2-B Central Business District, Title 21 in MOA Code: https://library.municode.com/index.aspx?clientId=12717

Owner, Current and Historical Use:

Owner: The University of Alaska, since December 1990 Current Use: Vacant. Last time occupied: Summer of 2015 Uses: Various UAA Programs. Environmental and Natural Resources Institute (ENRI), Adult Education, Weaving Lab, other. (General office, program, and educational use by UAA).

Year Built: 1973

Business Environmentand Location:

General Neighborhood: located on A Street, the main arterial from Midtown into Downtown. North of the Parkstrip and before the busy east-west

corridors at 6th, 5th and 4th Avenues. Relatively quiet, slower (going east-west) and vibrant Central Downtown. Specific Surroundings: Across A Street from the Federal Building, kitty corner (to the Southeast) from the Anchorage Museum. Collection of original homes converted to law offices, boutique shops and services, newer construction (a medical small medical office building recently built to

the north across 7th.) Two blocks from the Anchorage Cemetery, to the east. The new Covenant House facility is adjacent, to the south.

Property Tax Valuationand Property Taxes:

Since the Property has been historically owned and occupied by the University, the MOA does not a have a published tax valuation for the property and no property taxes are currently collected. If the Property was in private-sector owned, the MOA reports a valuation of $2,383,500 and a mill rate of 14.89 for 2016. Property taxes would have been $35,490.08, which is $1.73/sf/yr or $0.145/sf/mo.

mailto:[email protected]

https://library.municode.com/index.aspx?clientId=12717





OFFERING SUMMARY - Continued

Permitting: Retail, convenience establishments (laundry, florist, bakery, etc.), office, care facilities, parks and playgrounds, small parking structures.

Parking: The prior appraisal indicates 28 parking stalls, however, the appraiser counted 27. The loss of one stall may be due to the addition of an ADA stall at the southwest corner of the parking lot or the electrical easement. Please refer to the table below for a summary of the subject’s parking situation.

Overall, the subject has adequate parking to meet current code requirements, and it is considered comparable to other properties within the market segment that the subject competes (downtown class B buildings). That said, the subject does not have adequate physical parking from an economic perspective (and less parking than competing properties located in midtown) and additional parking stalls will need to be leased from surface lots or other nearby parties. There is a limited amount of surface parking in the immediate neighborhood and securing leased parking may require a short walk from the parking to the building. That said there are approximately ten

Traffic Count: Roughly 5,500 cars per day going East and West on 7th and 8th Avenue, and 8,500 northbound A Street.

Drive Times: This property is so centrally located that five minutes accesses the core of downtown. Twenty accesses the entire city. Eagle River and Chugiak can be reached within a half an hour.

Walk Times: Conveniently located in the heart of downtown, within 15 minutes from the site a person can walk to the direction of Inlet, Sheep Creek, Ingra Street and Sullivan Arena.






PROPERTY IMAGES






FLOOR PLAN






LOCATION & COMMERCIAL ENVIRONMENT

To Eagle River

Downtown

Central

Anchorage

South Anchorage






LOCATION & COMMERCIAL ENVIRONMENT






TRAFFIC COUNTS

For more traffic count information, visit:http://dot.alaska.gov/stwdplng/transdata/traffic_AADT_map.shtml


http://dot.alaska.gov/stwdplng/transdata/traffic_AADT_map.shtml





DRIVE TIME

5 minutes

15 minutes

30 minutes

This image is a drive-time map. The map shows how far a person could go to or from the property in a car, given standard traffic and the existing road system. Red is five minutes, green is fifteen, and blue is 20 minutes. CONCLUSION: This property is as centrally located as it gets. Five minutes accesses the core of downtown. Twenty accesses the entire city. Eagle River and Chugiak can be reached within a half an hour.






WALK TIME

5 minutes 10 minutes 15 minutes






VALUATION

Complete Appraisal by Reliant available at:https://dl.dropboxusercontent.com/u/3088244/Appraisal%20Abridged%20707%20A%20Street%205-4-15.pdf


https://dl.dropboxusercontent.com/u/3088244/Appraisal%20Abridged%20707%20A%20Street%205-4-15.pdf





In my professional opinion, as a licensed commercial real estate broker in the State of Alaska, and as a member of the Certified Commercial Investment Member (CCIM) Institute, the value of the property is $2,300,000.

For full BOV, visit: https://dl.dropboxusercontent.com/u/3088244/Broker%20Opinion%20of%20Value%20707%20A%20Street%2010-28-16.pdf

VALUATION

BROKER OPINION OF VALUE

MOA 2017 VALUATION


https://dl.dropboxusercontent.com/u/3088244/Broker%20Opinion%20of%20Value%20707%20A%20Street%2010-28-16.pdf





ZONING B-2B (21.40.160)

Central BusinessDistrict, Core (B-2B), Municipality of Anchorage:

Intent. The B-2B district is intended to create financial, office and hotel areas surrounding the predominantly retail and public institutional core of the central business district. The district also permits secondary retail and residential uses. The residential uses are intended to support other downtown activities.

Permitted principal uses and structures. Retail, convenience establishments (laundry, florist, bakery, etc.), office, care facilities, parks and playgrounds, small parking structures.

Conditional Uses. Gasoline service stations, heliports, planned unit developments, liquor stores, restaurants, bus terminals, commercial recreation establishments, correctional community residential centers, marijuana retail sales establishments.

Prohibited uses and structures. Any use which causes or may reasonably be expected to cause excessive noise, vibration, smoke, dust or other particulate matter, toxic or noxious matter, humidity, heat or glare at or beyond any lot line of the lot on which it is located is prohibited. The term "excessive" is defined for the purpose of this subsection as to a degree exceeding that generated by uses permitted in the district in their customary manner of operation, or to a degree injurious to the public health, safety, welfare or convenience.

Minimum lot requirements. Minimum lot requirements are as follows:1. Width: 50 feet.

2. Area: 6,000 square feet.

Minimum yard requirements. Minimum yard requirements are as follows: 1. Residential uses: As required under section 21.40.060.G. 2. Other uses, including residential uses associated with other uses: None, except as provided in the supplementary district regulations.

Bulk regulations and maximum lot coverage. Buildings may be constructed within the full limits of the lot, up to three stories in height.

Please note that this is a summary of Zoning B-2B, for complete listing please visit:http://www.muni.org/Departments/OCPD/Planning/zoning/Pages/B2.aspx


http://www.muni.org/Departments/OCPD/Planning/zoning/Pages/B2.aspx





DISCLAIMER

FULL DISCLAIMER

PLEASE NOTE THAT THE SELLER AND THE SELLER’S BROKER ARE NOT RESPONSIBLE IN ANY WAY FOR THE BUYER’S INVESTIGATION OF THE PROPERTY OR LACK THEREOF. This packet has been prepared by seeking out information from many sources: from the owner, public information, the internet, governmental agencies, etc. However, none of it can be guaranteed. As a COURTESY to the Seller I have done what I can to find the information, determine that it is probably accurate and provide it here. My general philosophy is that when I help the Buyer, I help my client, the Seller. The purpose of this courtesy is to expedite a Buyer’s initial collection of information about the property, so that the Buyer can decide whether to pursue the property and perform an independent investigation. The investigation of the property by a Buyer usually happens AFTER an offer has been made and a purchase agreement has been negotiated. In other words, it is the responsibility of Buyer to perform their due diligence investigation of the property and the Buyer’s negotiation of a Purchase and Sale Agreement. Thank you for your interest. I look forward to working with you on a successful transaction for all Parties. Sincerely, Hugh Wade, CCIM

Owner/ BrokerSpire Commercial


for sale $1,600,000 · class b2b office building 20,424 sq ft two-story building, on a 21,000 sq ft...

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