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423 W 5th AVE Anchorage, AK 99501
10,929 SqFt
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 10,929 sqft
Price per Sqft $130
MLS Listing ID 26-2699
Construction Status Existing Structure
Lot Size 9,750 Sqft
Acres 0.22
Source Alaska Multiple Listing Service
Property 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.
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.
Location
State AK
Area 5 - Downtown Anchorage
Zoning B2A - Central Business Core
Direction Across from 5th avenue mall. Ginger and space to the lookers right, used to be TJs Shirts.
Building
Lot Size Range 0.22
New Construction No
Construction Status Existing Structure
Others
Tax ID 0021050500001, 0021050600001
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Listed by Jack White Commercial