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1529 Ocean Drive, Homer, Alaska

$639,500
  • $639,500
  • 9,800
  • .81
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This multi use facility is strategically located on one of Homer's main corridors, directly accessing the Spit & across from the airport turnoff. Strong rental history on the main level, the upper 2400 SF is ready to complete & the 5000 SF mini storage all offer various income streams.The middle space has been left vacant for a new user. One Seller is a licensed Alaska Real Alaska Broker.The component mix of this building is fairly unique and there are no true similar properties in the market area. The diversity has worked really well because cash flow is not solely dependent on one or two tenants, and that provides for ongoing security when there is a vacancy. The primary area is a 4800 square foot office/retail building. The lower level is a concrete block structure framed and sided. It has been updated and has natural gas central heating. It is divided into two 800 square foot office areas and an office/retail area of approximately 625 feet, net of the upstairs stairwell access. Current tenants are the Teamsters Local and Kinney Engineering, an Anchorage based engineering firm. The Teamsters are paying $800 per month, and have a lease through December 31, 2020. Kinney Engineering pay $900 per month plus sales tax, and have a lease through June 30, 2021. The tenants are also responsible for their electric, internet and phone services. The middle unit is currently vacant. The upper 2400 square feet of area is unfinished, although there is a stairwell access from the lower level, and some rough in plumbing.. In addition to the 4800 SF core there is a 1200 square foot frame construction portion of the property attached at the west end of the current office area. This area is heated, and is presently configured as eight 10x10 storage areas and one 5x10 storage unit, all accessed from two man doors and sharing a hallway area. For the most part, this area contains the owners personal property although it is completely set up for self-storage use. To the rear of the main structure are two long buildings which are used as mini storage units. One section is a 100 feet by 20 feet area that has radiant heat in the concrete slab, although the units are not currently rented as climate controlled space. The second section is 90x20 feet, all unheated units. The mini storage complex is built slab on grade, with pre-engineered steel structures manufactured by Tech-Fast, a specialist in mini storage facilities. In this area, there are ten 5x10 units, five 10x20 units and twenty one 10x10 units. The 5x10 storage units rent for $35/month, the 10x10 units rent for $60/month and the 10x20 units for $110/month. There was an engineering structural inspection completed in 2016, and all recommended repairs have been completed as part of a face lift and renovation to the property. The property is being sold because the Sellers have purchased a large retail/professional building on Pioneer and are renovating that. Goal in the sale is pure simplification of assets since this property has been profitable and served them very well over the years.

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Essential Information

  • MLS® # 19-15428
  • Price $639,500
  • Square Footage 9,800
  • Acres 0.81
  • Type Commercial Property
  • Style Mixed Use
  • Status Active

Community Information

  • Address 1529 Ocean Drive
  • Area 490 - Homer
  • Subdivision Bayview L165 B2
  • City Homer
  • State Alaska
  • Zip Code 99603

Amenities

  • Features Corner Lot, Floor Drain(s), In City Limits, On-Site Parking, Restroom(s)-Private, Separate Meter-Elec, Separate Meter-Gas, DSL/Cable Available, HW Heater - Elec, HW Heater - Gas, Stand Alone Unit, Wtrfrnt-Acc Nearby
  • Parking Spaces 26
  • View Mountains, Bay, Glacier, Spit

Interior

  • Heating Baseboard
  • # of Stories 2

Exterior

  • Exterior Metal, Wood
  • Roof Metal
  • Construction Block, Concrete, Wood Frame - 2x6
  • Foundation Slab on Grade

Additional Information

  • Date Listed September 9th, 2019
  • Days on Market 91
  • Zoning GC1 - General Commercial 1

Listing Details

  • Listing Office: Homer Real Estate

Financials

  • $/SqFt $65

Neighborhood Information

Moderate Residential Turnover, Coastal Area

  • Icon of money $385,000

    Median Price

  • Icon of a grid layout $170

    Median Price/Sqft

  • Icon of a bar graph 97.00%

    Sale/List Ratio

  • Icon of a house 110

    # of Homes SoldWithin the Last Year

  • Icon of a person walking 18/100

    Walk Score®Car-Dependent

  • Icon of a raincloud 25.45″

    Annual Precipitation

  • Icon of a sun 29.30°F /61.00°F

    Avg. Highs -
    Jan/July

  • Icon of a cloud and moon 17.50°F /47.20°F

    Avg. Lows -
    Jan/July

  • Icon of a group of people 10,422

    PopulationBased on Nearest ZIP Code

  • Icon of a person 39

    Median Age

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Listing information last updated on December 9th, 2019 at 7:19pm AKST.