Classification of commercial properties in Alaska is typically based off of the current use. For example, a restaurant on a B-3 or general commercial lot would be categorized as Hospitality—Restaurant on akCOMMERCIAL.com. However, the B-3 zoning would allow for a user to potentially change the usage and/or redevelop the lot for a different purpose. If you are looking for retail use, be careful not to fall into the trap of not exploring other offerings that may meet your needs under a different property type.
Here at akCOMMERCIAL.com, we do our best to drill down current use for presenting opportunities to purchase or lease. Below is the thought process we use—as well as some supporting references—in our effort to standardize our presentation of property type, submarket and building class of Alaska commercial real estate.
Alaska Commercial Real Estate Primary Market Service Areas: Anchorage, Eagle River, Palmer, Wasilla
Coming Soon Graphic: *Overlay zip codes, and submarkets on map. Feed walk score and listings onto overlay?*
Property Type: Office
Office space is grouped into three classes which represent a subjective quality rating of buildings and their ability to attract similar types of tenants. Factors including rent, finishes, systems, amenities, location, accessibility and market perception are all used to measure.
Most prestigious buildings competing for premiere office users with rents above average for the area. Buildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence.
Buildings competing for a wide range of users with rents in the average range for the area. Building finishes are fair to good for the area and systems are adequate, but the building does not compete with Class A at the same price.
Buildings competing for tenants requiring functional space at rents below average for the area.
Current medical tenants or medical specific amenities, such as surgery center, pharmacy or sterile refuse.
Several different buildings in a campus-like setting.
Office – Condo
Condominium office space.
Office – Retail
Primary office space with secondary or converted retail opportunity.
Property Type: Hospitality
Bed & Breakfast
A facility that offers lodging accommodations and a range of other services, including meeting rooms, restaurants, convention and recreational facilities, casinos and commercial shops. Not primarily designed to serve those traveling by car, like a motel.
Single buildings or a group of buildings located on or near a highway offering both lodging and parking. May also offer other services including meeting and banquet rooms, recreational areas, swimming pool, shops, food and beverages.
A building that provides sit-down dining only.
RV Park “Transient”
Properties that provide sites and spaces to accommodate trailers, campers, RVs and tents.
Property Type: Industrial
These large buildings can be both single and multi-tenant and are used primarily for storing and distributing inventory.
This term is commonly used to describe industrial space. You start with a warehouse shell and add office or showroom space that incorporates HVAC. You can “flex” into larger or smaller HVAC spaces as necessary.
Industrial Business Park
Industrial – Condo
Condominium industrial space.
Research & Development
Property Type: Retail
Similar in concept to regional malls, but offering more variety and assortment.
General merchandise or fashion-oriented offerings. Typically, enclosed with inward-facing stores connected by a common walkway with parking surrounding the outside perimeter.
Community Center (“Large Neighborhood Center”)
General merchandise or convenience-oriented offerings. Wider range of apparel and other soft goods offerings than neighborhood centers. This center is typically configured in a straight line as a strip or laid out in an L or U shape, depending on the site and design.
An attached row of stores or service outlets managed as a coherent retail entity, with on-site parking usually located in front of the stores. Open canopies may connect the storefronts, but a strip center does not have enclosed walkways linked the stores. Can be configured in a straight line as a strip or in an L or U shape. A convenience center is among the smallest of the centers, with tenants providing a mix of goods and personal services to a limited trade area.
Category-dominant anchors, including discount department stores, off-price stores, and wholesale clubs, with only a few small tenants.
Upscale national chain speciality stores with dining and entertainment in an outdoor setting.
Manufacturers’ and retailers’ outlet stores selling brand-name goods at a discount.
Leisure, tourist, retail and service-oriented offerings with entertainment as a unifying theme. These are often located in urban areas and may be adapted from older, sometimes historic, buildings and can be part of a mixed-use project.
Consolidation of retail stores located within a commercial airport.
Retail property oriented toward the sale or servicing of aircrafts and their respective parts.
Retail property oriented toward the sale or servicing of vehicles and their respective parts.
Retail – Condo
Condominium retail space.
Retail building typically located on a parcel of land within a shopping center development.
Service/Gas Station/Car Wash
Utilized for car services, including car mechanics and filling stations.
Property Type: Multi-Family
We classify commercial multi-family as 5 or more units.
Property Type: Special Purpose
This final classification of commercial property encompasses special use properties such as Day Care, School, Nursery, Mobile Home Community, Agricultural, Hospital, Theatre/Performing Arts, Religious, Institutional/Government or other Special Purpose.
If you have questions about commercial property classifications or which current property offering may meet your needs, do not hesitate to reach out to Northern Edge Commercial Real Estate!