Waterfront Industrial Property with
For Sale
Contact for pricing
1001 Hilton Ave, Bellingham, WA
35,500 SF seafood processing and warehouse facility with dock.
Property Size31,500 SF
Lot Size16.26 Acres
Price / SF$253.97
Days on Market291
Property Features for 1001 Hilton Ave
General Information
Standard status
Active
Size
31,500 SF
Lot size
16.26 Acres
Property subtype
INDUSTRIAL
Properties For Sale
at 1001 Hilton Ave Contact us- Size
- 35,100 SF
- Type
- INDUSTRIAL
- Lease Type
- NNN
- Availability
- PENDING, 30 Days
Marine Docks, Food Processing and Cold Storage Facility on Bellingham Bay
The subject property is sited on Hilton Avenue and the I & J Street Waterway, on...
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Listing Agency:
Kidder Mathews
(206) 296-9600
Listed By:
Mike King, CCIM · License #73746
(206) 926-9292
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Sep 2
Last Checked: Sep 11 at 12:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kidder Mathews
Investment Insights
Based on property information with market context.
The property consists of 35,500 square feet of seafood processing, warehouse, cold storage, and office facilities. It is situated on a long-term ground lease at the Port of Bellingham and includes a 168-foot dock. The property is located within Bellingham’s marine industrial region, which includes shipbuilders, public marinas such as Squalicum Harbor marina, cruise terminals, shipping terminals, and the Alaska Ferry terminal. Seller will consider lease with purchase option.
Key Highlights
- 35,500 sq ft facility ideal for seafood processing, warehousing, cold storage, and office use.
- Features a 168' dock.
- Located on a long‑term ground lease at the Port of Bellingham.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$236,252
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,725,040
$4.7M
Cap Rate 7%
$3,375,029
$3.4M
Cap Rate 9%
$2,625,022
$2.6M
Market Conditions
NOI Build-Up for 31,500 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$283.5K $9.00/SF
− Vacancy
−$5.6K −$0.18/SF
EGI
$277.9K $8.82/SF
− OpEx
−$41.7K −$1.32/SF
NOI
$236.3K $7.50/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,725,040
Cap Rate 7%
$3,375,029
Cap Rate 9%
$2,625,022
Alternative Uses
Best Use
Warehouse
$3.38M
$2.95M – $3.94M
NOI $236,252 @ 7.0% cap · market cap 2.95%
Second Best
Industrial
$2.78M
$2.43M – $3.24M
NOI $194,560 @ 7.0% cap · market cap 2.43%
Theoretical Best
Office A
$7.43M
$6.50M – $8.67M
NOI $520,176 @ 7.0% cap · market cap 6.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,633
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Similar Off Market Nearby
- Nearby Self Storage Units Bellingham WA — 401 W Champion St, Bellingham, WA 98225
- Hilton Harbor — 1000 Hilton Ave, Bellingham, WA 98225
Frequently Asked Questions
What type of property is this?
Warehouse - 35,500 SF seafood processing and warehouse facility with dock.
Where is this warehouse located?
The property is located at 1001 Hilton Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $8,000,000.
What are key features of this property?
This property features: 35,500 sq ft facility ideal for seafood processing, warehousing, cold storage, and office use.; Features a **168' dock**.; Located on a long‑term ground lease at the Port of Bellingham.
