Remodeled Duplex with Two
For Sale
$599,900
1007 22nd St, Bellingham, WA 98225
Updated upper and lower residences include separate entrances, complete appliance packages, and shared laundry equipment.
Property Size1,456 SF
Price / SF$412.02
Days on Market40
Property Features for 1007 22nd St
General Information
Standard status
Active
Size
1,456 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 1BR/0.75BA
Multifamily Units
2
Amenities
deck
shared washer and dryer
Building Details
Year Built
1897
Buildings
1
Listing Agency:
COMPASS
(360) 671-5000
Listed By:
Michelle R Harrington
Source:
Basedinbham
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 31 at 6:31PM
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 COMPASS
Investment Insights
Based on property information with market context.
Located at 1007 22nd St in Bellingham, this 1,456-square-foot duplex combines a three-bedroom upper residence with a refreshed one-bedroom lower suite. The upper level includes an updated kitchen, full bath, and expansive deck, while the lower unit has a private entrance, renewed kitchen, and ¾ bath. Appliances are included in both residences, and a shared washer and dryer serve the property.
Built in 1897, the property has received substantial exterior updates, including a new roof, gutters, and exterior paint. Its setting between Campus and Fairhaven places the duplex within a short walk of Western Washington University’s community and nearby area amenities.
Built in 1897, the property has received substantial exterior updates, including a new roof, gutters, and exterior paint. Its setting between Campus and Fairhaven places the duplex within a short walk of Western Washington University’s community and nearby area amenities.
Key Highlights
- 1,456 SF duplex with separate upper and lower residences
- Upper unit includes 3 bedrooms, updated kitchen, full bath, and expansive deck
- Lower unit offers a private entrance, 1‑bedroom layout, refreshed kitchen, and ¾ bath
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
$16,936
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
2.82%
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%
$338,720
$338.7K
Cap Rate 7%
$241,943
$241.9K
Cap Rate 9%
$188,178
$188.2K
Market Conditions
NOI Build-Up for 1,456 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
$25.3K $17.40/SF
− Vacancy
−$1.1K −$0.78/SF
EGI
$24.2K $16.62/SF
− OpEx
−$7.3K −$4.99/SF
NOI
$16.9K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$338,720
Cap Rate 7%
$241,943
Cap Rate 9%
$188,178
Alternative Uses
Best Use
Multifamily LT 5
$241.9K
$211.7K – $282.3K
NOI $16,936 @ 7.0% cap · market cap 2.82%
Second Best
Apartment 5plus
$224.0K
$196.0K – $261.4K
NOI $15,683 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$343.5K
$300.6K – $400.7K
NOI $24,044 @ 7.0% cap · market cap 4.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Explore this area
Business Placement
Demographics for 98225, WA
49,078
Population
24,202
Households
2
Avg Household Size
31
Median Age
48%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
3,895
Density / Sq Mi
$62,220
Median Household Income
$33,122
Median Earnings
$1,430
Median Rent
$588,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated upper and lower residences include separate entrances, complete appliance packages, and shared laundry equipment.
Where is this duplex located?
The property is located at 1007 22nd St Bellingham, WA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 1,456 SF duplex with separate upper and lower residences; Upper unit includes 3 bedrooms, updated kitchen, full bath, and expansive deck; Lower unit offers a private entrance, 1‑bedroom layout, refreshed kitchen, and ¾ bath
