Waterfront Retail Condominium
For Sale
Contact for pricing
1025 Granary Ave, Bellingham, WA 98225
Ground-floor retail space positioned adjacent to 103 waterfront condominiums in a modern LEED-standard building.
Property Size3,220 SF
Price / SF$400
Days on Market1065
Property Features for 1025 Granary Ave
General Information
Standard status
Active
Size
3,220 SF
Property subtype
RETAIL
Listing Agency:
Realogics Sotheby's International Realty Bellevue
(425) 800-0310
Listed By:
Chris Erdmann
(360) 739-4236
Source:
Moodyscre
Added: Oct 18, 2023
Changed: Sep 9
Last Checked: Sep 15 at 7:13AM
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 Realogics Sotheby's International Realty Bellevue
Investment Insights
Based on property information with market context.
This for-sale ground-floor retail space is located in a modern building constructed with concrete, steel, and glass, built to LEED standards. The subject space is positioned at the waterfront, with a direct commercial setting within a building that includes 103 luxury waterfront condominiums on the ground level.
The property is described as being steps from downtown and situated on Bellingham Bay, benefiting from the active waterfront environment and local community events.
As presented, the opportunity centers on a Class A waterfront retail location with high foot-traffic conditions supported by the surrounding residential component and the building’s prominent ground-level presence.
The property is described as being steps from downtown and situated on Bellingham Bay, benefiting from the active waterfront environment and local community events.
As presented, the opportunity centers on a Class A waterfront retail location with high foot-traffic conditions supported by the surrounding residential component and the building’s prominent ground-level presence.
Key Highlights
- Ground‑floor retail space adjacent to 103 waterfront condominiums
- Class A commercial retail space on Bellingham Bay waterfront, steps from downtown
- Modern concrete, steel, and glass building constructed to LEED standards
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
$38,422
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
2.98%
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%
$768,440
$768.4K
Cap Rate 7%
$548,886
$548.9K
Cap Rate 9%
$426,911
$426.9K
Market Conditions
NOI Build-Up for 3,220 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
$58.0K $18.00/SF
− Vacancy
−$3.1K −$0.95/SF
EGI
$54.9K $17.05/SF
− OpEx
−$16.5K −$5.11/SF
NOI
$38.4K $11.93/SF
Area
Whatcom County, WA
Vacancy
5.30%
Lease Rate
$18.00 /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%
$768,440
Cap Rate 7%
$548,886
Cap Rate 9%
$426,911
Alternative Uses
Best Use
Retail
$548.9K
$480.3K – $640.4K
NOI $38,422 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$759.6K
$664.7K – $886.2K
NOI $53,174 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
388
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
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Retail space - Ground-floor retail space positioned adjacent to 103 waterfront condominiums in a modern LEED-standard building.
Where is this retail space located?
The property is located at 1025 Granary Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $1,288,000.
What are key features of this property?
This property features: Ground‑floor retail space adjacent to 103 waterfront condominiums; Class A commercial retail space on Bellingham Bay waterfront, steps from downtown; Modern concrete, steel, and glass building constructed to LEED standards
