Downtown Storefront for
For Sale
Contact for pricing
1031 North State Street, Bellingham, WA 98225
For sale storefront offering high traffic counts and visibility in downtown Bellingham.
Property Size593 SF
Price / SF$337.27
Days on Market120
Property Features for 1031 North State Street
General Information
Standard status
Active
Size
593 SF
Property subtype
RETAIL
Listing Agency:
Den Finder Real Estate
(360) 223-4501
Listed By:
Josh Baijot
(360) 223-4501
Source:
Moodyscre
Added: Apr 15
Changed: Aug 8
Last Checked: Aug 11 at 9:45AM
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 Den Finder Real Estate
Investment Insights
Based on property information with market context.
This for-sale storefront property presents a compact retail space well suited for an owner-operator or business looking for a downtown address. The offering includes 593 square feet of storefront area.
Public remarks describe the location as being in the vibrant heart of downtown Bellingham, with high traffic counts and exceptional visibility.
For buyers seeking a visible, street-level commercial storefront in downtown Bellingham, this property is positioned as an affordable path to ownership per the seller’s statements.
Public remarks describe the location as being in the vibrant heart of downtown Bellingham, with high traffic counts and exceptional visibility.
For buyers seeking a visible, street-level commercial storefront in downtown Bellingham, this property is positioned as an affordable path to ownership per the seller’s statements.
Key Highlights
- For sale commercial storefront in downtown Bellingham
- High traffic counts
- Strong visibility/visibility from the street
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
$7,076
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
3.54%
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%
$141,520
$141.5K
Cap Rate 7%
$101,086
$101.1K
Cap Rate 9%
$78,622
$78.6K
Market Conditions
NOI Build-Up for 593 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
$10.7K $18.00/SF
− Vacancy
−$566 −$0.95/SF
EGI
$10.1K $17.05/SF
− OpEx
−$3.0K −$5.11/SF
NOI
$7.1K $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%
$141,520
Cap Rate 7%
$101,086
Cap Rate 9%
$78,622
Alternative Uses
Best Use
Retail
$101.1K
$88.5K – $117.9K
NOI $7,076 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$139.9K
$122.4K – $163.2K
NOI $9,793 @ 7.0% cap · market cap 4.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,218
Businesses Nearby
64k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Groceries 21%
Dining 6%
Apparel 5%
Grocery Outlet Bargain Market
Groceries
13,469 visits/mo
0.5 miles
Exxon
Shops & Services
9,668 visits/mo
0.4 miles
U.S. Bank
Shops & Services
6,011 visits/mo
0.2 miles
Chase Bank
Shops & Services
4,015 visits/mo
0.3 miles
Peoples Bank
Shops & Services
3,812 visits/mo
0.3 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Storefront property - For sale storefront offering high traffic counts and visibility in downtown Bellingham.
Where is this storefront property located?
The property is located at 1031 North State Street Bellingham, WA.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: For sale commercial storefront in downtown Bellingham; High traffic counts; Strong visibility/visibility from the street
