Commercial Condo Dental Lab
For Sale
$579,900
106-905 Squalicum Way, Bellingham, WA 98225
Built-out medical condo with dental lab processing space, operatory rooms, and dedicated parking within a business park.
Property Size1,826 SF
Price / SF$317.58
Days on Market142
Property Features for 106-905 Squalicum Way
General Information
Standard status
Active
Size
1,826 SF
Total Parking Spaces
4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,157
Building Details
Stories
2
Listing Agency:
Gage CRE
Listed By:
Tracy Carpenter · License #23452
(360) 483-0508
Source:
Exprealty
Added: Apr 17
Changed: Aug 20
Last Checked: Sep 4 at 11:55AM
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 Gage CRE
Investment Insights
Based on property information with market context.
This commercial condo is located within the Squalicum Lofts Business Park and is built out for dental lab operations. The ground floor includes a reception and waiting area, three operatory spaces, a lab, a restroom, and an office. A dedicated processing lab space is also included on the second floor.
Positioned at the forefront of the complex, the unit offers signage exposure to Squalicum Way. Four dedicated parking spaces are provided, with two at the front and two at the rear. The property is described as easily accessible to I-5, and walking trails and Squalicum Creek Park are adjacent to the east of the complex. The space is part of the Squalicum Lofts Condo Association.
Designed for users who need a functional clinical workspace, the layout supports patient intake on the main level along with lab and processing activity within the same condo. The dedicated parking and street-facing signage exposure can help streamline customer access for a dental or similar medical-related use.
Positioned at the forefront of the complex, the unit offers signage exposure to Squalicum Way. Four dedicated parking spaces are provided, with two at the front and two at the rear. The property is described as easily accessible to I-5, and walking trails and Squalicum Creek Park are adjacent to the east of the complex. The space is part of the Squalicum Lofts Condo Association.
Designed for users who need a functional clinical workspace, the layout supports patient intake on the main level along with lab and processing activity within the same condo. The dedicated parking and street-facing signage exposure can help streamline customer access for a dental or similar medical-related use.
Key Highlights
- Commercial condo in the Squalicum Lofts Business Park, located at the forefront with signage exposure to Squalicum Way
- Built out as a dental lab with 1,826 SF total, including reception/waiting, 3 operatory spaces, lab, restroom, and office
- Second‑floor processing lab space for ongoing dental lab work
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
$25,551
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
4.41%
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%
$511,020
$511.0K
Cap Rate 7%
$365,014
$365.0K
Cap Rate 9%
$283,900
$283.9K
Market Conditions
NOI Build-Up for 1,826 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
$41.2K $22.56/SF
− Vacancy
−$7.1K −$3.90/SF
EGI
$34.1K $18.66/SF
− OpEx
−$8.5K −$4.66/SF
NOI
$25.6K $13.99/SF
Area
Whatcom County, WA
Vacancy
17.30%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$511,020
Cap Rate 7%
$365,014
Cap Rate 9%
$283,900
Alternative Uses
Best Use
Office B
$365.0K
$319.4K – $425.9K
NOI $25,551 @ 7.0% cap · market cap 4.41%
Second Best
Healthcare Medical
$256.3K
$224.3K – $299.0K
NOI $17,940 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$430.8K
$376.9K – $502.6K
NOI $30,154 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Under-served
Demand for This Use
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Built-out medical condo with dental lab processing space, operatory rooms, and dedicated parking within a business park.
Where is this medical office space located?
The property is located at 106-905 Squalicum Way Bellingham, WA.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: Commercial condo in the Squalicum Lofts Business Park, located at the forefront with signage exposure to Squalicum Way; Built out as a dental lab with 1,826 SF total, including reception/waiting, 3 operatory spaces, lab, restroom, and office; Second‑floor processing lab space for ongoing dental lab work
