Storage Condo with
For Sale
$239,000
109-2748 Peace Portal Dr, Blaine, WA 98230
Includes a main-level bathroom and flexible upper-level workspace.
Property Size1,253 SF
Price / SF$190.74
Days on Market9
Property Features for 109-2748 Peace Portal Dr
General Information
Standard status
Active
Size
1,253 SF
Additional Details
Warehouse Space
1,253 SF
Taxes and HOA fees
Annual Taxes
$1,446
Listing Agency:
Muljat Group
Listed By:
Rod L. Blankers
(360) 354-4242
Source:
Exprealty
Added: Sep 14
Changed: Sep 19
Last Checked: Sep 21 at 8:48AM
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 Muljat Group
Investment Insights
Based on property information with market context.
This storage condominium at 109-2748 Peace Portal Dr in Blaine provides 1,253 square feet for equipment, recreational items, hobbies, and general storage. The main level includes a bathroom, while an upstairs mezzanine adds adaptable area for an office, work zone, or additional organized storage.
The property can accommodate a range of personal and operational storage needs within a dedicated condo format. Its combination of open functional area, bathroom access, and elevated supplemental space supports use as a storage base with room for workspace or administrative functions.
The property can accommodate a range of personal and operational storage needs within a dedicated condo format. Its combination of open functional area, bathroom access, and elevated supplemental space supports use as a storage base with room for workspace or administrative functions.
Key Highlights
- 1,253‑square‑foot storage condominium
- Upstairs mezzanine for office, workspace, or additional storage
- Main‑level bathroom
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
$9,486
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
3.97%
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%
$189,720
$189.7K
Cap Rate 7%
$135,514
$135.5K
Cap Rate 9%
$105,400
$105.4K
Market Conditions
NOI Build-Up for 1,253 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
$14.9K $11.88/SF
− Vacancy
−$292 −$0.23/SF
EGI
$14.6K $11.65/SF
− OpEx
−$5.1K −$4.08/SF
NOI
$9.5K $7.57/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$11.88 /SF/Yr
Expense Ratio
35.00%
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%
$189,720
Cap Rate 7%
$135,514
Cap Rate 9%
$105,400
Alternative Uses
Best Use
Flex RnD
$135.5K
$118.6K – $158.1K
NOI $9,486 @ 7.0% cap · market cap 3.97%
Second Best
Warehouse
$134.3K
$117.5K – $156.6K
NOI $9,398 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$295.6K
$258.6K – $344.9K
NOI $20,691 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98230, WA
18,754
Population
9,395
Households
2
Avg Household Size
48
Median Age
32%
College-Educated
95%
High-School Grad
42.5 sq mi
ZIP Area
441
Density / Sq Mi
$82,716
Median Household Income
$45,603
Median Earnings
$1,255
Median Rent
$467,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Blaine Pantec Mini Storage — 943 Boblett St, Blaine, WA 98230
Frequently Asked Questions
What type of property is this?
Warehouse - Includes a main-level bathroom and flexible upper-level workspace.
Where is this warehouse located?
The property is located at 109-2748 Peace Portal Dr Blaine, WA.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 1,253‑square‑foot storage condominium; Upstairs mezzanine for office, workspace, or additional storage; Main‑level bathroom
