Warehouse Condo with Roll-Up
For Sale
$319,500
113-3610 Irongate Rd, Bellingham, WA 98226
Warehouse condo unit includes a 1609 roll-up door, 309 by 5009 layout, and NNN lease through Nov. 2028.
Property Size1,500 SF
Price / SF$213
Days on Market177
Property Features for 113-3610 Irongate Rd
General Information
Standard status
Active
Size
1,500 SF
Warehouse & Industrial
Clear Height
20 ft
Heavy Power
Yes
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,586
Amenities
heating/insulation
shared restroom
gated automatic security fence
exclusive parking
separately metered gas and electricity
Building Details
Year Built
2017
Tenancy
Multi
Listing Agency:
Gage CRE
Listed By:
Tracy Carpenter · License #23452
(360) 483-0508
Source:
Exprealty
Added: Mar 17
Changed: Sep 7
Last Checked: Sep 8 at 11:48AM
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 Gage CRE
Investment Insights
Based on property information with market context.
This warehouse condo unit is part of a secured Iron Gate complex and was built in October 2017. The space offers 309 wide by 5009 deep dimensions with an average ceiling height of 2009. The unit includes heating/insulation and is plumbed for a restroom, with a shared restroom located at the end of the building (shared with the entire building). Electrical service includes 100-amp three-phase power, and the building has separately metered gas and electricity.
The unit includes an exterior entry with a 1609 wide by 1409 roll-up door and an exclusive parking area in front of the unit(s). The property is secured by a gated, automatic security fence with code access. Thickened footing is in place to accommodate a 2509 by 2009 mezzanine if desired.
The unit is offered for sale as part of an NNN lease, which is in place through Nov. 2028.
The unit includes an exterior entry with a 1609 wide by 1409 roll-up door and an exclusive parking area in front of the unit(s). The property is secured by a gated, automatic security fence with code access. Thickened footing is in place to accommodate a 2509 by 2009 mezzanine if desired.
The unit is offered for sale as part of an NNN lease, which is in place through Nov. 2028.
Key Highlights
- NNN lease in place through Nov. 2028
- Warehouse/storage space with 30' by 50' layout and average 20' ceiling height
- Includes a 16' x 14' roll‑up door
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
$11,250
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
3.52%
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%
$225,000
$225.0K
Cap Rate 7%
$160,714
$160.7K
Cap Rate 9%
$125,000
$125.0K
Market Conditions
NOI Build-Up for 1,500 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
$13.5K $9.00/SF
− Vacancy
−$265 −$0.18/SF
EGI
$13.2K $8.82/SF
− OpEx
−$2.0K −$1.32/SF
NOI
$11.3K $7.50/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$225,000
Cap Rate 7%
$160,714
Cap Rate 9%
$125,000
Alternative Uses
Best Use
Warehouse
$160.7K
$140.6K – $187.5K
NOI $11,250 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$353.9K
$309.6K – $412.8K
NOI $24,770 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
Multi-tenant
Tenancy
Yes
Heavy power
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,281
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98226, WA
47,011
Population
20,609
Households
2.3
Avg Household Size
40
Median Age
40%
College-Educated
95%
High-School Grad
105.8 sq mi
ZIP Area
444
Density / Sq Mi
$79,684
Median Household Income
$45,337
Median Earnings
$1,557
Median Rent
$568,400
Median Home Value
Market
Vacancy Rate% for Industrial 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?
Warehouse - Warehouse condo unit includes a 1609 roll-up door, 309 by 5009 layout, and NNN lease through Nov. 2028.
Where is this warehouse located?
The property is located at 113-3610 Irongate Rd Bellingham, WA.
What is the asking price?
The asking price for this property is $319,500.
What are key features of this property?
This property features: NNN lease in place through Nov. 2028; Warehouse/storage space with 30' by 50' layout and average 20' ceiling height; Includes a 16' x 14' roll‑up door
