Multifamily Property Near WWU
For Sale
$8,400,000
1011 21st Street, Bellingham, WA 98225
19-unit multifamily property near Western Washington University.
Property Size25,265 SF
Price / SF$332.48
Days on Market269
Property Features for 1011 21st Street
General Information
Standard status
Active
Size
25,265 SF
Property subtype
Multifamily
Building Details
Building Size
25,265 SF
Year Built
1991
Listing Agency:
(360) 319-1649
Listed By:
Cory Walken · License #WA #86060
Source:
Sperrycga
Added: Nov 21, 2025
Changed: Aug 16
Last Checked: Aug 17 at 4:53AM
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 Cory Walken
Investment Insights
Based on property information with market context.
This multifamily property, located in the Happy Valley area of Bellingham, features 19 units with a mix of large 3- and 4-bedroom layouts. The property is situated just three blocks from the Western Washington University (WWU) campus. The location offers convenient access to the Fairhaven Historic District, Boulevard Park, and the Bellingham Farmers Market, as well as nearby trails, parks, and waterfront areas. The property is well-maintained and in excellent condition with historically low vacancy. Potential exists to boost income through revenue streams such as RUBS, coin-op laundry, and covered parking fees. The property offers assumable debt at 3.1% for 3+ years. The property size is 25,265 square feet.
Key Highlights
- Assumable debt at 3.1% provides a +5% cash‑on‑cash return in year 1.
- Located just two blocks from Western Washington University (WWU) campus.
- Potential to boost income by 11.8% in year 1 by implementing RUBS, laundry, and parking fees.
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
$272,134
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
3.24%
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%
$5,442,680
$5.4M
Cap Rate 7%
$3,887,629
$3.9M
Cap Rate 9%
$3,023,711
$3.0M
Market Conditions
NOI Build-Up for 25,265 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
$515.4K $20.40/SF
− Vacancy
−$20.6K −$0.82/SF
EGI
$494.8K $19.58/SF
− OpEx
−$222.7K −$8.81/SF
NOI
$272.1K $10.77/SF
Area
Whatcom County, WA
Vacancy
4.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$5,442,680
Cap Rate 7%
$3,887,629
Cap Rate 9%
$3,023,711
Alternative Uses
Best Use
Apartment 5plus
$3.89M
$3.40M – $4.54M
NOI $272,134 @ 7.0% cap · market cap 3.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.96M
$5.22M – $6.95M
NOI $417,214 @ 7.0% cap · market cap 4.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
39
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 19-unit multifamily property near Western Washington University.
Where is this apartment building located?
The property is located at 1011 21st Street Bellingham, WA.
What is the asking price?
The asking price for this property is $8,400,000.
What are key features of this property?
This property features: Assumable debt at 3.1% provides a +5% cash‑on‑cash return in year 1.; Located just two blocks from Western Washington University (WWU) campus.; Potential to boost income by 11.8% in year 1 by implementing RUBS, laundry, and parking fees.
