Historic Fairhaven Retail Condos For
1318 McKenzie Ave Bellingham, WA
1318 McKenzie Ave, Bellingham, WA, 00000
Contact for pricing
For Sale
Contact for pricing
Street-level commercial/retail condos in historic downtown Fairhaven.
Property Size19,820 SF
Lot Size0.12 Acres
Price / SF$173.21
Days on Market498
Property Features for 1318 McKenzie Ave
General Information
- Standard status
- Active
- Size
- 19,820 SF
- Lot size
- 0.12 Acres
- Property subtype
- RETAIL
Listing Agency
John L. Scott - Bellingham
(360) 961-2671
Listed by
Patrick Starr, CCIM
(360) 961-2671
Source
Moodyscre
Added: Mar 6, 2025 Checked: Jul 17 at 5:07 am
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 John L. Scott - Bellingham
Investment Insights
Based on property information with market context.
This is an opportunity to own a piece of historic downtown Fairhaven, consisting of 8 street-level commercial/retail condos split between the Waldron & Young Buildings, encompassing Finnegan's Alley. The properties are located at multiple addresses. All leases include escalations and are NNN. The cap rate is 6.75%. The sale also includes some underground parking rights. There is potential to assume the underlying mortgage at 4.125% if desired. The total property size is 19820 square feet.
Key Highlights
- Prime historic downtown Fairhaven location.
- Excellent 6.75% cap rate.
- Multiple street‑level commercial/retail condos.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $356.8k | $18.00 |
| − Vacancy | −$18.9k | −$0.95 |
| EGI | $337.9k | $17.05 |
| − OpEx | −$101.4k | −$5.11 |
| NOI | $236.5k | $11.93 |
19,820 SF · lease $18.00/SF/yr · vacancy 5.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.38M
$2.96M – $3.94M
NOI $236,496 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.68M
$4.09M – $5.45M
NOI $327,298 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Street-level commercial/retail condos in historic downtown Fairhaven.
Where is this retail space located?
The property is located at 1318 McKenzie Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $3,433,015.
What are key features of this property?
This property features: Prime historic downtown Fairhaven location.; Excellent 6.75% cap rate.; Multiple street‑level commercial/retail condos.
