Historic Fairhaven Retail Condos For
For Sale
Contact for pricing
Pending
1318 McKenzie Ave, Bellingham, WA
Street-level commercial/retail condos in historic downtown Fairhaven.
Property Size19,820 SF
Lot Size0.12 Acres
Days on Market589
Property Features for 1318 McKenzie Ave
General Information
Standard status
Pending
Size
19,820 SF
Lot size
0.12 Acres
Property subtype
RETAIL
Listing Agency:
John L. Scott - Bellingham
(360) 671-9640
Listed By:
Patrick Starr, CCIM
(360) 961-2671
Source:
Moodyscre
Added: Mar 6, 2025
Changed: Sep 3
Last Checked: Oct 16 at 8:23AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$236,496
Cap Rate
6.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,729,920
$4.7M
Cap Rate 7%
$3,378,514
$3.4M
Cap Rate 9%
$2,627,733
$2.6M
Market Conditions
NOI Build-Up for 19,820 SF
Gross rent
$356.8K $18.00/SF
− Vacancy
−$18.9K −$0.95/SF
EGI
$337.9K $17.05/SF
− OpEx
−$101.4K −$5.11/SF
NOI
$236.5K $11.93/SF
Area
Whatcom County, WA
Vacancy
5.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,729,920
Cap Rate 7%
$3,378,514
Cap Rate 9%
$2,627,733
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 authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,114
Businesses Nearby
22k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 87%
Dining 13%
Haggen
Groceries
19,457 visits/mo
0.1 miles
El Agave
Dining
2,931 visits/mo
0.2 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
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.
