Visible Building in Central
For Sale
Contact for pricing
1990 Main St, Ferndale, WA
Stand-alone building in shell condition, ready for its next phase.
Property Size5,656 SF
Lot Size0.30 Acres
Price / SF$123.59
Days on Market1094
Property Features for 1990 Main St
General Information
Standard status
Active
Size
5,656 SF
Lot size
0.30 Acres
Property subtype
RETAIL
Listing Agency:
Gage Commercial Real Estate LLC
(360) 303-2608
Listed By:
Tracy Carpenter · License #23452
(360) 303-2608
Source:
Moodyscre
Added: Aug 16, 2023
Changed: Aug 8
Last Checked: Aug 8 at 12:25PM
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 Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Located centrally in Whatcom County, the property at 1990 Main St features a highly visible stand-alone building. Situated after crossing the 'Metallica' bridge in Ferndale, the property is easily seen from Main St. The level lot is fully paved and includes a 5,656 square-foot building in shell condition. The building is designed as a mix of retail and warehouse/shop space, featuring a 10-foot roll-up door in the rear. The front of the lot has been recently paved. Onsite parking is available, with additional street parking accessible from Main and 1st St. Utilities are available at the street but have not been brought to the building.
Key Highlights
- Centrally located in Whatcom County with high visibility on Main St.
- 5,656 SF stand‑alone building in shell condition, ready for customization.**
- Ample parking with onsite and street parking available.
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
$42,420
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
6.07%
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%
$848,400
$848.4K
Cap Rate 7%
$606,000
$606.0K
Cap Rate 9%
$471,333
$471.3K
Market Conditions
NOI Build-Up for 5,656 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
$50.9K $9.00/SF
− Vacancy
−$998 −$0.18/SF
EGI
$49.9K $8.82/SF
− OpEx
−$7.5K −$1.32/SF
NOI
$42.4K $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%
$848,400
Cap Rate 7%
$606,000
Cap Rate 9%
$471,333
Alternative Uses
Best Use
Retail
$964.1K
$843.6K – $1.12M
NOI $67,489 @ 7.0% cap · market cap 9.66%
Second Best
Warehouse
$606.0K
$530.3K – $707.0K
NOI $42,420 @ 7.0% cap · market cap 6.07%
Theoretical Best
Office A
$1.33M
$1.17M – $1.56M
NOI $93,401 @ 7.0% cap · market cap 13.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
93
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Stand-alone building in shell condition, ready for its next phase.
Where is this retail space located?
The property is located at 1990 Main St Ferndale, WA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Centrally located in Whatcom County with high visibility on Main St.; 5,656 SF stand‑alone building in shell condition, ready for customization.**; Ample parking with onsite and street parking available.
