Duplex with Separate
For Sale
$1,100,000
1205 Mcleod, Bellingham, WA 98226
Modern duplex with flexible living arrangements, attached parking, and a separately entered accessory dwelling unit.
Property Size2,895 SF
Price / SF$379.97
Days on Market26
Property Features for 1205 Mcleod
General Information
Standard status
Active
Size
2,895 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 4BR/3BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
fireplace
attached garage
private entrance
in-unit laundry
mini-split HVAC
9-ft ceilings
mature trees
Building Details
Year Built
2020
Buildings
1
Listing Agency:
Hammer Properties NW Inc.
Listed By:
Nikki Quinn
(425) 205-2135
Source:
Skylineproperties
Added: Aug 29
Changed: Sep 23
Last Checked: Sep 22 at 5:56PM
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 Hammer Properties NW Inc.
Investment Insights
Based on property information with market context.
Built in 2020, this 2,895-square-foot duplex includes a 4-bedroom, 3-bath main residence and a separate 1-bedroom, 1-bath ADU. The primary home offers an open living area, natural light, a fireplace, upgraded finishes, and modern systems. An attached garage adds parking and storage.
The ADU has its own entrance along with a living room, full kitchen, in-unit laundry, 9-foot ceilings, and a mini-split system providing heat and AC. A reserved parking space serves the ADU. Located in Bellingham, the property is surrounded by mature trees and supports extended living, guest accommodations, home office use, or rental income.
The ADU has its own entrance along with a living room, full kitchen, in-unit laundry, 9-foot ceilings, and a mini-split system providing heat and AC. A reserved parking space serves the ADU. Located in Bellingham, the property is surrounded by mature trees and supports extended living, guest accommodations, home office use, or rental income.
Key Highlights
- 2,895‑square‑foot duplex built in 2020
- Main residence includes 4 bedrooms and 3 baths
- Separate 1‑bedroom, 1‑bath ADU with private entrance
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
$33,674
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
3.06%
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%
$673,480
$673.5K
Cap Rate 7%
$481,057
$481.1K
Cap Rate 9%
$374,156
$374.2K
Market Conditions
NOI Build-Up for 2,895 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
$50.4K $17.40/SF
− Vacancy
−$2.3K −$0.78/SF
EGI
$48.1K $16.62/SF
− OpEx
−$14.4K −$4.99/SF
NOI
$33.7K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$673,480
Cap Rate 7%
$481,057
Cap Rate 9%
$374,156
Alternative Uses
Best Use
Multifamily LT 5
$481.1K
$420.9K – $561.2K
NOI $33,674 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$445.5K
$389.8K – $519.7K
NOI $31,183 @ 7.0% cap · market cap 2.83%
Theoretical Best
Office A
$683.0K
$597.6K – $796.8K
NOI $47,807 @ 7.0% cap · market cap 4.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
209
Businesses Nearby
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
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Modern duplex with flexible living arrangements, attached parking, and a separately entered accessory dwelling unit.
Where is this duplex located?
The property is located at 1205 Mcleod Bellingham, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2,895‑square‑foot duplex built in 2020; Main residence includes 4 bedrooms and 3 baths; Separate 1‑bedroom, 1‑bath ADU with private entrance
