Bank Branch on Bendigo
For Sale
$775,000
139 Bendigo Blvd N, North Bend, WA 98045
Commercial property on a heavily traveled corridor near I-90.
Property Size1,836 SF
Lot Size0.32 Acres
Price / SF$422.11
Days on Market155
Property Features for 139 Bendigo Blvd N
General Information
Standard status
Active
Size
1,836 SF
Lot size
0.32 Acres
Property subtype
Retail
Building Details
Year Built
1975
Listing Agency:
(206) 852-1640
Listed By:
Amanda Hahnemann, CCIM
(206) 852-1640
Source:
Lee-associates
Added: Mar 4
Changed: Jul 6
Last Checked: Aug 6 at 4:59AM
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 Amanda Hahnemann, CCIM
Investment Insights
Based on property information with market context.
The property is a commercial building built in 1975, currently operating as a bank branch, formerly Pacific Premier Bank and rebranded as Columbia Bank. The building measures 1,836 square feet and is situated on 0.32 acres (14,000 square feet) of Downtown Commercial zoned land in King County. The location is at the corner of Bendigo Blvd North and W 2nd Street. Bendigo Boulevard North is a primary north-south arterial in North Bend, connecting downtown with Interstate 90 (Exit 31). It serves as a key gateway to the South Fork Interchange District and local retail/office nodes in the city’s eastern section. Bendigo Blvd (SR 202 through the city) is a heavily traveled corridor linking local businesses to regional traffic and the broader Eastside market. Bendigo Blvd supports local retail, automotive services, restaurant uses, and commercial activity serving both residents and travelers between Seattle/I-90 and North Bend proper. It also forms part of a heritage and gateway corridor envisioned in local planning efforts to connect freeway-oriented development with downtown North Bend’s pedestrian and historic core. The site shows as a local banking office for community and business financial services.
Key Highlights
- Prime downtown commercial location in North Bend, WA.
- High‑traffic corner lot on Bendigo Blvd (SR 202), a key arterial connecting to I‑90.
- .32 acre (14,000 sf) lot offers redevelopment potential.
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
$39,245
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
5.06%
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%
$784,900
$784.9K
Cap Rate 7%
$560,643
$560.6K
Cap Rate 9%
$436,056
$436.1K
Market Conditions
NOI Build-Up for 1,836 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
$55.1K $30.00/SF
− Vacancy
−$2.8K −$1.50/SF
EGI
$52.3K $28.50/SF
− OpEx
−$13.1K −$7.13/SF
NOI
$39.2K $21.38/SF
Area
King County, WA
Vacancy
5.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
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%
$784,900
Cap Rate 7%
$560,643
Cap Rate 9%
$436,056
Alternative Uses
Best Use
Specialty Retail
$560.6K
$490.6K – $654.1K
NOI $39,245 @ 7.0% cap · market cap 5.06%
Second Best
Retail
$469.2K
$410.6K – $547.4K
NOI $32,844 @ 7.0% cap · market cap 4.24%
Theoretical Best
Office A
$735.4K
$643.5K – $857.9K
NOI $51,476 @ 7.0% cap · market cap 6.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
727
Businesses Nearby
96k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 33%
Groceries 25%
Apparel 19%
Home Improvements & Furnishings 15%
QFC
Groceries
24,002 visits/mo
0.4 miles
Westlake Ace Hardware
Home Improvements & Furnishings
13,033 visits/mo
0.3 miles
Shell
Shops & Services
10,237 visits/mo
0.2 miles
Gap
Apparel
8,982 visits/mo
0.5 miles
76
Shops & Services
6,368 visits/mo
0.5 miles
Demographics for 98045, WA
15,749
Population
5,871
Households
2.7
Avg Household Size
41
Median Age
52%
College-Educated
96%
High-School Grad
172.3 sq mi
ZIP Area
91
Density / Sq Mi
$161,897
Median Household Income
$75,450
Median Earnings
$2,153
Median Rent
$845,700
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Commercial property on a heavily traveled corridor near I-90.
Where is this bank located?
The property is located at 139 Bendigo Blvd N North Bend, WA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Prime downtown commercial location in North Bend, WA.; High‑traffic corner lot on Bendigo Blvd (SR 202), a key arterial connecting to I‑90.; .32 acre (14,000 sf) lot offers redevelopment potential.
