1126 North Forest Street Bellingham, WA 98225
Rare opportunity: development site with existing office building and plans.
Property Features for 1126 North Forest Street
General Information
- Standard status
- Active
- Size
- 4,400 SF
- Property subtype
- Land
Listing office Hammer Properties NW Inc. (360) 756-6500
Listing date May 31, 2024
Source Compass
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.
Key Highlights
- Rare development site in Opportunity Zone and Downtown District Urban Village with RT‑1 zoning.
- Approved plans for a 4‑story, 47‑unit building.
- Existing 4,400 sq ft Mid‑Century Modern office building on site.
Local Financial Insights For Office B
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 | $99.3k | $22.56 |
| − Vacancy | −$17.2k | −$3.90 |
| EGI | $82.1k | $18.66 |
| − OpEx | −$20.5k | −$4.66 |
| NOI | $61.6k | $13.99 |
