Development Site with Mid-Century
1126 North Forest Street, Bellingham, WA 98225
Rare opportunity: development site with existing office building and plans.
Type:Land
Property size:
4,400 SFPrice / SF:
$215/SF- Added:
- May 31, 2024
- Days on Market:
- 731
- Last Refresh:
- May 27 at 12:58 pm
Property Features for 1126 North Forest Street
General Information
- Standard status
- Active
- Size
- 4,400 SF
- Property subtype
- Land
Listing agent Nikki Quinn License #83115 (360) 756-6500
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.
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.
- Enjoy Bay/City views and close proximity to Downtown and WWU.
- Located in the Sehome neighborhood, known for lower vacancy rates and higher rents.
- Fourteen parking spaces with two driveways and two addresses/tax IDs.
Overview
This rare development site features a 4,400-square-foot Mid-Century Modern office building constructed in 1958. Situated in both an Opportunity Zone and the Downtown District Urban Village, the property is zoned RT-1, with permitted uses outlined in BMC 20.37.520. Included are plans for a four-story, 47-unit building, which have undergone neighborhood review and initial design review. Feasibility work was completed by AVT Consulting, and the plans were created by Sergio at Grinstad & Wagner. The building is currently utilized for office and storage purposes. The Sehome neighborhood location offers Bay and City views, proximity to Downtown and Western Washington University (WWU), and benefits from lower vacancy rates and higher rents compared to many other areas. The property includes fourteen parking spaces accessible via two driveways. It comprises two addresses, 1126 and 1130 N Forest, and is identified by two tax IDs: #3803302140040000 and #3803302050050000.
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 |
4,400 SF · lease $22.56/SF/yr · vacancy 17.30% · expense 25.00%
Alternative Uses
Best Use
Office B
$879.5K
$769.6K – $1.03M
NOI $61,568 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$908.3K – $1.21M
NOI $72,660 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
McAuley Design Works
General Contractor
Location Insight
- Map
- Local Demand
- City
- Bellingham
- County
- Whatcom
- State
- Washington
- Longitude
- -122.47778
- Latitude
- 48.746174
Nearby Similar for Sale
FAQs
What type of property is this?
Commercial land - Rare opportunity: development site with existing office building and plans.
Where is this commercial land located?
The property is located at 1126 North Forest Street Bellingham, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 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.
