Waterfront Retail Space in Modern
For Sale
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1025 Granary Ave, Bellingham, WA 98225
Retail space in a concrete, steel, and glass building overlooking Bellingham Bay, located beneath 103 waterfront condominiums.
Property Size1,605 SF
Price / SF$400
Days on Market730
Property Features for 1025 Granary Ave
General Information
Standard status
Active
Size
1,605 SF
Class
A
Property subtype
RETAIL
Building Details
Construction
concrete, steel, and glass
Listing Agency:
Realogics Sotheby's International Realty Bellevue
(425) 800-0310
Listed By:
Chris Erdmann
(360) 739-4236
Source:
Moodyscre
Added: Sep 17, 2024
Changed: Sep 7
Last Checked: Sep 15 at 8:28AM
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 Realogics Sotheby's International Realty Bellevue
Investment Insights
Based on property information with market context.
This waterfront retail space is located within a modern building constructed with concrete, steel, and glass. The property is described as energy efficient and designed with sustainability in mind, offering a Class A retail environment intended to support consistent customer traffic.
Situated on Bellingham Bay, the building is positioned at the waterfront near downtown and directly below 103 luxury waterfront condominiums. The immediate area is described as a lively community hub with local events, including races and concerts, which can help drive periodic visitor activity.
Situated on Bellingham Bay, the building is positioned at the waterfront near downtown and directly below 103 luxury waterfront condominiums. The immediate area is described as a lively community hub with local events, including races and concerts, which can help drive periodic visitor activity.
Key Highlights
- Prime waterfront retail space on Bellingham Bay, located just steps from downtown
- Located beneath 103 luxury waterfront condominiums, with high‑traffic foot traffic in the area
- Class A commercial retail space in a concrete, steel, and glass building overlooking Bellingham Bay
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
$19,151
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
2.98%
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%
$383,020
$383.0K
Cap Rate 7%
$273,586
$273.6K
Cap Rate 9%
$212,789
$212.8K
Market Conditions
NOI Build-Up for 1,605 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
$28.9K $18.00/SF
− Vacancy
−$1.5K −$0.95/SF
EGI
$27.4K $17.05/SF
− OpEx
−$8.2K −$5.11/SF
NOI
$19.2K $11.93/SF
Area
Whatcom County, WA
Vacancy
5.30%
Lease Rate
$18.00 /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%
$383,020
Cap Rate 7%
$273,586
Cap Rate 9%
$212,789
Alternative Uses
Best Use
Retail
$273.6K
$239.4K – $319.2K
NOI $19,151 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$378.6K
$331.3K – $441.7K
NOI $26,504 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
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Business Placement
Demographics for 98225, WA
49,078
Population
24,202
Households
2
Avg Household Size
31
Median Age
48%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
3,895
Density / Sq Mi
$62,220
Median Household Income
$33,122
Median Earnings
$1,430
Median Rent
$588,800
Median Home Value
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space in a concrete, steel, and glass building overlooking Bellingham Bay, located beneath 103 waterfront condominiums.
Where is this retail space located?
The property is located at 1025 Granary Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $642,000.
What are key features of this property?
This property features: Prime waterfront retail space on Bellingham Bay, located just steps from downtown; Located beneath 103 luxury waterfront condominiums, with high‑traffic foot traffic in the area; Class A commercial retail space in a concrete, steel, and glass building overlooking Bellingham Bay
