Downtown Bellingham Corner
For Sale
Contact for pricing
1301-1307 Cornwall Ave, Bellingham, WA
Second-floor space suitable for office, retail, or condo units.
Property Size6,800 SF
Lot Size0.16 Acres
Price / SF$183.82
Days on Market309
Property Features for 1301-1307 Cornwall Ave
General Information
Standard status
Active
Size
6,800 SF
Lot size
0.16 Acres
Property subtype
RETAIL
Properties For Sale
at 1301-1307 Cornwall Ave Contact us- Size
- 6,800 SF
- Type
- RETAIL
- Lease Type
- OTHER
- Availability
- PENDING
1307 Cornwall Ave, Suite 3
Prime corner in downtown Bellingham with windows lining Corner and Holly St. This...
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Listing Agency:
Pacific Asset Advisors, Inc
(360) 319-4855
Listed By:
Tyson Clarke · License #109765
Source:
Moodyscre
Added: Oct 28, 2025
Changed: Aug 14
Last Checked: Aug 31 at 2:04AM
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 Pacific Asset Advisors, Inc
Investment Insights
Based on property information with market context.
Located on a prime corner in downtown Bellingham, this second-floor space features windows lining Cornwall Avenue and Holly Street. The 6,800-square-foot space is a blank canvas suitable for office, retail, or condo units, with a plan already completed. Formerly the office space for Trilllium Corp, the space has been opened up to allow for any use. The space is available now.
Key Highlights
- Prime corner location in downtown Bellingham.
- Windows lining Corner and Holly St.
- Blank canvas space suitable for office, retail, or condo units.
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
$95,151
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
7.61%
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%
$1,903,020
$1.9M
Cap Rate 7%
$1,359,300
$1.4M
Cap Rate 9%
$1,057,233
$1.1M
Market Conditions
NOI Build-Up for 6,800 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
$153.4K $22.56/SF
− Vacancy
−$26.5K −$3.90/SF
EGI
$126.9K $18.66/SF
− OpEx
−$31.7K −$4.66/SF
NOI
$95.2K $13.99/SF
Area
Whatcom County, WA
Vacancy
17.30%
Lease Rate
$22.56 /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%
$1,903,020
Cap Rate 7%
$1,359,300
Cap Rate 9%
$1,057,233
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,151 @ 7.0% cap · market cap 7.61%
Second Best
Retail
$1.16M
$1.01M – $1.35M
NOI $81,139 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,292 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,548
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Second-floor space suitable for office, retail, or condo units.
Where is this retail space located?
The property is located at 1301-1307 Cornwall Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime corner location in downtown Bellingham.; Windows lining Corner and Holly St.; Blank canvas space suitable for office, retail, or condo units.
