Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Fairhaven Land with Redevelopment Potential Title is generated by Realmo AI

    1302 Larrabee Ave, Bellingham, WA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Land in Fairhaven with redevelopment and investment opportunities.

    Type:LAND
    Property size:
    5,662 SF
    Lot size:
    0.13 Acres
    Added:
    Nov 24, 2025
    Days on Market:
    176
    Last Refresh:
    Apr 5 at 8:32 pm

    Property Features for 1302 Larrabee Ave

    General Information

    Standard status
    Active
    Size
    5,662 SF
    Lot size
    0.13 Acres
    Property subtype
    LAND

    We can help!

    Listing Contact
    Greg Martineau,CCIM

    Listing agent Greg Martineau,CCIM

    Listing office Gage Commercial Real Estate LLC

    Listing date Nov 24, 2025

    Source Moodyscre

    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 Gage Commercial Real Estate LLC

    HighLights

    • Redevelopment potential in Fairhaven Urban Village.
    • Generous 5,662‑square‑foot lot.
    • Multiple possibilities: redevelopment, live‑in investment, or rental income.
    • Short‑term rentals permitted.
    • Walking distance to Fairhaven attractions.
    • Easy I‑5 access via Old Fairhaven Parkway.

    Overview

    This property presents multiple possibilities, including redevelopment, live-in investment, or rental income, with short-term rentals permitted. It is located within walking distance of Fairhaven's attractions and offers convenient access to I-5 via Old Fairhaven Parkway. The existing structure is situated on a 5,662-square-foot lot within the Residential Transition-4 zone of Fairhaven Urban Village. Plans previously approved in 2017 for a mixed-use commercial/residential building are available. Buyers should independently verify all potential uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.501
    Latitude
    48.7184

    Nearby Similar for Lease

    • $15 SF/Yr
      4,960-4,960 SF

      Mykonos Greek

      Turn-key restaurant space with high visibility and outdoor patios.
      1650 W Bakerview Rd, Bellingham, WA 98226
      View Details
    • Sponsored
      $129-$7,996/Mo
      11-1,292 SF

      Barkley Village

      2219 Rimland Dr, Unit 301, Bellingham, WA 98226
      View Details
    • $10 SF/Yr
      4,860 SF

      Updated Warehouse/Retail Space Available

      Unique, updated 4860 SF warehouse/retail space near downtown Bellingham.
      1421 N Forest St, Bellingham, WA
      View Details
    • $16 SF/Yr
      3,403 SF

      Remodeled Office Space Available Soon

      Recently remodeled office space for lease starting May 2024.
      2203-2209 Elm St, Bellingham, WA
      View Details
    • $20 SF/Yr
      1,915 SF

      Remodeled Retail Space in Cordata

      Retail suites available in Cordata Place shopping center.
      4151 Meridian St, Bellingham, WA
      View Details
    • $30 SF/Yr
      1,811 SF

      Retail Space in Barkley Village

      Retail space for lease in a vibrant, growing urban village.
      2930 Newmarket Street, Bellingham, WA
      View Details
    • $27 SF/Yr
      1,940 SF

      Bellingham Office Space For Rent

      Office space with excellent parking and convenient location near I-5.
      3800 Byron Ave, Bellingham, WA
      View Details
    • $1.35 SF/Yr
      40,000 SF

      New Industrial Development Near Airport

      New industrial park with customizable units, available Spring 2027.
      3901 Sound Way, Bellingham, WA
      View Details
    • $27 SF/Yr
      950 SF

      Retail Space in Waterfront District

      Retail space available in Bellingham's desirable waterfront district.
      40 Bellwether, Bellingham, WA
      View Details
    • $30 SF/Yr
      2,476 SF

      Retail Space in Barkley Village

      Reimagined retail space with planned enhancements and high ceilings.
      2955 Newmarket Street, Bellingham, WA
      View Details
    • $27 SF/Yr
      2,263 SF

      Office Suite with Shared Space

      Second floor office suite with shared kitchen space available for rent.
      2211 Rimland Dr, Bellingham, WA
      View Details
    • $1.00 SF/Yr
      10,269 SF

      Bellingham Light Industrial Building

      Light industrial building with warehouse, mezzanine, office, and loading dock.
      2222 Queen St, Bellingham, WA
      View Details

    FAQs

    What type of property is this?
    Land - Land in Fairhaven with redevelopment and investment opportunities.
    Where is this land located?
    The property is located at 1302 Larrabee Ave Bellingham, WA.
    What are key features of this property?
    This property features: Redevelopment potential in Fairhaven Urban Village.; Generous 5,662‑square‑foot lot.; Multiple possibilities: redevelopment, live‑in investment, or rental income.
    (360) 820-4645 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Greg Martineau,CCIM
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1302 Larrabee Ave, Bellingham, WA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!