Industrial Yard and
For Sale
Contact for pricing
164 W Smith Rd, Bellingham, WA 98226
Industrial and shop space with rebuilt office, exterior storage, and a large yard on over 12 acres.
Property Size33,804 SF
Price / SF$118.33
Days on Market1023
Property Features for 164 W Smith Rd
General Information
Standard status
Active
Size
33,804 SF
Property subtype
INDUSTRIAL
Zoning
Rural Industrial and Manufacturing
Site & Location
Highway Access
Yes
Road Access
Yes
Outdoor Storage
Yes
Additional Details
Cap Rate
6.5%
Amenities
exterior storage
silo storage
large yard area
Listing Agency:
The Muljat Group Inc.
(360) 820-2000
Listed By:
Troy Muljat, CCIM · License #2199
(360) 820-2000
Source:
Moodyscre
Added: Oct 25, 2023
Changed: Jul 27
Last Checked: Jul 27 at 6:52PM
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 The Muljat Group Inc.
Investment Insights
Based on property information with market context.
This industrial property includes industrial/shop space along with office space that was re-built this year. The site also offers exterior storage, including silo storage, plus a large yard area.
The property is centrally located between Bellingham, Ferndale, and Lynden, with easy access to the Canadian border and Interstate via well-traveled Guide Meridian (SR539). Zoned Rural Industrial and Manufacturing by Whatcom County, it totals over 12 acres.
A new 5-year lease is in place. The offering references a 6.5% cap rate.
The property is centrally located between Bellingham, Ferndale, and Lynden, with easy access to the Canadian border and Interstate via well-traveled Guide Meridian (SR539). Zoned Rural Industrial and Manufacturing by Whatcom County, it totals over 12 acres.
A new 5-year lease is in place. The offering references a 6.5% cap rate.
Key Highlights
- Over 12 acres of industrial/ shop space with exterior storage and a large yard area
- Office space rebuilt this year
- Exterior storage includes silo storage
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
$255,918
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
6.40%
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%
$5,118,360
$5.1M
Cap Rate 7%
$3,655,971
$3.7M
Cap Rate 9%
$2,843,533
$2.8M
Market Conditions
NOI Build-Up for 33,804 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
$401.6K $11.88/SF
− Vacancy
−$7.9K −$0.23/SF
EGI
$393.7K $11.65/SF
− OpEx
−$137.8K −$4.08/SF
NOI
$255.9K $7.57/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$11.88 /SF/Yr
Expense Ratio
35.00%
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%
$5,118,360
Cap Rate 7%
$3,655,971
Cap Rate 9%
$2,843,533
Alternative Uses
Best Use
Flex RnD
$3.66M
$3.20M – $4.27M
NOI $255,918 @ 7.0% cap · market cap 6.40%
Second Best
Warehouse
$3.62M
$3.17M – $4.23M
NOI $253,532 @ 7.0% cap · market cap 6.34%
Theoretical Best
Office A
$7.97M
$6.98M – $9.30M
NOI $558,224 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
80
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98226, WA
47,011
Population
20,609
Households
2.3
Avg Household Size
40
Median Age
40%
College-Educated
95%
High-School Grad
105.8 sq mi
ZIP Area
444
Density / Sq Mi
$79,684
Median Household Income
$45,337
Median Earnings
$1,557
Median Rent
$568,400
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Industrial and shop space with rebuilt office, exterior storage, and a large yard on over 12 acres.
Where is this flex space located?
The property is located at 164 W Smith Rd Bellingham, WA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Over 12 acres of industrial/ shop space with exterior storage and a large yard area; Office space rebuilt this year; Exterior storage includes silo storage
