Waterfront Retail
For Sale
Contact for pricing
1025 Granary Ave, Bellingham, WA 98225
Modern concrete, steel, and glass retail space positioned on Bellingham Bay beneath 103 luxury waterfront condos.
Property Size1,093 SF
Price / SF$400
Days on Market1065
Property Features for 1025 Granary Ave
General Information
Standard status
Active
Size
1,093 SF
Property subtype
RETAIL
Building Details
Construction
concrete, steel, glass
Listing Agency:
Realogics Sotheby's International Realty Bellevue
(425) 800-0310
Listed By:
Chris Erdmann
(360) 739-4236
Source:
Moodyscre
Added: Oct 18, 2023
Changed: Sep 14
Last Checked: Sep 15 at 11:51AM
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 modern retail space features concrete, steel, and glass construction and is described as energy efficient and built for sustainability. The offering is currently leased out.
Located on Bellingham Bay at the heart of the waterfront near downtown, the space sits directly below 103 luxury waterfront condominiums. The surrounding area is associated with an active events calendar, including races and concerts, supporting a steady flow of visitors.
As presented, this is a Class A commercial retail asset in a waterfront setting designed to serve both residents and visitors.
Located on Bellingham Bay at the heart of the waterfront near downtown, the space sits directly below 103 luxury waterfront condominiums. The surrounding area is associated with an active events calendar, including races and concerts, supporting a steady flow of visitors.
As presented, this is a Class A commercial retail asset in a waterfront setting designed to serve both residents and visitors.
Key Highlights
- Prime waterfront retail space on Bellingham Bay
- Modern concrete, steel, and glass building construction
- Located beneath 103 luxury waterfront condominiums
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
$13,042
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%
$260,840
$260.8K
Cap Rate 7%
$186,314
$186.3K
Cap Rate 9%
$144,911
$144.9K
Market Conditions
NOI Build-Up for 1,093 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
$19.7K $18.00/SF
− Vacancy
−$1.0K −$0.95/SF
EGI
$18.6K $17.05/SF
− OpEx
−$5.6K −$5.11/SF
NOI
$13.0K $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%
$260,840
Cap Rate 7%
$186,314
Cap Rate 9%
$144,911
Alternative Uses
Best Use
Retail
$186.3K
$163.0K – $217.4K
NOI $13,042 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$257.8K
$225.6K – $300.8K
NOI $18,049 @ 7.0% cap · market cap 4.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
388
Businesses Nearby
Well-served
Demand for This Use
Explore this area
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?
Storefront property - Modern concrete, steel, and glass retail space positioned on Bellingham Bay beneath 103 luxury waterfront condos.
Where is this storefront property located?
The property is located at 1025 Granary Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $437,200.
What are key features of this property?
This property features: Prime waterfront retail space on Bellingham Bay; Modern concrete, steel, and glass building construction; Located beneath 103 luxury waterfront condominiums
