Downtown Office Space For
For Sale
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1311-1313 Commercial Street, Bellingham, WA
Renovated office space in the heart of Downtown.
Property Size19,156 SF
Lot Size0.32 Acres
Price / SF$288.28
Days on Market294
Property Features for 1311-1313 Commercial Street
General Information
Standard status
Active
Size
19,156 SF
Lot size
0.32 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 1311-1313 Commercial Street Contact us- Size
- 19,156 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE
Renovated Downtown Office Building
Beautifully renovated and turn key office space in the heart of Downtown available...
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Listing Agency:
Pacific Continental Realty, LLC
(360) 671-4200
Listed By:
KC Coonc · License #17357
(360) 305-9977
Source:
Moodyscre
Added: Nov 23, 2025
Changed: Sep 9
Last Checked: Sep 13 at 6:22AM
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 Continental Realty, LLC
Investment Insights
Based on property information with market context.
This renovated office space is located in the heart of Downtown, situated across from the Commercial Street parking garage and adjacent to the Arts District. The location provides access to restaurants, shopping, and entertainment. The building features a combination of open floor space and private offices, designed to accommodate the needs of an evolving business. Amenities include a large conference room, exercise room, large kitchen, and reception area. The building offers both street and alley access, and skylights provide natural light. The property has a size of 19156 square feet.
Key Highlights
- Turn‑key, beautifully renovated office space.
- Prime Downtown location across from parking garage and adjacent to the Arts District.
- Combination of open floor space and private offices.
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
$268,047
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
4.85%
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%
$5,360,940
$5.4M
Cap Rate 7%
$3,829,243
$3.8M
Cap Rate 9%
$2,978,300
$3.0M
Market Conditions
NOI Build-Up for 19,156 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
$432.2K $22.56/SF
− Vacancy
−$74.8K −$3.90/SF
EGI
$357.4K $18.66/SF
− OpEx
−$89.3K −$4.66/SF
NOI
$268.0K $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%
$5,360,940
Cap Rate 7%
$3,829,243
Cap Rate 9%
$2,978,300
Alternative Uses
Best Use
Office B
$3.83M
$3.35M – $4.47M
NOI $268,047 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.52M
$3.95M – $5.27M
NOI $316,333 @ 7.0% cap · market cap 5.73%
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
3,642
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Renovated office space in the heart of Downtown.
Where is this office units located?
The property is located at 1311-1313 Commercial Street Bellingham, WA.
What is the asking price?
The asking price for this property is $5,522,212.
What are key features of this property?
This property features: Turn‑key, beautifully renovated office space.; Prime Downtown location across from parking garage and adjacent to the Arts District.; Combination of open floor space and private offices.
