Street-Level Retail Condo
13111327 11TH Bellingham, WA 98225
13111327 11TH, Bellingham, WA, 98225
$3,433,015
For Sale
$3,433,015
Eight street-level retail condos with NNN leases, 91.5% occupancy, and included underground parking rights in Bellingham, WA.
Property Size19,820 SF
Price / SF$173.21
Days on Market179
Property Features for 13111327 11TH
General Information
- Standard status
- Active
- Size
- 19,820 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2008
Listing agency
John L. Scott Bellingham
Listed by
Patrick Starr
(425) 205-2135
Source
Skylineproperties
Added: Jan 25 Updated: Jul 22 at 9:03PM Checked: Jul 22 at 9:03PM
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 John L. Scott Bellingham
Investment Insights
Based on property information with market context.
This offering consists of eight street-level commercial/retail condo units split between the Waldron & Young Buildings and encompassing Finnegan’s Alley. The portfolio totals 19,820 square feet, with 14,275 square feet identified as rentable. Current occupancy is 91.5%, and the remaining vacancy is described as a single unit currently vacant. Leases include escalations and are structured as NNN.
The properties are located at 1311 11th, Bellingham, WA 98225, with multiple addresses associated with the condo units. Sale also includes some underground parking rights, and the listing notes that unit views should be handled with discretion and tenants should not be disturbed.
Underwriting figures cited in the remarks include an 8% cap rate based on actual numbers.
The properties are located at 1311 11th, Bellingham, WA 98225, with multiple addresses associated with the condo units. Sale also includes some underground parking rights, and the listing notes that unit views should be handled with discretion and tenants should not be disturbed.
Underwriting figures cited in the remarks include an 8% cap rate based on actual numbers.
Key Highlights
- 8 street‑level commercial/retail condos at the Waldron & Young Buildings, encompassing Finnegan's Alley, with multiple addresses
- Total 19,820 SF with 14,275 SF rentable; built in 2008
- 91.5% occupied with current vacancy reflected in actual underwriting numbers (view units with discretion; do not disturb tenants)
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $356.8k | $18.00 |
| − Vacancy | −$18.9k | −$0.95 |
| EGI | $337.9k | $17.05 |
| − OpEx | −$101.4k | −$5.11 |
| NOI | $236.5k | $11.93 |
19,820 SF · lease $18.00/SF/yr · vacancy 5.30% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.38M
$2.96M – $3.94M
NOI $236,496 @ 7.0% cap · market cap 6.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.68M
$4.09M – $5.45M
NOI $327,298 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Eight street-level retail condos with NNN leases, 91.5% occupancy, and included underground parking rights in Bellingham, WA.
Where is this retail space located?
The property is located at 13111327 11TH Bellingham, WA.
What is the asking price?
The asking price for this property is $3,433,015.
What are key features of this property?
This property features: 8 street‑level commercial/retail condos at the Waldron & Young Buildings, encompassing Finnegan's Alley, with multiple addresses; Total 19,820 SF with 14,275 SF rentable; built in 2008; 91.5% occupied with current vacancy reflected in actual underwriting numbers (view units with discretion; do not disturb tenants)
