Duplex with Two-Car
For Sale
$795,000
2316 Xenia St, Bellingham, WA 98229
Two residential units each provide three bedrooms, two bathrooms, and a two-car garage.
Property Size2,470 SF
Price / SF$321.86
Days on Market53
Property Features for 2316 Xenia St
General Information
Standard status
Active
Size
2,470 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Building Details
Year Built
1999
Buildings
1
Listing Agency:
Birch Bay Realty Inc.
Listed By:
Ron Kulman
(360) 371-7844
Source:
Lifestylehomeswithmel
Added: Aug 10
Changed: Sep 21
Last Checked: Oct 1 at 1:45PM
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 Birch Bay Realty Inc.
Investment Insights
Based on property information with market context.
This Bellingham duplex includes two residential units, with each offering 3 bedrooms, 2 bathrooms, and a 2-car garage. Unit 2316 has been updated, and the property is being sold by its original owner.
The property is located at 2316 Xenia Street in Bellingham, WA 98229, near Barkley and Whatcom Falls Park.
The property is located at 2316 Xenia Street in Bellingham, WA 98229, near Barkley and Whatcom Falls Park.
Key Highlights
- Two‑unit duplex in Bellingham
- Each unit has 3 bedrooms and 2 bathrooms
- Each unit includes a 2‑car garage
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
$28,731
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
3.61%
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%
$574,620
$574.6K
Cap Rate 7%
$410,443
$410.4K
Cap Rate 9%
$319,233
$319.2K
Market Conditions
NOI Build-Up for 2,470 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
$43.0K $17.40/SF
− Vacancy
−$1.9K −$0.78/SF
EGI
$41.0K $16.62/SF
− OpEx
−$12.3K −$4.99/SF
NOI
$28.7K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /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%
$574,620
Cap Rate 7%
$410,443
Cap Rate 9%
$319,233
Alternative Uses
Best Use
Multifamily LT 5
$410.4K
$359.1K – $478.9K
NOI $28,731 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$380.1K
$332.6K – $443.4K
NOI $26,605 @ 7.0% cap · market cap 3.35%
Theoretical Best
Office A
$582.7K
$509.9K – $679.8K
NOI $40,788 @ 7.0% cap · market cap 5.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 98229, WA
33,664
Population
14,392
Households
2.3
Avg Household Size
40
Median Age
51%
College-Educated
95%
High-School Grad
50.2 sq mi
ZIP Area
671
Density / Sq Mi
$90,068
Median Household Income
$45,503
Median Earnings
$1,533
Median Rent
$564,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units each provide three bedrooms, two bathrooms, and a two-car garage.
Where is this duplex located?
The property is located at 2316 Xenia St Bellingham, WA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Two‑unit duplex in Bellingham; Each unit has 3 bedrooms and 2 bathrooms; Each unit includes a 2‑car garage
