32-Unit Apartment
For Sale
$10,995,000
201 Tull Ct, Bellingham, WA 98226
Recently constructed townhome-style apartments offer private cul-de-sac surroundings and convenient access to shopping, education, and I-5.
Property Size30,104 SF
Price / SF$365.23
Days on Market76
Property Features for 201 Tull Ct
General Information
Standard status
Active
Size
30,104 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
32
Building Details
Year Built
2021
Listing Agency:
Muljat Group
Listed By:
Troy C. Muljat · License #2199
(360) 733-3030
Source:
Lincolnpnwteam
Added: Jul 22
Changed: Sep 23
Last Checked: Oct 4 at 1:07PM
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 Muljat Group
Investment Insights
Based on property information with market context.
Built in 2021, this 32-unit apartment property is arranged as townhome-style residences within a private cul-de-sac setting. The unit mix includes primarily two-bedroom, one-and-a-half-bath layouts along with some three-bedroom, two-and-a-half-bath residences. Each unit includes a fully equipped kitchen and in-unit washer and dryer, with finished interiors designed for contemporary residential use.
The property is located at 201 Tull Court in Bellingham, just off Meridian Street and within city limits. Shopping centers and Whatcom Community College are nearby, while I-5 access is just over one mile away. The combination of newer construction, varied unit layouts, and individual in-unit laundry provides a clear physical profile for multifamily ownership.
The property is located at 201 Tull Court in Bellingham, just off Meridian Street and within city limits. Shopping centers and Whatcom Community College are nearby, while I-5 access is just over one mile away. The combination of newer construction, varied unit layouts, and individual in-unit laundry provides a clear physical profile for multifamily ownership.
Key Highlights
- 32‑unit apartment property built in 2021
- Unit mix includes primarily 2‑bed/1.5‑bath and some 3‑bed/2.5‑bath residences
- Fully equipped kitchens in every unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$324,256
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,485,120
$6.5M
Cap Rate 7%
$4,632,229
$4.6M
Cap Rate 9%
$3,602,844
$3.6M
Market Conditions
NOI Build-Up for 30,104 SF
Gross rent
$614.1K $20.40/SF
− Vacancy
−$24.6K −$0.82/SF
EGI
$589.6K $19.58/SF
− OpEx
−$265.3K −$8.81/SF
NOI
$324.3K $10.77/SF
Area
Whatcom County, WA
Vacancy
4.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,485,120
Cap Rate 7%
$4,632,229
Cap Rate 9%
$3,602,844
Alternative Uses
Best Use
Apartment 5plus
$4.63M
$4.05M – $5.40M
NOI $324,256 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.10M
$6.21M – $8.29M
NOI $497,123 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
32
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
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
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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?
Apartment building - Recently constructed townhome-style apartments offer private cul-de-sac surroundings and convenient access to shopping, education, and I-5.
Where is this apartment building located?
The property is located at 201 Tull Ct Bellingham, WA.
What is the asking price?
The asking price for this property is $10,995,000.
What are key features of this property?
This property features: 32‑unit apartment property built in 2021; Unit mix includes primarily 2‑bed/1.5‑bath and some 3‑bed/2.5‑bath residences; Fully equipped kitchens in every unit
