Duplex with Private
New
For Sale
$950,000
1406 Franklin, Bellingham, WA 98225
Fully occupied duplex with two residential sides, in-unit laundry, private bathrooms, and off-street parking.
Property Size3,455 SF
Price / SF$274.96
Days on Market6
Property Features for 1406 Franklin
General Information
Standard status
Active
Size
3,455 SF
Property subtype
Multi-family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 1BR/1BA
Multifamily Units
2
Amenities
in-unit laundry
off-street parking
Building Details
Year Built
1900
Buildings
1
Listing Agency:
Hammer Properties NW Inc.
Listed By:
Joe Tedrow
(360) 756-6500
Source:
Skylineproperties
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 5 at 5:46AM
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 Hammer Properties NW Inc.
Investment Insights
Based on property information with market context.
Built in 1900, this 3,455-square-foot duplex is configured with two separate residential sides. Each side includes one bedroom, a private full bathroom, living space, and in-unit laundry. Off-street parking serves the property, and both units are currently occupied.
The property is positioned near I-5, Western Washington University, downtown Bellingham, public transit, and Nelson’s Market. Restaurants, breweries, and other neighborhood businesses are accessible by walking or biking, adding convenience for residents. The York Neighborhood setting combines established residential character with access to nearby services and employment, education, and retail destinations.
The property is positioned near I-5, Western Washington University, downtown Bellingham, public transit, and Nelson’s Market. Restaurants, breweries, and other neighborhood businesses are accessible by walking or biking, adding convenience for residents. The York Neighborhood setting combines established residential character with access to nearby services and employment, education, and retail destinations.
Key Highlights
- 3,455‑square‑foot duplex built in 1900
- Two residential sides, each with one bedroom and a private full bathroom
- In‑unit laundry provided on both sides
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
$40,188
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
4.23%
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%
$803,760
$803.8K
Cap Rate 7%
$574,114
$574.1K
Cap Rate 9%
$446,533
$446.5K
Market Conditions
NOI Build-Up for 3,455 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
$60.1K $17.40/SF
− Vacancy
−$2.7K −$0.78/SF
EGI
$57.4K $16.62/SF
− OpEx
−$17.2K −$4.99/SF
NOI
$40.2K $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%
$803,760
Cap Rate 7%
$574,114
Cap Rate 9%
$446,533
Alternative Uses
Best Use
Multifamily LT 5
$574.1K
$502.4K – $669.8K
NOI $40,188 @ 7.0% cap · market cap 4.23%
Second Best
Apartment 5plus
$531.6K
$465.2K – $620.2K
NOI $37,214 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$815.1K
$713.2K – $950.9K
NOI $57,054 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,249
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with two residential sides, in-unit laundry, private bathrooms, and off-street parking.
Where is this duplex located?
The property is located at 1406 Franklin Bellingham, WA.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 3,455‑square‑foot duplex built in 1900; Two residential sides, each with one bedroom and a private full bathroom; In‑unit laundry provided on both sides
