Fourplex With Bay-View
For Sale
$915,000
1408 G, Bellingham, WA 98225
Well-maintained fourplex with four 1-bedroom, 1-bath units, on-site parking, and a community laundry room.
Property Size2,352 SF
Price / SF$389.03
Days on Market169
Property Features for 1408 G
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
4
Amenities
on-site parking lot
community laundry room
dedicated storage locker for each unit
Building Details
Year Built
1980
Tenancy
Multi
Listing Agency:
Bellwether Real Estate
Listed By:
Renae Ingraham
(425) 205-2135
Source:
Skylineproperties
Added: Mar 29
Changed: Sep 13
Last Checked: Sep 13 at 10:26AM
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 Bellwether Real Estate
Investment Insights
Based on property information with market context.
This well-maintained fourplex includes four 1-bedroom, 1-bath units, and each unit offers views of Bellingham Bay. The property features a newer roof, a dedicated on-site parking lot with off-street parking, a community laundry room, and a dedicated storage locker for each unit.
Located in Bellingham’s Old Town District waterfront area and the Lettered Streets neighborhood, the property sits near downtown Bellingham, Western Washington University, the waterfront, shopping, dining, parks, and public transportation.
As a residential income property, it is configured as four separate one-bedroom units within a single building.
Located in Bellingham’s Old Town District waterfront area and the Lettered Streets neighborhood, the property sits near downtown Bellingham, Western Washington University, the waterfront, shopping, dining, parks, and public transportation.
As a residential income property, it is configured as four separate one-bedroom units within a single building.
Key Highlights
- Well‑maintained 4‑plex built in 1980 with four 1‑bedroom, 1‑bath units
- Each unit offers views of Bellingham Bay
- On‑site parking lot with ample off‑street parking
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
$27,358
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
2.99%
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%
$547,160
$547.2K
Cap Rate 7%
$390,829
$390.8K
Cap Rate 9%
$303,978
$304.0K
Market Conditions
NOI Build-Up for 2,352 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
$40.9K $17.40/SF
− Vacancy
−$1.8K −$0.78/SF
EGI
$39.1K $16.62/SF
− OpEx
−$11.7K −$4.99/SF
NOI
$27.4K $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%
$547,160
Cap Rate 7%
$390,829
Cap Rate 9%
$303,978
Alternative Uses
Best Use
Multifamily LT 5
$390.8K
$342.0K – $456.0K
NOI $27,358 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$361.9K
$316.7K – $422.2K
NOI $25,334 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$554.9K
$485.5K – $647.3K
NOI $38,840 @ 7.0% cap · market cap 4.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,988
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
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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?
Quadplex - Well-maintained fourplex with four 1-bedroom, 1-bath units, on-site parking, and a community laundry room.
Where is this quadplex located?
The property is located at 1408 G Bellingham, WA.
What is the asking price?
The asking price for this property is $915,000.
What are key features of this property?
This property features: Well‑maintained 4‑plex built in 1980 with four 1‑bedroom, 1‑bath units; Each unit offers views of Bellingham Bay; On‑site parking lot with ample off‑street parking
