Refreshed Two-Story Victorian
For Sale
$659,000
1416 Humboldt Street, Bellingham, WA 98225
Vacant legal duplex with updated systems, appliances, windows, finishes, and flexible unit configuration.
Property Size1,696 SF
Days on Market26
Property Features for 1416 Humboldt Street
General Information
Standard status
Active
Size
1,696 SF
Total Parking Spaces
4
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,496
Amenities
Cable TV
Building Details
Building Size
1,696 SF
Year Built
1895
Buildings
1
Stories
2
Units
2
Construction
Victorian
Listing Agency:
Rainshine Realty
(360) 733-7744
Listed By:
Glen Whitfield
(360) 733-7744
Source:
Multifamilyspecialist
Added: Jul 23
Changed: Aug 17
Last Checked: Aug 17 at 6:04AM
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 Rainshine Realty
Investment Insights
Based on property information with market context.
Built in 1895, this two-story Victorian property is currently configured as a legal duplex with units A and B. The property is vacant and includes recent improvements such as a mini-split heat pump for upstairs heating and cooling, newer water heaters and appliances, updated floor coverings, new windows, fresh interior paint, and refreshed exterior trim. Plumbing work includes new drainage and water-supply piping, while the main-level kitchen has a new double sink.
Located at 1416 Humboldt Street in Bellingham, the property sits half a block north of Nelson's Market, with access to downtown, Western Washington University, Fred Meyer, and nearby schools. Cable TV and gas availability are also noted. The current duplex arrangement may be changed back to a four-bedroom home, subject to applicable requirements.
Located at 1416 Humboldt Street in Bellingham, the property sits half a block north of Nelson's Market, with access to downtown, Western Washington University, Fred Meyer, and nearby schools. Cable TV and gas availability are also noted. The current duplex arrangement may be changed back to a four-bedroom home, subject to applicable requirements.
Key Highlights
- Legal duplex with units A and B; currently vacant
- Two‑story Victorian property built in 1895
- Upstairs mini‑split heat pump provides heating and cooling
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
$19,728
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%
$394,560
$394.6K
Cap Rate 7%
$281,829
$281.8K
Cap Rate 9%
$219,200
$219.2K
Market Conditions
NOI Build-Up for 1,696 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
$29.5K $17.40/SF
− Vacancy
−$1.3K −$0.78/SF
EGI
$28.2K $16.62/SF
− OpEx
−$8.5K −$4.99/SF
NOI
$19.7K $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%
$394,560
Cap Rate 7%
$281,829
Cap Rate 9%
$219,200
Alternative Uses
Best Use
Multifamily LT 5
$281.8K
$246.6K – $328.8K
NOI $19,728 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$261.0K
$228.4K – $304.5K
NOI $18,268 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$400.1K
$350.1K – $466.8K
NOI $28,007 @ 7.0% cap · market cap 4.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,966
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Vacant legal duplex with updated systems, appliances, windows, finishes, and flexible unit configuration.
Where is this duplex located?
The property is located at 1416 Humboldt Street Bellingham, WA.
What is the asking price?
The asking price for this property is $659,000.
What are key features of this property?
This property features: Legal duplex with units A and B; currently vacant; Two‑story Victorian property built in 1895; Upstairs mini‑split heat pump provides heating and cooling
