Downtown Bellingham Class A
For Sale
$1,950,000
1501 Cornwall Ave, Bellingham, WA 98225
Class A building in downtown Bellingham with drive-through.
Property Size9,600 SF
Price / SF$203.13
Days on Market200
Property Features for 1501 Cornwall Ave
General Information
Standard status
Active
Size
9,600 SF
Building Details
Year Built
1972
Listing Agency:
Windermere RE Whatcom, Inc.
Listed By:
John Templeton · License #3046
(360) 296-7251
Source:
Lincolnpnwteam
Added: Mar 26
Changed: Oct 6
Last Checked: Oct 7 at 5:09PM
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 Windermere RE Whatcom, Inc.
Investment Insights
Based on property information with market context.
Located in downtown Bellingham, this Class A building underwent a million-dollar upgrade and remodel in 2015. The property features 4,800 square feet on the upper level, complemented by a 4,800-square-foot built-out lower level. Equipped with substantial power, the building is suitable for various uses, including a bank with a drive-through, an insurance agency, or general office space, and could be fully operational in less than a month. The zoning allows for additions, with no setbacks, parking, or height restrictions. Sixteen on-site parking spaces are available. The property is situated within an Opportunity Zone and is near four major banks. It is the only available building with a fully functional drive-through and presents potential for additional development.
Key Highlights
- Fully functional drive‑through - the only one available!
- Opportunity Zone location in Downtown Bellingham.
- Significant upgrade/remodel completed in 2015.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$126,004
Cap Rate
6.46%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,520,080
$2.5M
Cap Rate 7%
$1,800,057
$1.8M
Cap Rate 9%
$1,400,044
$1.4M
Market Conditions
NOI Build-Up for 9,600 SF
Gross rent
$177.4K $18.48/SF
− Vacancy
−$9.4K −$0.98/SF
EGI
$168.0K $17.50/SF
− OpEx
−$42.0K −$4.38/SF
NOI
$126.0K $13.13/SF
Area
Whatcom County, WA
Vacancy
5.30%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,520,080
Cap Rate 7%
$1,800,057
Cap Rate 9%
$1,400,044
Alternative Uses
Best Use
Specialty Retail
$1.80M
$1.58M – $2.10M
NOI $126,004 @ 7.0% cap · market cap 6.46%
Second Best
Retail
$1.64M
$1.43M – $1.91M
NOI $114,549 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,530 @ 7.0% cap · market cap 8.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,637
Businesses Nearby
66k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Groceries 20%
Dining 6%
Home Improvements & Furnishings 6%
Grocery Outlet Bargain Market
Groceries
13,469 visits/mo
0.3 miles
Dollar Tree
Shops & Services
10,253 visits/mo
0.2 miles
U.S. Bank
Shops & Services
6,011 visits/mo
0.2 miles
Chase Bank
Shops & Services
4,015 visits/mo
0.1 miles
Peoples Bank
Shops & Services
3,812 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bank - Class A building in downtown Bellingham with drive-through.
Where is this bank located?
The property is located at 1501 Cornwall Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Fully functional drive‑through - the only one available!; Opportunity Zone location in Downtown Bellingham.; Significant upgrade/remodel completed in 2015.
