For Sale
$1,149,000
151 Bay Lyn Dr, Lynden, WA 98264
Duplexes
Property Size2,804 SF
Price / SF$409.77
Days on Market36
Property Features for 151 Bay Lyn Dr
General Information
Standard status
Active
Size
2,804 SF
Property subtype
Multi-Family
Building Details
Year Built
1954
Listing Agency:
eXp Realty
(360) 296-6092
Listed By:
Hanna McLendon
Source:
Lifestylehomeswithmel
Added: Jul 27
Changed: Aug 31
Last Checked: Aug 25 at 5:01AM
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 eXp Realty
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
$32,616
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
2.84%
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%
$652,320
$652.3K
Cap Rate 7%
$465,943
$465.9K
Cap Rate 9%
$362,400
$362.4K
Market Conditions
NOI Build-Up for 2,804 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
$48.8K $17.40/SF
− Vacancy
−$2.2K −$0.78/SF
EGI
$46.6K $16.62/SF
− OpEx
−$14.0K −$4.99/SF
NOI
$32.6K $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%
$652,320
Cap Rate 7%
$465,943
Cap Rate 9%
$362,400
Alternative Uses
Best Use
Multifamily LT 5
$465.9K
$407.7K – $543.6K
NOI $32,616 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$431.5K
$377.5K – $503.4K
NOI $30,202 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$661.5K
$578.8K – $771.7K
NOI $46,304 @ 7.0% cap · market cap 4.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
336
Businesses Nearby
Explore this area
Business Placement
Demographics for 98264, WA
23,170
Population
8,395
Households
2.8
Avg Household Size
38
Median Age
25%
College-Educated
90%
High-School Grad
57.2 sq mi
ZIP Area
405
Density / Sq Mi
$95,225
Median Household Income
$47,046
Median Earnings
$1,611
Median Rent
$538,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
Where is this duplex located?
The property is located at 151 Bay Lyn Dr Lynden, WA.
What is the asking price?
The asking price for this property is $1,149,000.
