Warehouse Condo in Gated
For Sale
Contact for pricing
1700-1708 Carolina St, Bellingham, WA
Versatile warehouse condo with mezzanine, ideal for storage.
Property Size1,302 SF
Lot Size2.99 Acres
Price / SF$211.21
Days on Market380
Property Features for 1700-1708 Carolina St
General Information
Standard status
Active
Size
1,302 SF
Lot size
2.99 Acres
Property subtype
INDUSTRIAL
Lease Type
NNN
Properties For Sale
at 1700-1708 Carolina St Contact us- Size
- 1,302 SF
- Type
- INDUSTRIAL
- Lease Type
- NNN
- Availability
- AVAILABLE, On Available Date
Carolina Business Park - C-2
Built in 2022, the Carolina Business Park offers a modern solution to fit your business...
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Listing Agency:
Gage Commercial Real Estate LLC
(360) 820-4645
Listed By:
Greg Martineau,CCIM
(360) 820-4645
Source:
Moodyscre
Added: Aug 3, 2025
Changed: Aug 8
Last Checked: Aug 16 at 5:36AM
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 Gage Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Located within the gated Carolina Business Park, this warehouse-condo provides 1,302 square feet of flexible space, including 945 square feet on the ground level and 357 square feet upstairs. Constructed with steel framing and wood-framed interiors, the unit includes one entry door and a 14-foot roll-up door, with a 14-foot clear height below the mezzanine. It is suitable for storing boats or RVs. The space is equipped with 3-phase power (125A, 120/208), high-speed internet, and LED lighting. Key areas are heated, insulated, sheet-rocked, and primed. A private bathroom includes a shower. The building is fully sprinklered for fire safety. Zoned for Light Industrial use, this move-in ready unit is suited for a variety of needs.
Key Highlights
- Versatile 1,302sf warehouse‑condo in gated Carolina Business Park.
- Features a 14’ roll‑up door and 14’ clear‑height, suitable for storing boats/RVs.
- Equipped with 3‑phase power (125A, 120/208) and high‑speed internet.
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
$9,857
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
3.58%
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%
$197,140
$197.1K
Cap Rate 7%
$140,814
$140.8K
Cap Rate 9%
$109,522
$109.5K
Market Conditions
NOI Build-Up for 1,302 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
$15.5K $11.88/SF
− Vacancy
−$303 −$0.23/SF
EGI
$15.2K $11.65/SF
− OpEx
−$5.3K −$4.08/SF
NOI
$9.9K $7.57/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$11.88 /SF/Yr
Expense Ratio
35.00%
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%
$197,140
Cap Rate 7%
$140,814
Cap Rate 9%
$109,522
Alternative Uses
Best Use
Flex RnD
$140.8K
$123.2K – $164.3K
NOI $9,857 @ 7.0% cap · market cap 3.58%
Second Best
Warehouse
$139.5K
$122.1K – $162.8K
NOI $9,765 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$307.2K
$268.8K – $358.4K
NOI $21,501 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Brooks Property Management — 1301 Iowa St, Bellingham, WA 98229
- Bellingham Heated Mini-Storage — 1910 James St, Bellingham, WA 98225
- Northwest Container Rentals, Inc. — 1515 Kentucky St, Bellingham, WA 98229
- Carolina Self Storage — 1712 Carolina St, Bellingham, WA 98229
- Mt. Movers — 2119 Lincoln St, Bellingham, WA 98225
Frequently Asked Questions
What type of property is this?
Warehouse - Versatile warehouse condo with mezzanine, ideal for storage.
Where is this warehouse located?
The property is located at 1700-1708 Carolina St Bellingham, WA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Versatile 1,302sf warehouse‑condo in gated Carolina Business Park.; Features a 14’ roll‑up door and 14’ clear‑height, suitable for storing boats/RVs.; Equipped with 3‑phase power (125A, 120/208) and high‑speed internet.
