Sprinklered Flex Space with
For Sale
$299,000
1704 Carolina Street B-6, Bellingham, WA 98229
Gated light-industrial unit with mezzanine, roll-up access, private bathroom, and LED lighting.
Property Size1,302 SF
Price / SF$229.65
Days on Market33
Property Features for 1704 Carolina Street B-6
General Information
Standard status
Active
Size
1,302 SF
Zoning
Light Industrial
Warehouse & Industrial
Clear Height
14 ft
Sprinkler System
Yes
Amenities
high-speed internet
private bathroom with shower
Building Details
Year Built
2022
Construction
steel construction
Listing Agency:
RE/MAX Whatcom County, Inc.
(360) 920-1218
Listed By:
Briddick Webb
Source:
Basedinbham
Added: Jul 27
Changed: Aug 28
Last Checked: Aug 25 at 4:04AM
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 RE/MAX Whatcom County, Inc.
Investment Insights
Based on property information with market context.
This 2022 flex-space condominium provides 1,302sf across two levels, including 945sf on the ground floor and 357sf upstairs. The steel building has wood-framed interior construction, one entry door, and a 14’ roll-up door serving an area with 14’ clear-height below the mezzanine. The unit is heated, insulated, sheet-rocked, and primed in key areas, with LED lighting and high-speed internet already in place.
A private bathroom with shower adds functional support, while full fire-sprinkler coverage contributes to the building’s safety systems. Located within the gated Carolina Business Park at 1704 Carolina Street B-6 in Bellingham, Washington, the property is zoned for Light Industrial use and can accommodate storage or other approved commercial needs.
A private bathroom with shower adds functional support, while full fire-sprinkler coverage contributes to the building’s safety systems. Located within the gated Carolina Business Park at 1704 Carolina Street B-6 in Bellingham, Washington, the property is zoned for Light Industrial use and can accommodate storage or other approved commercial needs.
Key Highlights
- 1,302sf flex‑space condominium with 945sf on the ground level and 357sf upstairs
- 14’ roll‑up door and 14’ clear‑height below the mezzanine
- 2022 construction with steel building and wood‑framed interiors
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
3.30%
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 3.30%
Second Best
Warehouse
$139.5K
$122.1K – $162.8K
NOI $9,765 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$307.2K
$268.8K – $358.4K
NOI $21,501 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14 ft
Clear height
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
638
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98229, WA
33,664
Population
14,392
Households
2.3
Avg Household Size
40
Median Age
51%
College-Educated
95%
High-School Grad
50.2 sq mi
ZIP Area
671
Density / Sq Mi
$90,068
Median Household Income
$45,503
Median Earnings
$1,533
Median Rent
$564,700
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Gated light-industrial unit with mezzanine, roll-up access, private bathroom, and LED lighting.
Where is this flex space located?
The property is located at 1704 Carolina Street B-6 Bellingham, WA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 1,302sf flex‑space condominium with 945sf on the ground level and 357sf upstairs; 14’ roll‑up door and 14’ clear‑height below the mezzanine; 2022 construction with steel building and wood‑framed interiors
