Triplex with Dual-Street
For Sale
$899,000
1810 Wilson Ave, Bellingham, WA 98225
Three-unit property includes two-bedroom apartments and a separate studio.
Property Size2,592 SF
Lot Size0.17 Acres
Price / SF$346.84
Days on Market40
Property Features for 1810 Wilson Ave
General Information
Standard status
Active
Size
2,592 SF
Lot size
0.17 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x studio
Multifamily Units
3
Additional Details
Road Access
Yes
Building Details
Year Built
1971
Listing Agency:
COMPASS
(360) 738-7070
Listed By:
Brandon Nelson · License #25442
Source:
Basedinbham
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 11:52AM
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 COMPASS
Investment Insights
Based on property information with market context.
Built in 1971, this 2,592-square-foot triplex comprises two two-bedroom, one-bath apartments and a separate 1,008-square-foot studio. The apartments offer open kitchen and living areas, hall and bathroom storage, decks, full-size washer and dryers, and attached one-car garages. The studio includes a full kitchen, full-size laundry, a large living area, and additional sleeping, storage, or lounge space.
The property occupies a 7,500-square-foot lot with access from both Wilson Ave. and Cowgill Ave. The Cowgill side includes an oversized parking and yard area that may support additional units, subject to verification with COB. The property is within the attendance areas for Lowell Elementary, Fairhaven Middle School, and Sehome High School, and is located near Fairhaven Village’s shops, restaurants, parks, and entertainment.
The property occupies a 7,500-square-foot lot with access from both Wilson Ave. and Cowgill Ave. The Cowgill side includes an oversized parking and yard area that may support additional units, subject to verification with COB. The property is within the attendance areas for Lowell Elementary, Fairhaven Middle School, and Sehome High School, and is located near Fairhaven Village’s shops, restaurants, parks, and entertainment.
Key Highlights
- Triplex with 2,592 square feet of property size
- 7,500 square foot lot with access from Wilson Ave. and Cowgill Ave.
- Two 2‑bedroom, 1‑bath apartments with attached 1‑car garages
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
$30,150
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
3.35%
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%
$603,000
$603.0K
Cap Rate 7%
$430,714
$430.7K
Cap Rate 9%
$335,000
$335.0K
Market Conditions
NOI Build-Up for 2,592 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
$45.1K $17.40/SF
− Vacancy
−$2.0K −$0.78/SF
EGI
$43.1K $16.62/SF
− OpEx
−$12.9K −$4.99/SF
NOI
$30.1K $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%
$603,000
Cap Rate 7%
$430,714
Cap Rate 9%
$335,000
Alternative Uses
Best Use
Multifamily LT 5
$430.7K
$376.9K – $502.5K
NOI $30,150 @ 7.0% cap · market cap 3.35%
Second Best
Apartment 5plus
$398.8K
$349.0K – $465.3K
NOI $27,919 @ 7.0% cap · market cap 3.11%
Theoretical Best
Office A
$611.5K
$535.0K – $713.4K
NOI $42,803 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
822
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property includes two-bedroom apartments and a separate studio.
Where is this triplex located?
The property is located at 1810 Wilson Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Triplex with 2,592 square feet of property size; 7,500 square foot lot with access from Wilson Ave. and Cowgill Ave.; Two 2‑bedroom, 1‑bath apartments with attached 1‑car garages
