Duplex with Recent
For Sale
$825,000
Pending
1826 Valencia St, Bellingham, WA 98229
Matching two-story units combine residential layouts with private laundry, fireplaces, and outdoor living areas.
Property Size2,900 SF
Lot Size0.19 Acres
Days on Market67
Property Features for 1826 Valencia St
General Information
Standard status
Pending
Size
2,900 SF
Lot size
0.19 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
gas fireplace
washer and dryer
outdoor living spaces
Building Details
Year Built
1999
Stories
2
Listing Agency:
RE/MAX Whatcom County, Inc.
Listed By:
Sean Jeffrey · License #JEFFRS292JR
(360) 647-1313
Source:
Homesinseattlearea
Added: Jul 19
Changed: Sep 9
Last Checked: Sep 22 at 6:04PM
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 duplex was built in 1999 and contains two matching two-story units, each measuring 1,450 sq. ft. Every unit includes three bedrooms and 2.5 bathrooms. The main floor has a living room with a gas fireplace, kitchen, half bathroom, and laundry room, while the upper level contains three bedrooms and two full bathrooms. Each primary bedroom features a vaulted ceiling. Washer and dryer appliances are included in both units, and each residence offers outdoor living space. The roof is less than 1 year old.
The property sits at the end of a low-traffic dead-end street at 1826 Valencia St in Bellingham, WA. Shopping, dining, schools, and everyday amenities are nearby, with access to the Whatcom Falls Park Trail also noted. The duplex occupies an 8,276 sq. ft. lot and is presented as suitable for an investor or an owner-occupant using one unit while renting the other.
The property sits at the end of a low-traffic dead-end street at 1826 Valencia St in Bellingham, WA. Shopping, dining, schools, and everyday amenities are nearby, with access to the Whatcom Falls Park Trail also noted. The duplex occupies an 8,276 sq. ft. lot and is presented as suitable for an investor or an owner-occupant using one unit while renting the other.
Key Highlights
- Two matching units, each with 1,450 sq. ft., 3 bedrooms, and 2.5 bathrooms
- Built in 1999 with a roof less than 1 year old
- Two‑story layouts include gas fireplaces, kitchens, laundry rooms, and outdoor living spaces
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
$33,733
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
4.09%
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%
$674,660
$674.7K
Cap Rate 7%
$481,900
$481.9K
Cap Rate 9%
$374,811
$374.8K
Market Conditions
NOI Build-Up for 2,900 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
$50.5K $17.40/SF
− Vacancy
−$2.3K −$0.78/SF
EGI
$48.2K $16.62/SF
− OpEx
−$14.5K −$4.99/SF
NOI
$33.7K $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%
$674,660
Cap Rate 7%
$481,900
Cap Rate 9%
$374,811
Alternative Uses
Best Use
Multifamily LT 5
$481.9K
$421.7K – $562.2K
NOI $33,733 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$446.2K
$390.5K – $520.6K
NOI $31,236 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$684.1K
$598.6K – $798.2K
NOI $47,889 @ 7.0% cap · market cap 5.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
567
Businesses Nearby
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Matching two-story units combine residential layouts with private laundry, fireplaces, and outdoor living areas.
Where is this duplex located?
The property is located at 1826 Valencia St Bellingham, WA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two matching units, each with 1,450 sq. ft., 3 bedrooms, and 2.5 bathrooms; Built in 1999 with a roof less than 1 year old; Two‑story layouts include gas fireplaces, kitchens, laundry rooms, and outdoor living spaces
