Building Details

Year Built 2026

Listing Agency: Windermere RE Whatcom, Inc.

Listed By: David Rehm Show Phone

Source: Findahomeseattle

Added: Oct 4 Changed: Oct 10 Last Checked: Oct 10 at 2:30AM

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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 Windermere RE Whatcom, Inc.

Investment Insights

Based on property information with market context.

This 2026-built flex space unit has 3,618 total square feet, comprising a 2,970-square-foot floor plan and a 648-square-foot mezzanine. Its current configuration includes a bathroom with shower, utility sink, concrete floors, fire sprinklers and 50-amp outlets. Four overhead doors—two measuring 14' x 14' and two measuring 9' x 8'—provide access to the unit. Comcast Business wiring is installed, and the unit has an individual address and mailbox.

The condominium complex offers gated entry by keypad or remote and aisleways more than 50 feet wide. The property provides access to I-5.

Key Highlights

• 3,618 total square feet, including a 2,970 SF floor plan and 648 SF mezzanine
• Four overhead doors: two 14' x 14' and two 9' x 8'
• Bathroom with shower, utility sink, concrete floors and fire sprinklers

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$27,391

Cap Rate

4.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$547,820 $547.8K

Cap Rate 7%

$391,300 $391.3K

Cap Rate 9%

$304,344 $304.3K

Market Conditions

NOI Build-Up for 3,618 SF

Gross rent

$43.0K $11.88/SF

− Vacancy

−$842 −$0.23/SF

EGI

$42.1K $11.65/SF

− OpEx

−$14.7K −$4.08/SF

NOI

$27.4K $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 Rate 5%

$547,820

Cap Rate 7%

$391,300

Cap Rate 9%

$304,344

Alternative Uses

Best Use

Flex RnD

$391.3K

$342.4K – $456.5K (±1% cap)

NOI $27,391 @ 7.0% cap · market cap 4.49%

Second Best

Warehouse

$387.6K

$339.2K – $452.3K (±1% cap)

NOI $27,135 @ 7.0% cap · market cap 4.45%

Theoretical Best

Office A

$853.5K

$746.8K – $995.8K (±1% cap)

NOI $59,746 @ 7.0% cap · market cap 9.79%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Building Supply Law Firm Parking Lot & Garage Bakery Daycare Center Accounting Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Sprinkler system

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

19

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 98248, WA

26,784

Population

10,576

Households

2.5

Avg Household Size

39

Median Age

31%

College-Educated

93%

High-School Grad

71.8 sq mi

ZIP Area

373

Density / Sq Mi

$88,566

Median Household Income

$50,059

Median Earnings

$1,455

Median Rent

$550,300

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - The unit includes a shower-equipped bathroom, utility sink, dedicated mailbox and Comcast Business wiring.

Where is this flex space located?

The property is located at 1958 Baltic Way Unit E-111 Ferndale, WA.

What is the asking price?

The asking price for this property is $610,000.

What are key features of this property?

This property features: 3,618 total square feet, including a 2,970 SF floor plan and 648 SF mezzanine; Four overhead doors: two 14' x 14' and two 9' x 8'; Bathroom with shower, utility sink, concrete floors and fire sprinklers