Two-Bay Flex
For Sale
$335,000
1972 Baltic Way F-109, Ferndale, WA 98248
Modern flex unit with loft, overhead doors, and controlled gated access.
Property Size2,200 SF
Price / SF$152.27
Days on Market9
Property Features for 1972 Baltic Way F-109
General Information
Standard status
Active
Size
2,200 SF
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Sprinkler System
Yes
Amenities
bathroom with shower
generous loft
utility sink
50-amp RV outlet
Comcast Business wiring
secure gated access
individual mailboxes
Building Details
Year Built
2024
Listing Agency:
Windermere RE Whatcom, Inc.
(360) 734-7500
Listed By:
Dave Rehm
Source:
Lifestylehomeswithmel
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 29 at 12:07PM
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.
Built in 2024, this 2,200 SF flex condominium unit combines two bays with a bathroom and shower, loft storage, concrete floors, windows, and a utility sink. Access is supported by two overhead doors measuring 14' x 14' and 9' x 8'. Building systems include a 75,000 BTU heater, fire sprinklers, metal siding and roofing, R38 ceiling insulation, R25 wall insulation, a 50-amp RV outlet, and Comcast Business wiring.
The property is located at 1972 Baltic Way in Ferndale, with quick access to I-5. The condominium complex provides over 50' wide aisleways, gated entry through keypad or remote access, individual addresses, and dedicated mailboxes.
The property is located at 1972 Baltic Way in Ferndale, with quick access to I-5. The condominium complex provides over 50' wide aisleways, gated entry through keypad or remote access, individual addresses, and dedicated mailboxes.
Key Highlights
- 2,200 SF unit with two spacious bays
- Two overhead doors: 14' x 14' and 9' x 8'
- Loft, bathroom with shower, concrete floors, and utility sink
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
$16,655
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
4.97%
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%
$333,100
$333.1K
Cap Rate 7%
$237,929
$237.9K
Cap Rate 9%
$185,056
$185.1K
Market Conditions
NOI Build-Up for 2,200 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
$26.1K $11.88/SF
− Vacancy
−$512 −$0.23/SF
EGI
$25.6K $11.65/SF
− OpEx
−$9.0K −$4.08/SF
NOI
$16.7K $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%
$333,100
Cap Rate 7%
$237,929
Cap Rate 9%
$185,056
Alternative Uses
Best Use
Flex RnD
$237.9K
$208.2K – $277.6K
NOI $16,655 @ 7.0% cap · market cap 4.97%
Second Best
Warehouse
$235.7K
$206.3K – $275.0K
NOI $16,500 @ 7.0% cap · market cap 4.93%
Theoretical Best
Office A
$519.0K
$454.1K – $605.5K
NOI $36,330 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Fenced yard
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Modern flex unit with loft, overhead doors, and controlled gated access.
Where is this flex space located?
The property is located at 1972 Baltic Way F-109 Ferndale, WA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 2,200 SF unit with two spacious bays; Two overhead doors: 14' x 14' and 9' x 8'; Loft, bathroom with shower, concrete floors, and utility sink
