Flex Space with
For Sale
$399,950
1985 Alpine Way # 12, Bellingham, WA 98226
Two-level commercial workspace with a kitchenette, half bathroom, utility service, and shipping access.
Property Size2,400 SF
Price / SF$166.65
Days on Market262
Property Features for 1985 Alpine Way # 12
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Commercial
Warehouse & Industrial
Mezzanine
600 SF
Power
100 amps
Three-Phase Power
Yes
Sprinkler System
Yes
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$2,531
Amenities
Kitchenette
Hot water
Half bathroom
Separate storage closet with locks
Concrete,Carpet
Yes
No
Electric,Natural Gas
Public
Metal/Vinyl,Stone
Poured Concrete,Slab
Building Details
Year Built
2007
Listing Agency:
Windermere R.E. Westport
(541) 948-1031
Listed By:
Bill Whitford
(541) 948-1031
Source:
Premierepropertygroup
Added: Nov 21, 2025
Changed: Aug 9
Last Checked: Aug 9 at 2:58PM
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 R.E. Westport
Investment Insights
Based on property information with market context.
This 2,400-square-foot flex space combines 1,800 square feet on the main floor with a 600-square-foot mezzanine or loft. The layout includes a kitchenette, hot water, a half bathroom, a separate lockable storage closet, mobile work bench, and additional racks. Concrete and carpet finishes, a poured-concrete slab, and metal/vinyl and stone exterior materials are also noted. Building systems include 100-amp 3-phase power, natural gas, and a sprinkler system.
The property offers year-round access and an 18-foot-wide door configuration for shipping and receiving. Access to the Bakerview Spur provides multiple approaches to the property. Constructed in 2007, the space is located at 1985 Alpine Way #12 in Bellingham, Washington.
The property offers year-round access and an 18-foot-wide door configuration for shipping and receiving. Access to the Bakerview Spur provides multiple approaches to the property. Constructed in 2007, the space is located at 1985 Alpine Way #12 in Bellingham, Washington.
Key Highlights
- 2,400 square feet with 1,800‑square‑foot main floor and 600‑square‑foot mezzanine/loft
- 18 ft wide doors support shipping and receiving
- 100amp 3‑phase power, natural gas, and sprinkler system
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
$18,170
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
4.54%
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%
$363,400
$363.4K
Cap Rate 7%
$259,571
$259.6K
Cap Rate 9%
$201,889
$201.9K
Market Conditions
NOI Build-Up for 2,400 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
$28.5K $11.88/SF
− Vacancy
−$559 −$0.23/SF
EGI
$28.0K $11.65/SF
− OpEx
−$9.8K −$4.08/SF
NOI
$18.2K $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%
$363,400
Cap Rate 7%
$259,571
Cap Rate 9%
$201,889
Alternative Uses
Best Use
Flex RnD
$259.6K
$227.1K – $302.8K
NOI $18,170 @ 7.0% cap · market cap 4.54%
Second Best
Warehouse
$257.1K
$225.0K – $300.0K
NOI $18,000 @ 7.0% cap · market cap 4.50%
Theoretical Best
Office A
$566.2K
$495.4K – $660.5K
NOI $39,632 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
502
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98226, WA
47,011
Population
20,609
Households
2.3
Avg Household Size
40
Median Age
40%
College-Educated
95%
High-School Grad
105.8 sq mi
ZIP Area
444
Density / Sq Mi
$79,684
Median Household Income
$45,337
Median Earnings
$1,557
Median Rent
$568,400
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.
Similar Off Market Nearby
- All City Catering — 3620 Iron Gate Rd, Bellingham, WA 98226
- The Kitchen — 2185 Alpine Way A, Bellingham, WA 98226
- Off Grid Food Company — 2185 Alpine Way, Bellingham, WA 98226
Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial workspace with a kitchenette, half bathroom, utility service, and shipping access.
Where is this flex space located?
The property is located at 1985 Alpine Way # 12 Bellingham, WA.
What is the asking price?
The asking price for this property is $399,950.
What are key features of this property?
This property features: 2,400 square feet with 1,800‑square‑foot main floor and 600‑square‑foot mezzanine/loft; 18 ft wide doors support shipping and receiving; 100amp 3‑phase power, natural gas, and sprinkler system
