Bellingham Industrial Property For
For Sale
Contact for pricing
2000 Kentucky St, Bellingham, WA
Single-tenant, NNN leased property near I-5 in central Bellingham.
Property Size47,807 SF
Lot Size1.97 Acres
Price / SF$141.19
Days on Market368
Property Features for 2000 Kentucky St
General Information
Standard status
Active
Size
47,807 SF
Lot size
1.97 Acres
Property subtype
INDUSTRIAL
Listing Agency:
Gage Commercial Real Estate LLC
(360) 483-0508
Listed By:
Greg Martineau,CCIM
(360) 820-4645
Source:
Moodyscre
Added: Sep 9, 2025
Changed: Sep 3
Last Checked: Sep 11 at 8:46AM
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 Gage Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This 47,807 square foot industrial property is located near I-5 in central Bellingham. The building features 29,950 square feet of warehouse space and 16,916 square feet of office space, distributed across the ground floor and mezzanine levels. Additionally, there is a 941 square foot covered loading dock. The property includes a large paved parking lot with approximately 70 parking spaces and is fully fenced with an entrance onto Kentucky Street. The building has heavy power (480V, 1,600 Amp) and an elevator in the south wing. The warehouse is sprinklered and plumbed throughout with pneumatics. The entire structure, including the roof, is fully insulated. The covered loading dock includes two truck wells. The property is single-tenant NNN leased with 3% annual increases. The six-year lease commenced on May 1, 2025. The landlord has signed a bid to provide 4 new HVAC units, with the work scheduled for completion in October 2025.
Key Highlights
- Single‑Tenant NNN Leased Property with 3% annual increases.
- Six‑year lease commenced May 1, 2025.
- Premier location near I‑5 in central Bellingham.
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
$358,555
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
5.31%
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%
$7,171,100
$7.2M
Cap Rate 7%
$5,122,214
$5.1M
Cap Rate 9%
$3,983,944
$4.0M
Market Conditions
NOI Build-Up for 47,807 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
$430.3K $9.00/SF
− Vacancy
−$8.4K −$0.18/SF
EGI
$421.8K $8.82/SF
− OpEx
−$63.3K −$1.32/SF
NOI
$358.6K $7.50/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$7,171,100
Cap Rate 7%
$5,122,214
Cap Rate 9%
$3,983,944
Alternative Uses
Best Use
Office B
$9.56M
$8.36M – $11.15M
NOI $668,956 @ 7.0% cap · market cap 9.91%
Second Best
Warehouse
$5.12M
$4.48M – $5.98M
NOI $358,555 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$11.28M
$9.87M – $13.16M
NOI $789,463 @ 7.0% cap · market cap 11.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
563
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
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Market
Vacancy Rate% for Office in West region
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Similar Off Market Nearby
- Brooks Property Management — 1301 Iowa St, Bellingham, WA 98229
- Northwest Container Rentals, Inc. — 1515 Kentucky St, Bellingham, WA 98229
- Carolina Self Storage — 1712 Carolina St, Bellingham, WA 98229
Frequently Asked Questions
What type of property is this?
Warehouse - Single-tenant, NNN leased property near I-5 in central Bellingham.
Where is this warehouse located?
The property is located at 2000 Kentucky St Bellingham, WA.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: Single‑Tenant NNN Leased Property with 3% annual increases.; Six‑year lease commenced May 1, 2025.; Premier location near I‑5 in central Bellingham.
