Listing Agency: Gage Commercial Real Estate LLC Show Phone

Listed By: Greg Martineau,CCIM Show Phone

Source: Moodyscre

Added: Sep 9, 2025 Changed: Oct 25 Last Checked: Oct 28 at 8:17AM

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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 / Yr

$358,555

Cap Rate

5.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$7,171,100 $7.2M

Cap Rate 7%

$5,122,214 $5.1M

Cap Rate 9%

$3,983,944 $4.0M

Is this asking price fair?

Market Conditions

NOI Build-Up for 47,807 SF

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 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 (±1% cap)

NOI $668,956 @ 7.0% cap · market cap 9.91%

Second Best

Warehouse

$5.12M

$4.48M – $5.98M (±1% cap)

NOI $358,555 @ 7.0% cap · market cap 5.31%

Theoretical Best

Office A

$11.28M

$9.87M – $13.16M (±1% cap)

NOI $789,463 @ 7.0% cap · market cap 11.70%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Lithtex Northwest Marketing & Advertising NORTH COAST NATURAL ... Advertising Agency Premier Graphics Marketing & Advertising

Suggested Use

Top Pick Law Firm Restaurant HVAC Service Nail Salon Grocery & Convenience Store Electrical Service

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

Location Intelligence

Trade Area within ½ mile

563

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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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.