Bellingham Industrial Property For
2000 Kentucky St Bellingham, WA
For Sale
Contact for pricing
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 Market320
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) 820-4645
Listed By:
Greg Martineau,CCIM · License #23452
(360) 820-4645
Source:
Moodyscre
Added: Sep 9, 2025
Changed: Jul 6
Last Checked: Jul 21 at 5:25AM
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 For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $430.3k | $9.00 |
| − Vacancy | −$8.4k | −$0.18 |
| EGI | $421.8k | $8.82 |
| − OpEx | −$63.3k | −$1.32 |
| NOI | $358.6k | $7.50 |
47,807 SF · lease $9.00/SF/yr · vacancy 1.96% · expense 15.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Lithtex Northwest
Marketing & Advertising
NORTH COAST NATURAL ...
Advertising Agency
Premier Graphics
Marketing & Advertising
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
FAQs
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.
