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    Historic Downtown Apartment Building Title is generated by Realmo AI

    201 N Commercial St, Bellingham, WA 98225

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    For Sale
    $2,500,000

    Two-story, sixteen-unit apartment community in downtown Bellingham.

    Type:Multifamily
    Added:
    Apr 8, 2026
    Days on Market:
    62
    Last Refresh:
    Apr 8 at 8:00 pm

    Property Features for 201 N Commercial St

    General Information

    Standard status
    Active
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Zachary Mazzuca

    Listing agent Zachary Mazzuca License #License(s): WA: 22026573

    Listing office Seattle Office

    Listing date Apr 8, 2026

    Source Marcusmillichap

    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 Seattle Office

    HighLights

    • Excellent price‑per‑unit ($146,875) and price‑per‑square‑foot ($210) metrics.
    • Strong going‑in return of 6.9% with potential to exceed 7% pro forma.
    • Historic building (built 1900‑1906) with original trim and some original fir flooring.
    • Located in downtown Bellingham.
    • Spacious units with nine‑foot ceilings and ample natural light.
    • Updated electrical panels (Square D) and no known knob‑and‑tube wiring.

    Overview

    The Avalon, originally constructed between 1900 and 1906, is a two-story apartment community with sixteen units located in downtown Bellingham. The building was initially designed as ten large flats and was described as the most modern and leading fashionable apartment house in the city. The property features nine-foot ceilings in all units and ample natural light through large windows. The original fir siding is in excellent condition, adding to the building's historic charm. The unit mix includes two studios of approximately 400 square feet, eight one-bedroom units averaging approximately 600 square feet, and six two-bedroom units averaging approximately 930 square feet. All units retain their original trim, and many have original fir flooring that has been repainted. Some units have been upgraded with baseboard heat, and all units have radiator heat served by a steam boiler in the basement. The electrical system features Square D electrical panels, and there is no known knob-and-tube wiring. Plumbing has been partially updated. The property offers a going-in return of 6.9% with the opportunity to achieve well north of a 7% pro forma return with normalized expenses.
    Location Intelligence

    Current Use by Public Records

    The Avalon Apartments Apartment Building

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Hair Salon Spa & Massage Center Nail Salon Building Supply Pharmacy Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.478492
    Latitude
    48.753164

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    FAQs

    What type of property is this?
    Apartment building - Two-story, sixteen-unit apartment community in downtown Bellingham.
    Where is this apartment building located?
    The property is located at 201 N Commercial St Bellingham, WA.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: Excellent price‑per‑unit ($146,875) and price‑per‑square‑foot ($210) metrics.; Strong going‑in return of 6.9% with potential to exceed 7% pro forma.; **Historic building (built 1900‑1906) with original trim and some original fir flooring.**
    (206) 826-5731
    We can help!
    Listing Contact
    Zachary Mazzuca
    Real Estate License ID: License(s): WA: 22026573
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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