Modern Townhome
For Sale
$10,995,000
201 Tull, Bellingham, WA 98226
Recently built 32-unit townhome community offering 2- and 3-bedroom layouts with in-unit laundry.
Property Size30,104 SF
Price / SF$365.23
Days on Market149
Property Features for 201 Tull
General Information
Standard status
Active
Size
30,104 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Multifamily Units
32
Building Details
Year Built
2021
Listing Agency:
Muljat Group
Listed By:
Troy C. Muljat · License #2199
(360) 820-2000
Source:
Skylineproperties
Added: Jun 2
Changed: Oct 27
Last Checked: Oct 26 at 4:31PM
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 Muljat Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Recently built Tull Court Townhomes features 32 townhome units in a private cul-de-sac setting just off Meridian Street. The unit mix is primarily 2-bedroom with 1.5 bathrooms, along with some 3-bedroom units with 2.5 bathrooms. Each townhome includes a fully equipped kitchen and an in-unit washer and dryer.
The community is located near major shopping centers and Whatcom Community College, with just over one mile to I-5 access. The location combines in-city convenience with a quieter feel provided by the cul-de-sac.
This is a multifamily residential income property designed around townhouse-style living, with modern interior appointments and practical in-unit amenities.
The community is located near major shopping centers and Whatcom Community College, with just over one mile to I-5 access. The location combines in-city convenience with a quieter feel provided by the cul-de-sac.
This is a multifamily residential income property designed around townhouse-style living, with modern interior appointments and practical in-unit amenities.
Key Highlights
- Recently built Tull Court Townhomes community, built in 2021
- 32 units with mostly 2‑bed/1.5‑bath layouts and some 3‑bed/2.5‑bath units
- Units include fully equipped kitchens
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$324,256
Cap Rate
2.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,485,120
$6.5M
Cap Rate 7%
$4,632,229
$4.6M
Cap Rate 9%
$3,602,844
$3.6M
Market Conditions
NOI Build-Up for 30,104 SF
Gross rent
$614.1K $20.40/SF
− Vacancy
−$24.6K −$0.82/SF
EGI
$589.6K $19.58/SF
− OpEx
−$265.3K −$8.81/SF
NOI
$324.3K $10.77/SF
Area
Whatcom County, WA
Vacancy
4.00%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,485,120
Cap Rate 7%
$4,632,229
Cap Rate 9%
$3,602,844
Alternative Uses
Best Use
Apartment 5plus
$4.63M
$4.05M – $5.40M
NOI $324,256 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.10M
$6.21M – $8.29M
NOI $497,123 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
32
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
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 Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Recently built 32-unit townhome community offering 2- and 3-bedroom layouts with in-unit laundry.
Where is this apartment building located?
The property is located at 201 Tull Bellingham, WA.
What is the asking price?
The asking price for this property is $10,995,000.
What are key features of this property?
This property features: Recently built Tull Court Townhomes community, built in 2021; 32 units with mostly 2‑bed/1.5‑bath layouts and some 3‑bed/2.5‑bath units; Units include fully equipped kitchens
