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 Market132
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
(425) 205-2135
Source:
Skylineproperties
Added: May 2
Changed: Sep 9
Last Checked: Sep 10 at 5:54AM
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
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 = 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
$324,256
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
2.95%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
