32-Unit Apartment
For Sale
$10,995,000
201 Tull Ct, Bellingham, WA 98226
Recently constructed townhome-style apartments offer private cul-de-sac surroundings and convenient access to shopping, education, and I-5.
Property Size30,104 SF
Price / SF$365.23
Days on Market42
Property Features for 201 Tull Ct
General Information
Standard status
Active
Size
30,104 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
32
Building Details
Year Built
2021
Listing Agency:
Muljat Group
(206) 715-2073
Listed By:
Troy C. Muljat
Source:
Basedinbham
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 31 at 7:06PM
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.
Built in 2021, this 32-unit apartment property is arranged as townhome-style residences within a private cul-de-sac setting. The unit mix includes primarily two-bedroom, one-and-a-half-bath layouts along with some three-bedroom, two-and-a-half-bath residences. Each unit includes a fully equipped kitchen and in-unit washer and dryer, with finished interiors designed for contemporary residential use.
The property is located at 201 Tull Court in Bellingham, just off Meridian Street and within city limits. Shopping centers and Whatcom Community College are nearby, while I-5 access is just over one mile away. The combination of newer construction, varied unit layouts, and individual in-unit laundry provides a clear physical profile for multifamily ownership.
The property is located at 201 Tull Court in Bellingham, just off Meridian Street and within city limits. Shopping centers and Whatcom Community College are nearby, while I-5 access is just over one mile away. The combination of newer construction, varied unit layouts, and individual in-unit laundry provides a clear physical profile for multifamily ownership.
Key Highlights
- 32‑unit apartment property built in 2021
- Unit mix includes primarily 2‑bed/1.5‑bath and some 3‑bed/2.5‑bath residences
- Fully equipped kitchens in every unit
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
Property Profile
Current Use
Lease Details
32
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
86
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 constructed townhome-style apartments offer private cul-de-sac surroundings and convenient access to shopping, education, and I-5.
Where is this apartment building located?
The property is located at 201 Tull Ct 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: 32‑unit apartment property built in 2021; Unit mix includes primarily 2‑bed/1.5‑bath and some 3‑bed/2.5‑bath residences; Fully equipped kitchens in every unit
