Turn-Key Office or Retail
For Sale
Contact for pricing
204 W Holly St, Bellingham, WA
Remodeled office or retail space in a central downtown location.
Property Size4,500 SF
Lot Size0.06 Acres
Price / SF$288.28
Days on Market282
Property Features for 204 W Holly St
General Information
Standard status
Active
Size
4,500 SF
Lot size
0.06 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 204 W Holly St Contact us- Size
- 4,500 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE
- Sublease
- Yes
Downtown Bellingham Retail & Office
Sublease.
Beautiful, turn-key space perfect for office or retail. Building was remodeled...
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Listing Agency:
Pacific Continental Realty, LLC
(360) 305-9977
Listed By:
KC Coonc · License #17357
(360) 305-9977
Source:
Moodyscre
Added: Nov 24, 2025
Changed: Aug 8
Last Checked: Aug 31 at 2:45PM
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 Pacific Continental Realty, LLC
Investment Insights
Based on property information with market context.
This 4,500-square-foot space is available for sublease and suitable for office or retail use. The building was recently remodeled and features a large kitchenette and ADA-compliant bathrooms. The main floor offers an open layout, complemented by a private office space or open area on the mezzanine level. The property benefits from ample window exposure and natural light. It is centrally located downtown, across from Black Sheep and Camber.
Key Highlights
- Turn‑key space suitable for office or retail.
- Central Downtown location across from Black Sheep and Camber.
- Recently remodeled building.
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
$62,968
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
4.85%
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%
$1,259,360
$1.3M
Cap Rate 7%
$899,543
$899.5K
Cap Rate 9%
$699,644
$699.6K
Market Conditions
NOI Build-Up for 4,500 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
$101.5K $22.56/SF
− Vacancy
−$17.6K −$3.90/SF
EGI
$84.0K $18.66/SF
− OpEx
−$21.0K −$4.66/SF
NOI
$63.0K $13.99/SF
Area
Whatcom County, WA
Vacancy
17.30%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$1,259,360
Cap Rate 7%
$899,543
Cap Rate 9%
$699,644
Alternative Uses
Best Use
Office B
$899.5K
$787.1K – $1.05M
NOI $62,968 @ 7.0% cap · market cap 4.85%
Second Best
Retail
$767.1K
$671.2K – $894.9K
NOI $53,695 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$1.06M
$928.9K – $1.24M
NOI $74,311 @ 7.0% cap · market cap 5.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,542
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Remodeled office or retail space in a central downtown location.
Where is this office units located?
The property is located at 204 W Holly St Bellingham, WA.
What is the asking price?
The asking price for this property is $1,297,241.
What are key features of this property?
This property features: Turn‑key space suitable for office or retail.; Central Downtown location across from Black Sheep and Camber.; Recently remodeled building.
