Downtown Office Building with
215 Prospect St Bellingham, WA 98225
For Sale
Contact for pricing
Office building offers multiple suites, separate entrances, skylights, and three HVAC systems, plus a dedicated parking lot.
Property Size5,567 SF
Price / SF$358.36
Days on Market567
Property Features for 215 Prospect St
General Information
Standard status
Active
Size
5,567 SF
Property subtype
OFFICE
Listing Agency:
Gage Commercial Real Estate LLC
(360) 303-2608
Listed By:
Tracy Carpenter · License #23452
(360) 303-2608
Source:
Moodyscre
Added: Jan 9, 2025
Changed: Jul 26
Last Checked: Jul 29 at 2:40PM
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 Gage Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This downtown office building spans 5,567 square feet and is set up for flexible occupancy. The building includes two law offices and two additional rentable suites, with separate entrances at the front and rear. Interior features include natural light from windows at both ends, six large skylights, and a flexible layout combining open space with private office areas, along with abundant storage. Three HVAC systems service the space.
The property includes a separate 14,180 square foot developable lot consisting of two parcels, which is currently dedicated to parking for 25 cars. It is located within three blocks of City Hall, the courthouse, the post office, and the public library, supporting convenient walkability and access to downtown infrastructure.
The configuration allows for a single tenant footprint or multi-tenancy, depending on how the suites are utilized.
The property includes a separate 14,180 square foot developable lot consisting of two parcels, which is currently dedicated to parking for 25 cars. It is located within three blocks of City Hall, the courthouse, the post office, and the public library, supporting convenient walkability and access to downtown infrastructure.
The configuration allows for a single tenant footprint or multi-tenancy, depending on how the suites are utilized.
Key Highlights
- 5,567 SF downtown Bellingham office building with unimpeded bay‑facing views and multiple sky lights
- Two law offices plus two additional rentable suites, with separate entrances (two front, two rear)
- Dedicated parking lot for 25 cars on a separate, 14,180 SF developable lot comprised of 2 parcels
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $125.6k | $22.56 |
| − Vacancy | −$21.7k | −$3.90 |
| EGI | $103.9k | $18.66 |
| − OpEx | −$26.0k | −$4.66 |
| NOI | $77.9k | $13.99 |
5,567 SF · lease $22.56/SF/yr · vacancy 17.30% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.11M
$973.7K – $1.30M
NOI $77,898 @ 7.0% cap · market cap 3.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,931 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Office building - Office building offers multiple suites, separate entrances, skylights, and three HVAC systems, plus a dedicated parking lot.
Where is this office building located?
The property is located at 215 Prospect St Bellingham, WA.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 5,567 SF downtown Bellingham office building with unimpeded bay‑facing views and multiple sky lights; Two law offices plus two additional rentable suites, with separate entrances (two front, two rear); Dedicated parking lot for 25 cars on a separate, 14,180 SF developable lot comprised of 2 parcels
