Downtown Office Building with
For Sale
$1,995,000
215 Prospect St, Bellingham, WA 98225
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 Market97
Property Features for 215 Prospect St
General Information
Standard status
Active
Size
5,567 SF
Total Parking Spaces
25
Additional Details
Office Units
4
Building Details
Year Built
1912
Listing Agency:
Gage CRE
Listed By:
Tracy Carpenter · License #23452
(360) 303-2608
Source:
Hanshagmeier
Added: Jul 24
Changed: Oct 25
Last Checked: Oct 7 at 12:57PM
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 CRE
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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
Estimated NOI and Cap Rate
NOI / Yr
$77,898
Cap Rate
3.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,557,960
$1.6M
Cap Rate 7%
$1,112,829
$1.1M
Cap Rate 9%
$865,533
$865.5K
Market Conditions
NOI Build-Up for 5,567 SF
Gross rent
$125.6K $22.56/SF
− Vacancy
−$21.7K −$3.90/SF
EGI
$103.9K $18.66/SF
− OpEx
−$26.0K −$4.66/SF
NOI
$77.9K $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 Rate 5%
$1,557,960
Cap Rate 7%
$1,112,829
Cap Rate 9%
$865,533
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.
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Property Analytics
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Current Use
Lease Details
4
Office units
Location Intelligence
Trade Area within ½ mile
3,364
Businesses Nearby
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Business Placement
Demographics for 98225, WA
49,078
Population
24,202
Households
2
Avg Household Size
31
Median Age
48%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
3,895
Density / Sq Mi
$62,220
Median Household Income
$33,122
Median Earnings
$1,430
Median Rent
$588,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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
