Bay-View Office
215 Prospect, Bellingham, WA 98225
For Sale
$1,995,000
Bay-facing office building with multiple entrances and three HVAC systems, plus a separate developable parking lot.
Property Size5,567 SF
Lot Size0.33 Acres
Price / SF$358.36
Days on Market722
Property Features for 215 Prospect
General Information
Standard status
Size
Total Parking Spaces
Lot size
Property subtype
Additional Details
Office Units
Amenities
bay views
Building Details
Year Built
Tenancy
Listing Agency:
Gage CRE
Listed By:
Tracy Carpenter · License #23452
(360) 303-2608
Source:
Century21northhomes
Added: Nov 18, 2024
Changed: Nov 8
Last Checked: Nov 8 at 6:44AM
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.
A bay-facing office building featuring separate front and rear entrances throughout, with three HVAC systems servicing the space. The building currently includes two law offices and two additional rentable suites, offering flexibility for either a single-tenant setup or multi-tenancy configuration.
The property also includes a separate developable lot comprised of two parcels, currently dedicated to parking for 25 cars. It is located in downtown Bellingham with City Hall, the courthouse, the Post Office, and the public library within three blocks.
With its distinct entrances, multiple suites, and on-site parking capacity on the dedicated lot, the offering provides an owner-occupant or investor option centered on downtown, bay-facing presence.
The property also includes a separate developable lot comprised of two parcels, currently dedicated to parking for 25 cars. It is located in downtown Bellingham with City Hall, the courthouse, the Post Office, and the public library within three blocks.
With its distinct entrances, multiple suites, and on-site parking capacity on the dedicated lot, the offering provides an owner-occupant or investor option centered on downtown, bay-facing presence.
Key Highlights
- 5,567 SF bay‑facing office building built in 1912, offering unimpeded bay views and sunsets
- Separate 14,180 SF developable lot (Downtown Bellingham) made up of 2 parcels and currently used as a 25‑car parking area
- Two law offices plus two additional rentable suites, with two front and two rear separate entrances
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
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,364
Businesses Nearby
Explore this area
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
Properties on Market for Office buildings in Whatcom County
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Office building - Bay-facing office building with multiple entrances and three HVAC systems, plus a separate developable parking lot.
Where is this office building located?
The property is located at 215 Prospect 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 bay‑facing office building built in 1912, offering unimpeded bay views and sunsets; Separate 14,180 SF developable lot (Downtown Bellingham) made up of 2 parcels and currently used as a 25‑car parking area; Two law offices plus two additional rentable suites, with two front and two rear separate entrances
