Occupied Two-Unit
For Sale
$725,000
2210 Wilson Ave, Bellingham, WA 98225
Two tenant-occupied residences include private outdoor areas, in-unit laundry, storage, and separate parking.
Property Size2,272 SF
Price / SF$319.10
Days on Market32
Property Features for 2210 Wilson Ave
General Information
Standard status
Active
Size
2,272 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Parking per Unit
2
Amenities
gas stove
in-unit washer/dryer
storage room
private patio
fenced backyard
Building Details
Year Built
1976
Tenancy
Multi
Listing Agency:
COMPASS
(360) 671-5000
Listed By:
Michelle R Harrington
Source:
Lifestylehomeswithmel
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 29 at 12:02PM
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 COMPASS
Investment Insights
Based on property information with market context.
Built in 1976, this 2,272-square-foot duplex contains two occupied units, each configured with two bedrooms and 1.5 bathrooms. Both residences include a gas stove, dedicated washer and dryer, individual storage, a private patio, and a fenced backyard. Four parking spaces provide two spaces for each unit.
An additional third area is included, creating a documented path toward triplex conversion. The property is located at 2210 Wilson Ave in Bellingham, near Fairhaven shopping and dining, the Bellingham Waterfront, and Western Washington University. Existing long-term tenancy, separate outdoor areas, and unit-level amenities define the current configuration.
An additional third area is included, creating a documented path toward triplex conversion. The property is located at 2210 Wilson Ave in Bellingham, near Fairhaven shopping and dining, the Bellingham Waterfront, and Western Washington University. Existing long-term tenancy, separate outdoor areas, and unit-level amenities define the current configuration.
Key Highlights
- Both units are occupied by long‑term tenants
- Each unit has 2 bedrooms, 1.5 baths, and a gas stove
- Dedicated washer and dryer plus individual storage for each 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
$26,428
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
3.65%
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%
$528,560
$528.6K
Cap Rate 7%
$377,543
$377.5K
Cap Rate 9%
$293,644
$293.6K
Market Conditions
NOI Build-Up for 2,272 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
$39.5K $17.40/SF
− Vacancy
−$1.8K −$0.78/SF
EGI
$37.8K $16.62/SF
− OpEx
−$11.3K −$4.99/SF
NOI
$26.4K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$528,560
Cap Rate 7%
$377,543
Cap Rate 9%
$293,644
Alternative Uses
Best Use
Multifamily LT 5
$377.5K
$330.4K – $440.5K
NOI $26,428 @ 7.0% cap · market cap 3.65%
Second Best
Apartment 5plus
$349.6K
$305.9K – $407.9K
NOI $24,472 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$536.0K
$469.0K – $625.3K
NOI $37,519 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
229
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two tenant-occupied residences include private outdoor areas, in-unit laundry, storage, and separate parking.
Where is this duplex located?
The property is located at 2210 Wilson Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Both units are occupied by long‑term tenants; Each unit has 2 bedrooms, 1.5 baths, and a gas stove; Dedicated washer and dryer plus individual storage for each unit
