Duplex with Private
For Sale
$725,000
2210 Wilson Avenue, Bellingham, WA 98225
Two-bedroom units feature gas stoves, in-unit laundry, private storage, and fenced outdoor areas.
Property Size2,272 SF
Days on Market18
Property Features for 2210 Wilson Avenue
General Information
Standard status
Active
Size
2,272 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$5,665
Amenities
gas stove
in-unit washer and dryer
storage room
private patio
fully fenced
outbuildings
Building Details
Building Size
2,272 SF
Year Built
1976
Units
2
Tenancy
Multi
Listing Agency:
COMPASS
(360) 233-5033
Listed By:
Michelle R Harrington
(360) 233-5033
Source:
Multifamilyspecialist
Added: Jul 23
Changed: Aug 2
Last Checked: Aug 9 at 1:00PM
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.
This 1976 duplex includes two occupied units, each arranged with 2 bedrooms and 1.5 baths. Both residences have a gas stove, dedicated in-unit washer and dryer, and a separate storage room. Private patios and fenced backyards provide distinct outdoor areas for each side, while four parking spaces accommodate two vehicles per unit.
An additional third area creates a stated path toward possible triplex conversion. The property is in Bellingham’s Southside area, with access to shopping and dining in historic Fairhaven, the Bellingham Waterfront, and Western Washington University. Multi-Family zoning supports the existing duplex configuration.
An additional third area creates a stated path toward possible triplex conversion. The property is in Bellingham’s Southside area, with access to shopping and dining in historic Fairhaven, the Bellingham Waterfront, and Western Washington University. Multi-Family zoning supports the existing duplex configuration.
Key Highlights
- Two occupied units, each with 2 bedrooms and 1.5 baths
- Additional third area offers a path toward triplex conversion
- Four parking spaces, with two assigned per 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
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,068
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-bedroom units feature gas stoves, in-unit laundry, private storage, and fenced outdoor areas.
Where is this duplex located?
The property is located at 2210 Wilson Avenue 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: Two occupied units, each with 2 bedrooms and 1.5 baths; Additional third area offers a path toward triplex conversion; Four parking spaces, with two assigned per unit
