Freestanding Light Industrial
2228 Queen St Bellingham, WA 98229
For Sale
Contact for pricing
Freestanding industrial building with two private offices, connected warehouse/shop, two grade-level overhead doors, and off-street parking.
Property Size3,750 SF
Price / SF$220
Days on Market10
Property Features for 2228 Queen St
General Information
Standard status
Active
Size
3,750 SF
Property subtype
INDUSTRIAL
Listing Agency:
The Muljat Group Inc.
(360) 820-2000
Listed By:
Troy Muljat, CCIM · License #2199
(360) 820-2000
Source:
Moodyscre
Added: Jul 21
Changed: Jul 26
Last Checked: Jul 29 at 3:39PM
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 The Muljat Group Inc.
Investment Insights
Based on property information with market context.
This freestanding industrial building includes two private offices and a connected warehouse/shop area, designed to support a flexible work setup. The property also features two grade-level overhead doors and off-street parking to support day-to-day operations.
The building is zoned Light Industrial and is described as accommodating a range of use types, including warehousing, manufacturing, offices, retail, and service businesses. The location is noted as being just minutes from I-5, providing access to Seattle, Vancouver, B.C., and the Pacific Northwest.
For sale as a standalone asset, the configuration combines office space with a warehouse/shop component and multiple grade-level loading points.
The building is zoned Light Industrial and is described as accommodating a range of use types, including warehousing, manufacturing, offices, retail, and service businesses. The location is noted as being just minutes from I-5, providing access to Seattle, Vancouver, B.C., and the Pacific Northwest.
For sale as a standalone asset, the configuration combines office space with a warehouse/shop component and multiple grade-level loading points.
Key Highlights
- Freestanding industrial building with two private offices and a connected warehouse/shop
- Two grade‑level overhead doors for convenient loading and access
- Off‑street parking available onsite
Financial Insights For Flex RnD
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 | $44.6k | $11.88 |
| − Vacancy | −$873 | −$0.23 |
| EGI | $43.7k | $11.65 |
| − OpEx | −$15.3k | −$4.08 |
| NOI | $28.4k | $7.57 |
3,750 SF · lease $11.88/SF/yr · vacancy 1.96% · expense 35.00%
Alternative Uses
Best Use
Flex RnD
$405.6K
$354.9K – $473.2K
NOI $28,390 @ 7.0% cap · market cap 3.44%
Second Best
Warehouse
$401.8K
$351.6K – $468.8K
NOI $28,125 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$884.7K
$774.1K – $1.03M
NOI $61,926 @ 7.0% cap · market cap 7.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Similar Off Market Nearby
- Fools Onion Catering — 2208 James St, Bellingham, WA 98225
Frequently Asked Questions
What type of property is this?
Flex space - Freestanding industrial building with two private offices, connected warehouse/shop, two grade-level overhead doors, and off-street parking.
Where is this flex space located?
The property is located at 2228 Queen St Bellingham, WA.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Freestanding industrial building with two private offices and a connected warehouse/shop; Two grade‑level overhead doors for convenient loading and access; Off‑street parking available onsite
