Freestanding Industrial Building with
For Sale
Contact for pricing
2228 QUEEN ST, Bellingham, WA 98229
Freestanding industrial building with two private offices, a connected warehouse/shop, and two grade-level overhead doors.
Property Size3,750 SF
Price / SF$220
Days on Market23
Property Features for 2228 QUEEN ST
General Information
Standard status
Active
Size
3,750 SF
Property subtype
Industrial
Zoning
Industrial, Light
Building Details
Year Built
1977
Buildings
1
Units
1
Listing Agency:
Muljat Group Commercial
(360) 733-3030
Listed By:
Troy Muljat · License #WA B12742
Source:
Crexi
Added: Jul 21
Changed: Aug 12
Last Checked: Aug 12 at 12:31PM
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 Muljat Group Commercial
Investment Insights
Based on property information with market context.
Freestanding industrial building built in 1977 featuring two private offices and a connected warehouse/shop area. The building has two grade-level overhead doors, supporting flexible access for warehouse and service operations, along with off-street parking.
The property is zoned Light Industrial and is described as supporting a wide range of uses, including warehousing, manufacturing, offices, retail, and service businesses. It is located in Bellingham’s Roosevelt Industrial Hub and is just minutes from I-5, providing easy access to Seattle, Vancouver, B.C., and the wider Pacific Northwest.
The combination of office space, shop/warehouse connectivity, and grade-level loading makes the building suited for owner-users and tenants seeking a straightforward industrial layout with practical everyday access.
The property is zoned Light Industrial and is described as supporting a wide range of uses, including warehousing, manufacturing, offices, retail, and service businesses. It is located in Bellingham’s Roosevelt Industrial Hub and is just minutes from I-5, providing easy access to Seattle, Vancouver, B.C., and the wider Pacific Northwest.
The combination of office space, shop/warehouse connectivity, and grade-level loading makes the building suited for owner-users and tenants seeking a straightforward industrial layout with practical everyday access.
Key Highlights
- Built in 1977
- Freestanding industrial building with two private offices
- Connected warehouse/shop layout
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
$52,473
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
6.36%
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%
$1,049,460
$1.0M
Cap Rate 7%
$749,614
$749.6K
Cap Rate 9%
$583,033
$583.0K
Market Conditions
NOI Build-Up for 3,750 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
$84.6K $22.56/SF
− Vacancy
−$14.6K −$3.90/SF
EGI
$70.0K $18.66/SF
− OpEx
−$17.5K −$4.66/SF
NOI
$52.5K $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 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%
$1,049,460
Cap Rate 7%
$749,614
Cap Rate 9%
$583,033
Alternative Uses
Best Use
Office B
$749.6K
$655.9K – $874.6K
NOI $52,473 @ 7.0% cap · market cap 6.36%
Second Best
Flex RnD
$405.6K
$354.9K – $473.2K
NOI $28,390 @ 7.0% cap · market cap 3.44%
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
Current Use
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98229, WA
33,664
Population
14,392
Households
2.3
Avg Household Size
40
Median Age
51%
College-Educated
95%
High-School Grad
50.2 sq mi
ZIP Area
671
Density / Sq Mi
$90,068
Median Household Income
$45,503
Median Earnings
$1,533
Median Rent
$564,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Freestanding industrial building with two private offices, a connected warehouse/shop, and two grade-level overhead doors.
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: Built in 1977; Freestanding industrial building with two private offices; Connected warehouse/shop layout
