Four-Unit Apartment Property with
For Sale
$1,099,000
2312 Orleans, Bellingham, WA 98229
Four residential units include an on-site coin-operated laundry facility and access to nearby shopping, dining, parks, and freeways.
Property Size3,456 SF
Price / SF$317
Days on Market410
Property Features for 2312 Orleans
General Information
Standard status
Active
Size
3,456 SF
Property subtype
Multi-family
Units
Unit Mix
3 x 2BD/1BA, 1 x 1BD/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
on-site coin-op laundry
Building Details
Year Built
1973
Buildings
1
Listing Agency:
Keller Williams Western Realty
Listed By:
Anthony Zapata
(425) 205-2135
Source:
Skylineproperties
Added: Jun 26, 2025
Changed: Aug 8
Last Checked: Aug 9 at 12:08PM
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 Keller Williams Western Realty
Investment Insights
Based on property information with market context.
Built in 1973, this 3,456-square-foot quadplex contains three 2BD/1BA units and one 1BD/1BA unit. The property also includes an on-site coin-operated laundry facility, providing an additional operating feature for the building.
Located at 2312 Orleans in Bellingham, the property is near shopping, restaurants, parks, and freeway access. The rear portion of the lot is identified as having possible future development potential, subject to buyer verification. Current rents are below market, with the source information noting potential for rent adjustments or upgrades.
Located at 2312 Orleans in Bellingham, the property is near shopping, restaurants, parks, and freeway access. The rear portion of the lot is identified as having possible future development potential, subject to buyer verification. Current rents are below market, with the source information noting potential for rent adjustments or upgrades.
Key Highlights
- 3,456‑square‑foot quadplex built in 1973
- Three 2BD/1BA units and one 1BD/1BA unit
- On‑site coin‑operated laundry facility
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
$40,200
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
3.66%
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%
$804,000
$804.0K
Cap Rate 7%
$574,286
$574.3K
Cap Rate 9%
$446,667
$446.7K
Market Conditions
NOI Build-Up for 3,456 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
$60.1K $17.40/SF
− Vacancy
−$2.7K −$0.78/SF
EGI
$57.4K $16.62/SF
− OpEx
−$17.2K −$4.99/SF
NOI
$40.2K $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%
$804,000
Cap Rate 7%
$574,286
Cap Rate 9%
$446,667
Alternative Uses
Best Use
Multifamily LT 5
$574.3K
$502.5K – $670.0K
NOI $40,200 @ 7.0% cap · market cap 3.66%
Second Best
Apartment 5plus
$531.8K
$465.3K – $620.4K
NOI $37,225 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$815.3K
$713.4K – $951.2K
NOI $57,071 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
894
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units include an on-site coin-operated laundry facility and access to nearby shopping, dining, parks, and freeways.
Where is this quadplex located?
The property is located at 2312 Orleans Bellingham, WA.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: 3,456‑square‑foot quadplex built in 1973; Three 2BD/1BA units and one 1BD/1BA unit; On‑site coin‑operated laundry facility
