Heliotrope Boutique
New
For Sale
$3,500,000
2419 Elm St, Bellingham, WA 98225
Guests can use an indoor lounge and an outdoor amenity area with a fire pit, lawn games, and space for pets.
Property Size15,000 SF
Days on Market3
Property Features for 2419 Elm St
General Information
Standard status
Active
Size
15,000 SF
Property subtype
Hotel-Motel
Additional Details
Highway Access
Yes
Amenities
Pacific Northwest-inspired guest rooms
indoor lobby and lounge (The Hub)
outdoor gathering area (The Yard) with fire pit, lawn games, and dedicated pet space
Modern, Pacific Northwestern-Designed Boutique Hotel
Business Model Features Low-Overhead Amenities and F&B to Maximize NOI
Significant Leisure Travel Demand in the Immediate Area (Nearly 3.5M Visitors to Bellingham in 2025)
Ideally Located Along the I-5 Corridor Between Seattle, WA and Vancouver, B.C.
Situated 1 Mile from Downtown Bellingham and Attractions Including Mount Baker Theatre, Maritime Heritage Park, Marine Life Center, and Several Museums
2 Miles to Civic Athletic Complex, which Drives Sports-Tourism Revenue
2 Miles to Western Washington University (14k+ Enrollment) and Sehome Hill Arboretum
3 Miles to Bellingham International Airport (~529,000 Passengers Annually)
Building Details
Building Size
15,000 SF
Year Built
1950
Year Renovated
2017
Listed By:
Clayton Hill · License #License(s): WA: 20115936
(206) 826-5811
Source:
Marcusmillichap
Added: Oct 11
Last Checked: Oct 12 at 4:54PM
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 Clayton Hill
Investment Insights
Based on property information with market context.
The Heliotrope is a 16-room hotel built in 1950 and renovated in 2017. Guest amenities include an indoor lobby lounge and an outdoor area with a fire pit, lawn games, and a designated pet space. Room configurations are described as flexible.
The property is less than one mile from downtown Bellingham and just off Interstate 5. PeaceHealth St. Joseph Medical Center and the Port of Bellingham are each approximately one mile away. Western Washington University, with enrollment exceeding 14,000 students, is approximately two miles from the hotel; Bellingham International Airport is roughly three miles away.
The property is less than one mile from downtown Bellingham and just off Interstate 5. PeaceHealth St. Joseph Medical Center and the Port of Bellingham are each approximately one mile away. Western Washington University, with enrollment exceeding 14,000 students, is approximately two miles from the hotel; Bellingham International Airport is roughly three miles away.
Key Highlights
- 16 guest rooms
- Built in 1950 and renovated in 2017
- Indoor lobby lounge and outdoor area with fire pit, lawn games, and dedicated pet space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$112,860
Cap Rate
3.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,257,200
$2.3M
Cap Rate 7%
$1,612,286
$1.6M
Cap Rate 9%
$1,254,000
$1.3M
Market Conditions
NOI Build-Up for 15,000 SF
Gross rent
$270.0K $18.00/SF
− Vacancy
−$32.4K −$2.16/SF
EGI
$237.6K $15.84/SF
− OpEx
−$124.7K −$8.32/SF
NOI
$112.9K $7.52/SF
Area
Whatcom County, WA
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,257,200
Cap Rate 7%
$1,612,286
Cap Rate 9%
$1,254,000
Alternative Uses
Best Use
Hotel Hospitality
$1.61M
$1.41M – $1.88M
NOI $112,860 @ 7.0% cap · market cap 3.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.54M
$3.10M – $4.13M
NOI $247,703 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,048
Businesses Nearby
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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
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Frequently Asked Questions
What type of property is this?
Hotel - Guests can use an indoor lounge and an outdoor amenity area with a fire pit, lawn games, and space for pets.
Where is this hotel located?
The property is located at 2419 Elm St Bellingham, WA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 16 guest rooms; Built in 1950 and renovated in 2017; Indoor lobby lounge and outdoor area with fire pit, lawn games, and dedicated pet space
