Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    2500 Squalicum Parkway Bellingham, WA

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $6,400,000

    Fully equipped medical facility near PeaceHealth St. Joseph Medical Center.

    Type:OFFICE
    Property size:
    7,696 SF
    Lot size:
    6.49 Acres
    Added:
    Nov 7, 2025
    Days on Market:
    145
    Last Refresh:
    Mar 29 at 8:15 pm

    Property Features for 2500 Squalicum Parkway

    General Information

    Standard status
    Active
    Size
    7,696 SF
    Lot size
    6.49 Acres
    Property subtype
    OFFICE

    We can help!

    Listing Contact
    Greg Martineau,CCIM

    Listing agent Greg Martineau,CCIM

    Listing office Gage Commercial Real Estate LLC

    Listing date Nov 7, 2025

    Source Moodyscre

    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 Gage Commercial Real Estate LLC

    Overview

    Move-in Ready Medical Facility

    This state-of-the-art medical facility features a modern design and high-end finishes. Currently home to Plastic Surgery Bellingham, the property is ideally located next to PeaceHealth St. Joseph Medical Center, the region’s largest hospital, providing access to a major healthcare network. The clinic was designed to accommodate four physicians, with flexibility and efficiency in mind. The adjacent Surgery Center features two advanced operating rooms and a thoughtful on-stage/off-stage exam layout. The property offers curb appeal. The building size is 7696 square feet. This is a move-in ready medical facility in one of Bellingham’s healthcare corridors.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Plastic Surgery Bellingham-Dr.'s ... Physician Whitney Timothy M ... Physician Helen A. James, M.D. Physician James H. Blackburn ... Physician Melissa Larsen Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Dr. Michael P. Sullivan, MD — Parking lot, 2901 Squalicum Pkwy, Bellingham, WA 98225, United States
    • Meridian Street Veterinary — 2833 Meridian St, Bellingham, WA 98225

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.476
    Latitude
    48.7749

    Nearby Similar for Sale

    • $600,000
      3,600 SF

      High-Traffic Retail Property For Sale

      Retail property with high visibility in a college-driven district.
      1300 Ellis St, Bellingham, WA
      View Details
    • $1,295,000

      High Clearance Commercial Building

      Versatile commercial building with shop, office, and service space.
      2108 Pacific St, Bellingham, WA
      View Details
    • $499,950

      High-Visibility Commercial Space in Bellingham

      Versatile commercial space in a high-traffic Bellingham corridor.
      1012 W Holly St, Bellingham, WA, 98225-2931
      View Details
    • $5,522,212
      19,156 SF

      Downtown Office Space For Rent

      Renovated office space in the heart of Downtown.
      1311-1313 Commercial Street, Bellingham, WA
      View Details
    • $4,750,000
      24,165 SF

      Downtown Bellingham Class A Office

      Class A office building in downtown Bellingham for sale.
      1315 Cornwall Ave, Bellingham, WA 98225
      View Details
    • $1,600,000
      1,431 SF

      Gas Station Convenience Store Opportunity

      Turnkey gas station with convenience store in a prime location.
      2730 Meridian Street, Bellingham, WA
      View Details
    • $11,385,000
      47,508 SF

      Marina Building in Bellingham

      Corner building in the Marina District with strong tenant mix.
      851 Coho Way, Bellingham, WA 98225
      View Details
    • $1,297,241
      4,500 SF

      Turn-Key Office or Retail Space

      Remodeled office or retail space in a central downtown location.
      204 W Holly St, Bellingham, WA
      View Details
    • $1,750,000

      Downtown Bellingham Class A Building

      Class A building in downtown Bellingham with development potential.
      1501 Cornwall Ave, Bellingham, WA
      View Details
    • $5,800,000
      7,516 SF

      Medical Building with Surgery Center

      Stand-alone medical building with surgery center and operatory rooms.
      340 Birchwood Ave, Bellingham, WA
      View Details
    • $3,295,000
      4,960 SF

      Prime Restaurant/Retail Property For Sale

      Standalone property with high visibility and accessibility near airport.
      1650 W Bakerview Rd, Bellingham, WA
      View Details
    • $900,000
      10,019 SF

      Old Town Bellingham Development Opportunity

      Prime site in revitalizing corridor, ideal for development/commercial use.
      1310 G St, Bellingham, WA
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - Fully equipped medical facility near PeaceHealth St. Joseph Medical Center.
    Where is this medical office space located?
    The property is located at 2500 Squalicum Parkway Bellingham, WA.
    What is the asking price?
    The asking price for this property is $6,400,000.
    What are key features of this property?
    This property features: Move‑in ready, fully equipped medical facility.; Prime location next to PeaceHealth St. Joseph Medical Center.; Designed for four physicians with two advanced operating rooms.
    (360) 820-4645
    We can help!
    Listing Contact
    Greg Martineau,CCIM
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!