Waterfront Conventional
For Sale
$1,100,000
2530 Northshore Road, Bellingham, WA 98226
Established dining property with an included operating business, real estate, and parking for larger gatherings.
Property Size2,400 SF
Price / SF$458.33
Days on Market153
Property Features for 2530 Northshore Road
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
25
Property subtype
Commercial
Zoning
Residential
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,249
Building Details
Year Built
1946
Listing Agency:
Windermere RE Whatcom, Inc.
(360) 734-7500
Listed By:
Lorrie M. Dujmovich
(360) 734-7500
Source:
Multifamilyspecialist
Added: Mar 10
Changed: Aug 9
Last Checked: Aug 9 at 12:37PM
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 Windermere RE Whatcom, Inc.
Investment Insights
Based on property information with market context.
The Fork at Agate Bay is a 2400 sq. ft. conventional restaurant occupying a waterfront setting. The offering combines the operating restaurant business with the underlying real estate, allowing both components to transfer together. The property was built in 1946 and is identified with Residential zoning.
Located at 2530 Northshore Road in Bellingham, Washington, the site provides 25+ parking spaces. The restaurant has served as a dining destination associated with coastal surroundings and a recognized local brand.
Located at 2530 Northshore Road in Bellingham, Washington, the site provides 25+ parking spaces. The restaurant has served as a dining destination associated with coastal surroundings and a recognized local brand.
Key Highlights
- 2400 sq. ft. restaurant building
- Operating restaurant business and underlying real estate sold together
- Waterfront setting at 2530 Northshore Road, Bellingham, WA 98226
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
$31,501
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
2.86%
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%
$630,020
$630.0K
Cap Rate 7%
$450,014
$450.0K
Cap Rate 9%
$350,011
$350.0K
Market Conditions
NOI Build-Up for 2,400 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
$44.4K $18.48/SF
− Vacancy
−$2.4K −$0.98/SF
EGI
$42.0K $17.50/SF
− OpEx
−$10.5K −$4.38/SF
NOI
$31.5K $13.13/SF
Area
Whatcom County, WA
Vacancy
5.30%
Lease Rate
$18.48 /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%
$630,020
Cap Rate 7%
$450,014
Cap Rate 9%
$350,011
Alternative Uses
Best Use
Specialty Retail
$450.0K
$393.8K – $525.0K
NOI $31,501 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$566.2K
$495.4K – $660.5K
NOI $39,632 @ 7.0% cap · market cap 3.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98226, WA
47,011
Population
20,609
Households
2.3
Avg Household Size
40
Median Age
40%
College-Educated
95%
High-School Grad
105.8 sq mi
ZIP Area
444
Density / Sq Mi
$79,684
Median Household Income
$45,337
Median Earnings
$1,557
Median Rent
$568,400
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established dining property with an included operating business, real estate, and parking for larger gatherings.
Where is this conventional restaurant located?
The property is located at 2530 Northshore Road Bellingham, WA.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2400 sq. ft. restaurant building; Operating restaurant business and underlying real estate sold together; Waterfront setting at 2530 Northshore Road, Bellingham, WA 98226
