Roeder Avenue Industrial Investment
For Sale
$1,600,000
2694 Roeder Avenue, Bellingham, WA 98225
Industrial investment property at the Port of Bellingham, 100% leased.
Property Size11,000 SF
Lot Size1.32 Acres
Price / SF$145.45
Days on Market1290
Property Features for 2694 Roeder Avenue
General Information
Standard status
Active
Size
11,000 SF
Lot size
1.32 Acres
Taxes and HOA fees
Annual Taxes
$6,173
Listing Agency:
Windermere Real Estate Whatcom
(360) 734-7500
Listed By:
Bob Sandoz · License #11307
(360) 734-7500
Source:
Exprealty
Added: Feb 7, 2023
Changed: Aug 20
Last Checked: Aug 20 at 11:08AM
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 Real Estate Whatcom
Investment Insights
Based on property information with market context.
This industrial investment property is located on Roeder Avenue at the Port of Bellingham, Washington. The property consists of two metal industrial buildings with a total area of approximately 11,000 square feet. The property is 100% leased to three tenants with long-term NNN leases that include rent escalations. The land is leased from the Port of Bellingham on a 25-year land lease. The leases are NNN, with the owner responsible for the land lease payment to the Port of Bellingham. The property is suitable for a 1031 Exchange or a passive investor.
Key Highlights
- 100% leased with three strong tenants providing stable, long‑term income.
- Long‑term NNN leases with rent escalations ensure increasing returns.
- Well‑positioned industrial properties on Roeder Avenue at the Port of Bellingham, WA.
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
$67,942
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
4.25%
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%
$1,358,840
$1.4M
Cap Rate 7%
$970,600
$970.6K
Cap Rate 9%
$754,911
$754.9K
Market Conditions
NOI Build-Up for 11,000 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
$99.0K $9.00/SF
− Vacancy
−$1.9K −$0.18/SF
EGI
$97.1K $8.82/SF
− OpEx
−$29.1K −$2.65/SF
NOI
$67.9K $6.18/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$9.00 /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%
$1,358,840
Cap Rate 7%
$970,600
Cap Rate 9%
$754,911
Alternative Uses
Best Use
Industrial
$970.6K
$849.3K – $1.13M
NOI $67,942 @ 7.0% cap · market cap 4.25%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.59M
$2.27M – $3.03M
NOI $181,649 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - Industrial investment property at the Port of Bellingham, 100% leased.
Where is this industrial property located?
The property is located at 2694 Roeder Avenue Bellingham, WA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 100% leased with three strong tenants providing stable, long‑term income.; Long‑term NNN leases with rent escalations ensure increasing returns.; Well‑positioned industrial properties on Roeder Avenue at the Port of Bellingham, WA.
