Warehouse with Long-Term NNN
For Sale
Contact for pricing
2694 Roeder Ave, Bellingham, WA 98225
Two metal industrial buildings are 100% leased with long-term NNN leases and rent escalations.
Property Size11,000 SF
Price / SF$145.45
Days on Market1269
Property Features for 2694 Roeder Ave
General Information
Standard status
Active
Size
11,000 SF
Property subtype
INDUSTRIAL
Occupancy
100%
Additional Details
Cap Rate
5%
Building Details
Buildings
2
Construction
metal
Listing Agency:
Windermere - Whatcom Co.
(425) 466-6705
Listed By:
Robert Sandoz
(425) 466-6705
Source:
Moodyscre
Added: Feb 7, 2023
Changed: Jul 30
Last Checked: Jul 30 at 4:11AM
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 - Whatcom Co.
Investment Insights
Based on property information with market context.
This offering includes two metal industrial buildings totaling approximately 11,000 SF, positioned for long-term stability. The buildings are 100% leased to three tenants under long-term NNN leases that include rent escalations.
Land for the site is leased from the Port of Bellingham on a 25-year land lease. Per the lease structure described, all leases are NNN with the owner paying only the land lease to the Port of Bellingham.
The current rents support a five percent cap rate, with additional rent escalations going forward. The structure is designed for investors seeking a passive, long-term industrial income stream under NNN terms.
Land for the site is leased from the Port of Bellingham on a 25-year land lease. Per the lease structure described, all leases are NNN with the owner paying only the land lease to the Port of Bellingham.
The current rents support a five percent cap rate, with additional rent escalations going forward. The structure is designed for investors seeking a passive, long-term industrial income stream under NNN terms.
Key Highlights
- Two metal industrial buildings totaling approximately 11,000 SF
- 100% leased to three tenants with long‑term NNN leases
- NNN lease structure with owner paying only the Port of Bellingham land lease
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $99.0k | $9.00 |
| − Vacancy | −$1.9k | −$0.18 |
| EGI | $97.1k | $8.82 |
| − OpEx | −$14.6k | −$1.32 |
| NOI | $82.5k | $7.50 |
11,000 SF · lease $9.00/SF/yr · vacancy 1.96% · expense 15.00%
Alternative Uses
Best Use
Warehouse
$1.18M
$1.03M – $1.38M
NOI $82,501 @ 7.0% cap · market cap 5.16%
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
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Balanced
Demand for This Use
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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Similar Off Market Nearby
- Bellingham Cold Storage — 2825 Roeder Ave, Bellingham, WA 98225
- Bellingham Cold Storage — 2700 Roeder Ave, Bellingham, WA 98225
- Hilton Harbor — 1000 Hilton Ave, Bellingham, WA 98225
Frequently Asked Questions
What type of property is this?
Warehouse - Two metal industrial buildings are 100% leased with long-term NNN leases and rent escalations.
Where is this warehouse located?
The property is located at 2694 Roeder Ave 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: Two metal industrial buildings totaling approximately 11,000 SF; 100% leased to three tenants with long‑term NNN leases; NNN lease structure with owner paying only the Port of Bellingham land lease
