Warehouse Condo with
For Sale
$239,000
2748 Peace Portal Dr Unit 109, Blaine, WA 98230
Functional storage condo with flexible workspace and a convenient main-level bathroom.
Property Size1,253 SF
Price / SF$190.74
Days on Market11
Property Features for 2748 Peace Portal Dr Unit 109
General Information
Standard status
Active
Size
1,253 SF
Property subtype
Commercial
Amenities
bathroom
Building Details
Year Built
2019
Listing Agency:
Muljat Group
Listed By:
Rod L. Blankers
(360) 354-4242
Source:
Handrisrealty
Added: Sep 12
Changed: Sep 17
Last Checked: Sep 21 at 7:22AM
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 Muljat Group
Investment Insights
Based on property information with market context.
This warehouse condo provides 1,253 square feet of usable space within a 2019-built property. The layout includes an upstairs mezzanine that can accommodate office functions, workspace, or additional organized storage, while the main level includes a bathroom for added convenience.
Located at 2748 Peace Portal Dr Unit 109 in Blaine, the unit offers a practical setting for storage, hobbies, equipment, and recreational items. Its combination of open warehouse space, elevated auxiliary area, and on-site bathroom supports a range of personal and commercial storage applications.
Located at 2748 Peace Portal Dr Unit 109 in Blaine, the unit offers a practical setting for storage, hobbies, equipment, and recreational items. Its combination of open warehouse space, elevated auxiliary area, and on-site bathroom supports a range of personal and commercial storage applications.
Key Highlights
- 1,253 square feet of functional warehouse space
- Upstairs mezzanine for office, workspace, or additional storage
- Main‑level bathroom
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
$9,398
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
3.93%
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%
$187,960
$188.0K
Cap Rate 7%
$134,257
$134.3K
Cap Rate 9%
$104,422
$104.4K
Market Conditions
NOI Build-Up for 1,253 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
$11.3K $9.00/SF
− Vacancy
−$221 −$0.18/SF
EGI
$11.1K $8.82/SF
− OpEx
−$1.7K −$1.32/SF
NOI
$9.4K $7.50/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$187,960
Cap Rate 7%
$134,257
Cap Rate 9%
$104,422
Alternative Uses
Best Use
Warehouse
$134.3K
$117.5K – $156.6K
NOI $9,398 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$295.6K
$258.6K – $344.9K
NOI $20,691 @ 7.0% cap · market cap 8.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98230, WA
18,754
Population
9,395
Households
2
Avg Household Size
48
Median Age
32%
College-Educated
95%
High-School Grad
42.5 sq mi
ZIP Area
441
Density / Sq Mi
$82,716
Median Household Income
$45,603
Median Earnings
$1,255
Median Rent
$467,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Drayton Harbor Mini Storage — 8870 Blaine Rd, Blaine, WA 98230
Frequently Asked Questions
What type of property is this?
Warehouse - Functional storage condo with flexible workspace and a convenient main-level bathroom.
Where is this warehouse located?
The property is located at 2748 Peace Portal Dr Unit 109 Blaine, WA.
What is the asking price?
The asking price for this property is $239,000.
What are key features of this property?
This property features: 1,253 square feet of functional warehouse space; Upstairs mezzanine for office, workspace, or additional storage; Main‑level bathroom
