Two-Story Duplex with Covered
For Sale
$625,000
2818 Valencia St 2816, Bellingham, WA 98226
Both residences include private outdoor space and dedicated laundry utility rooms.
Property Size2,216 SF
Price / SF$282.04
Days on Market9
Property Features for 2818 Valencia St 2816
General Information
Standard status
Active
Size
2,216 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Gross Income
$36,780
Amenities
private deck
patio
Building Details
Year Built
1992
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Whatcom County, Inc.
Listed By:
Keith Cook · License #7189
(360) 739-5600
Source:
Nwwashingtonhomesforsale
Added: Aug 31
Changed: Sep 7
Last Checked: Sep 7 at 9:59AM
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 RE/MAX Whatcom County, Inc.
Investment Insights
Based on property information with market context.
Built in 1992, this Bellingham duplex contains two separate two-story residences, each offering 1,108 square feet with two bedrooms and one-and-a-half baths. Both units include a laundry and utility room, private deck and patio areas, and covered parking. The property is currently occupied, with one tenancy on a month-to-month arrangement and the other extending through 8/9/27.
The property is located on Valencia Street near Barkley Village Shopping Center, Regal Cinema, restaurants, retail, everyday services, and nearby trails. An additional duplex at 2828/2830 Valencia St is also available, creating the possibility of acquiring neighboring duplex properties.
The property is located on Valencia Street near Barkley Village Shopping Center, Regal Cinema, restaurants, retail, everyday services, and nearby trails. An additional duplex at 2828/2830 Valencia St is also available, creating the possibility of acquiring neighboring duplex properties.
Key Highlights
- Two separate 1,108‑square‑foot, two‑story units
- Each unit includes 2 bedrooms and 1.5 baths
- Private deck and patio space for both residences
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
$25,776
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
4.12%
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%
$515,520
$515.5K
Cap Rate 7%
$368,229
$368.2K
Cap Rate 9%
$286,400
$286.4K
Market Conditions
NOI Build-Up for 2,216 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
$38.6K $17.40/SF
− Vacancy
−$1.7K −$0.78/SF
EGI
$36.8K $16.62/SF
− OpEx
−$11.0K −$4.99/SF
NOI
$25.8K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /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%
$515,520
Cap Rate 7%
$368,229
Cap Rate 9%
$286,400
Alternative Uses
Best Use
Multifamily LT 5
$368.2K
$322.2K – $429.6K
NOI $25,776 @ 7.0% cap · market cap 4.12%
Second Best
Apartment 5plus
$341.0K
$298.4K – $397.8K
NOI $23,869 @ 7.0% cap · market cap 3.82%
Theoretical Best
Office A
$522.8K
$457.4K – $609.9K
NOI $36,594 @ 7.0% cap · market cap 5.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,139
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences include private outdoor space and dedicated laundry utility rooms.
Where is this duplex located?
The property is located at 2818 Valencia St 2816 Bellingham, WA.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two separate 1,108‑square‑foot, two‑story units; Each unit includes 2 bedrooms and 1.5 baths; Private deck and patio space for both residences
