Two-Story Duplex with Private
New
For Sale
$660,000
2828 2830 Valencia St, Bellingham, WA 98226
Each residence features two bedrooms, two bathrooms, covered parking, and dedicated outdoor space.
Property Size2,176 SF
Price / SF$303.31
Days on Market5
Property Features for 2828 2830 Valencia St
General Information
Standard status
Active
Size
2,176 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
covered parking
private patio and lawn area
storage shed
laundry areas
Building Details
Year Built
1992
Buildings
1
Listing Agency:
RE/MAX Whatcom County, Inc.
Listed By:
Keith Cook · License #7189
(360) 739-5600
Source:
Nwwashingtonhomesforsale
Added: Sep 2
Changed: Sep 5
Last Checked: Sep 5 at 2:46PM
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.
This 1992 duplex at 2828 2830 Valencia St contains 2,176 SF across two residences. Each 1,088-SQFT unit has a two-story layout with a bedroom, bathroom, and closet on both levels. The main floor includes an eat-in kitchen with a sliding glass door leading to a private patio and lawn area, while the upper floor provides a bedroom suite with a full bathroom and generous closet space. Covered parking, storage shed access, and dedicated laundry areas add practical functionality to each home.
The property sits adjacent to trails and is minutes from Barkley Shopping Center, a movie theater, dining, and everyday amenities. One unit is occupied on a month-to-month arrangement, and the other has a lease extending through 5/27/27. The neighboring duplex at 2816/2818 Valencia St is also available, creating an option to acquire adjacent properties.
The property sits adjacent to trails and is minutes from Barkley Shopping Center, a movie theater, dining, and everyday amenities. One unit is occupied on a month-to-month arrangement, and the other has a lease extending through 5/27/27. The neighboring duplex at 2816/2818 Valencia St is also available, creating an option to acquire adjacent properties.
Key Highlights
- 2,176 SF duplex built in 1992
- Two 1,088 SQFT units, each with 2 bedrooms and 2 bathrooms
- Two‑story floor plans with a bedroom and bathroom on each level
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
$25,311
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
3.84%
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%
$506,220
$506.2K
Cap Rate 7%
$361,586
$361.6K
Cap Rate 9%
$281,233
$281.2K
Market Conditions
NOI Build-Up for 2,176 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
$37.9K $17.40/SF
− Vacancy
−$1.7K −$0.78/SF
EGI
$36.2K $16.62/SF
− OpEx
−$10.8K −$4.99/SF
NOI
$25.3K $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%
$506,220
Cap Rate 7%
$361,586
Cap Rate 9%
$281,233
Alternative Uses
Best Use
Multifamily LT 5
$361.6K
$316.4K – $421.9K
NOI $25,311 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$334.8K
$293.0K – $390.6K
NOI $23,438 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$513.3K
$449.2K – $598.9K
NOI $35,933 @ 7.0% cap · market cap 5.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
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 - Each residence features two bedrooms, two bathrooms, covered parking, and dedicated outdoor space.
Where is this duplex located?
The property is located at 2828 2830 Valencia St Bellingham, WA.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: 2,176 SF duplex built in 1992; Two 1,088 SQFT units, each with 2 bedrooms and 2 bathrooms; Two‑story floor plans with a bedroom and bathroom on each level
