Mixed-Use Property with Shop
For Sale
$1,185,000
3092 Mt Baker, Bellingham, WA 98226
Approximately five acres combine residential improvements, shop buildings, RV space, parking, and open yard areas.
Property Size3,505 SF
Lot Size5.00 Acres
Price / SF$338.09
Days on Market11
Property Features for 3092 Mt Baker
General Information
Standard status
Active
Size
3,505 SF
Lot size
5.00 Acres
Property subtype
Multi-family
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Gross Income
$151,800
Amenities
RV area
Building Details
Year Built
1956
Listing Agency:
Muljat Group
Listed By:
Julian Friedman
(360) 424-2100
Source:
Century21northhomes
Added: Aug 8
Changed: Aug 18
Last Checked: Aug 18 at 4:34AM
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 approximately 5-acre mixed-use property includes multiple residential and commercial-style improvements. The main residence has three bedrooms and sits away from the road. Additional lower-level living areas provide multiple bedrooms, kitchens, baths, and separate entrances. A manufactured home is positioned near the highway frontage, while a private RV area farther back includes septic, power, and water connections.
Shop and outdoor components add operational flexibility, including a 40' x 60' clear-span building and a 40' x 40' shop with additional upper-level space. The property also offers ample parking and open yard areas. Located along the Mount Baker Highway corridor at 3092 Mt Baker, the property is approximately 10 minutes from I-5 and positioned on the route toward Mount Baker recreation areas.
Shop and outdoor components add operational flexibility, including a 40' x 60' clear-span building and a 40' x 40' shop with additional upper-level space. The property also offers ample parking and open yard areas. Located along the Mount Baker Highway corridor at 3092 Mt Baker, the property is approximately 10 minutes from I-5 and positioned on the route toward Mount Baker recreation areas.
Key Highlights
- Approximately 5 acres along the Mount Baker Highway corridor
- Three‑bedroom residence set back from the road
- Lower‑level living areas with multiple bedrooms, kitchens, baths, and separate entrances
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
$44,478
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
3.75%
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%
$889,560
$889.6K
Cap Rate 7%
$635,400
$635.4K
Cap Rate 9%
$494,200
$494.2K
Market Conditions
NOI Build-Up for 3,505 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
$75.7K $21.60/SF
− Vacancy
−$4.5K −$1.30/SF
EGI
$71.2K $20.30/SF
− OpEx
−$26.7K −$7.61/SF
NOI
$44.5K $12.69/SF
Area
Whatcom County, WA
Vacancy
6.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$889,560
Cap Rate 7%
$635,400
Cap Rate 9%
$494,200
Alternative Uses
Best Use
Mixed Use
$635.4K
$556.0K – $741.3K
NOI $44,478 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$539.3K
$471.9K – $629.2K
NOI $37,753 @ 7.0% cap · market cap 3.19%
Theoretical Best
Office A
$826.9K
$723.5K – $964.7K
NOI $57,880 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
27
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?
Mixed-use property - Approximately five acres combine residential improvements, shop buildings, RV space, parking, and open yard areas.
Where is this mixed-use property located?
The property is located at 3092 Mt Baker Bellingham, WA.
What is the asking price?
The asking price for this property is $1,185,000.
What are key features of this property?
This property features: Approximately 5 acres along the Mount Baker Highway corridor; Three‑bedroom residence set back from the road; Lower‑level living areas with multiple bedrooms, kitchens, baths, and separate entrances
