Mixed-Use Building With
357 Martin, Blaine, WA 98230
For Sale
$1,099,990
Fully leased mixed-use property combines remodeled apartments with retail and office space on the main level.
Property Size3,000 SF
Price / SF$366.66
Days on Market235
Property Features for 357 Martin
General Information
Standard status
Size
Property subtype
Occupancy
Site & Location
Highway Access
Road Access
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Buildings
Tenancy
Listing Agency:
Windermere RE Whatcom,Inc.
Listed By:
Brandi Coplen
(360) 201-3951
Source:
Skylineproperties
Added: Mar 19
Changed: Nov 6
Last Checked: Nov 8 at 6:48AM
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 RE Whatcom,Inc.
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Investment Insights
Based on property information with market context.
Built in 1990, this 3,000-square-foot mixed-use building combines residential, retail, and office components. The upper floor contains two remodeled apartments of approximately 750 square feet each, with two bedrooms and one full bathroom. Improvements include custom cabinetry, luxury vinyl plank flooring, tile finishes, updated appliances, windows, and doors. The main level includes retail space, three office suites, and an additional residential unit.
Recent exterior work includes cement board siding, a roof replacement, and composite exterior stairs. Parking is provided through alley access and street frontage. The property is near downtown Blaine, I-5, and the US/Canada border, with mixed-use zoning and multiple leased units supporting its income-producing configuration.
Recent exterior work includes cement board siding, a roof replacement, and composite exterior stairs. Parking is provided through alley access and street frontage. The property is near downtown Blaine, I-5, and the US/Canada border, with mixed-use zoning and multiple leased units supporting its income-producing configuration.
Key Highlights
- 3,000‑square‑foot mixed‑use building built in 1990
- Two remodeled upper‑level apartments, each approximately 750 square feet
- Each apartment includes 2 bedrooms and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,979
Cap Rate
3.82%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$839,580
$839.6K
Cap Rate 7%
$599,700
$599.7K
Cap Rate 9%
$466,433
$466.4K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$67.7K $22.56/SF
− Vacancy
−$11.7K −$3.90/SF
EGI
$56.0K $18.66/SF
− OpEx
−$14.0K −$4.66/SF
NOI
$42.0K $13.99/SF
Area
Whatcom County, WA
Vacancy
17.30%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$839,580
Cap Rate 7%
$599,700
Cap Rate 9%
$466,433
Alternative Uses
Best Use
Office B
$599.7K
$524.7K – $699.7K
NOI $41,979 @ 7.0% cap · market cap 3.82%
Second Best
Mixed Use
$543.9K
$475.9K – $634.5K
NOI $38,070 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$707.7K
$619.3K – $825.7K
NOI $49,541 @ 7.0% cap · market cap 4.50%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
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
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Market
Vacancy Rate% for Office in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use property combines remodeled apartments with retail and office space on the main level.
Where is this mixed-use property located?
The property is located at 357 Martin Blaine, WA.
What is the asking price?
The asking price for this property is $1,099,990.
What are key features of this property?
This property features: 3,000‑square‑foot mixed‑use building built in 1990; Two remodeled upper‑level apartments, each approximately 750 square feet; Each apartment includes 2 bedrooms and 1 full bathroom
