Warehouse Condo with Roll-Up
For Sale
Contact for pricing
3610 Iron Gate Road, Bellingham, WA 98226
Two warehouse condo units total 3,000 SF, connected internally, each with power, heating/insulation, and roll-up access.
Property Size3,000 SF
Price / SF$213
Days on Market160
Property Features for 3610 Iron Gate Road
General Information
Standard status
Active
Size
3,000 SF
Property subtype
INDUSTRIAL
Occupancy
100%
Additional Details
Clear Height
20 ft
Amenities
gated automatic security fence
separately metered gas and electricity
Building Details
Year Built
2017
Tenancy
Multi
Listing Agency:
Gage Commercial Real Estate LLC
(360) 303-2608
Listed By:
Tracy Carpenter · License #23452
(360) 303-2608
Source:
Moodyscre
Added: Mar 16
Changed: Jul 28
Last Checked: Aug 21 at 4:40AM
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 Gage Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Warehouse condo units built in October 2017. The offering includes Units #112 and #113 with interior connection via a man door, providing a combined warehouse/storage configuration. Each unit has heating/insulation and is plumbed for a restroom, with a shared restroom located at the end of the building for the overall complex. Electrical service includes 100-amp three-phase power.
The units include a 16’ wide by 14’ roll-up door. Ceiling height averages 20’. The property also features thickened footings that can accommodate a 25’ x 20’ mezzanine if desired. The complex has an automatic gated security fence with code entry, and parking in front of the unit(s) is exclusive.
Separately metered gas and electricity are provided, supporting independent operations across the condo units. Unit #113 is NNN leased through Nov. 2028, while Unit #112 is currently on a month-to-month lease, creating an opportunity for an owner-user to occupy one unit while maintaining tenancy in the other.
The units include a 16’ wide by 14’ roll-up door. Ceiling height averages 20’. The property also features thickened footings that can accommodate a 25’ x 20’ mezzanine if desired. The complex has an automatic gated security fence with code entry, and parking in front of the unit(s) is exclusive.
Separately metered gas and electricity are provided, supporting independent operations across the condo units. Unit #113 is NNN leased through Nov. 2028, while Unit #112 is currently on a month-to-month lease, creating an opportunity for an owner-user to occupy one unit while maintaining tenancy in the other.
Key Highlights
- Two connected warehouse condo units totaling 3,000 SF (1,500 SF each), with interior man door access between units
- Unit #113 is NNN leased through Nov. 2028; Unit #112 is on an M‑M lease
- Each unit has heating/insulation and 100‑amp three‑phase power, plus plumbing for a restroom; shared restroom at end of building
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
$22,500
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
3.52%
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%
$450,000
$450.0K
Cap Rate 7%
$321,429
$321.4K
Cap Rate 9%
$250,000
$250.0K
Market Conditions
NOI Build-Up for 3,000 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
$27.0K $9.00/SF
− Vacancy
−$529 −$0.18/SF
EGI
$26.5K $8.82/SF
− OpEx
−$4.0K −$1.32/SF
NOI
$22.5K $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%
$450,000
Cap Rate 7%
$321,429
Cap Rate 9%
$250,000
Alternative Uses
Best Use
Warehouse
$321.4K
$281.3K – $375.0K
NOI $22,500 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$707.7K
$619.3K – $825.7K
NOI $49,541 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
490
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Two warehouse condo units total 3,000 SF, connected internally, each with power, heating/insulation, and roll-up access.
Where is this warehouse located?
The property is located at 3610 Iron Gate Road Bellingham, WA.
What is the asking price?
The asking price for this property is $639,000.
What are key features of this property?
This property features: Two connected warehouse condo units totaling 3,000 SF (1,500 SF each), with interior man door access between units; Unit #113 is NNN leased through Nov. 2028; Unit #112 is on an M‑M lease; Each unit has heating/insulation and 100‑amp three‑phase power, plus plumbing for a restroom; shared restroom at end of building
