Warehouse Condo Unit with Roll-Up
For Sale
Contact for pricing
3610 Iron Gate Road, Bellingham, WA 98226
Warehouse condo unit with NNN lease through Nov 2028, separately metered utilities, and plumbed space for a restroom.
Property Size1,500 SF
Price / SF$213
Days on Market149
Property Features for 3610 Iron Gate Road
General Information
Standard status
Active
Size
1,500 SF
Property subtype
INDUSTRIAL
Site & Location
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
20 ft
Warehouse Space
1,500 SF
Power
100 amps
Three-Phase Power
Yes
Building Details
Year Built
2017
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 30
Last Checked: Aug 11 at 8:14AM
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 unit in the Iron Gate area featuring 1,500 SF of warehouse/storage space. The unit is heated/insulated and is plumbed for a restroom, with a shared restroom located at the end of the building shared with the entire complex. Power includes 100-amp three phase service.
The space is set up with a 16’ wide by 14’ roll up door and an average ceiling height of 20’, with 30’ wide by 50’ deep dimensions. Thickened footing is in place to accommodate a potential 25’ x 20’ mezzanine if desired. The property was built in October 2017 and offers exclusive parking in front of the unit(s).
The complex entry includes a gated automatic security fence with code, and units are separately metered for gas and electricity. This unit has an NNN lease in place through Nov. 2028.
The space is set up with a 16’ wide by 14’ roll up door and an average ceiling height of 20’, with 30’ wide by 50’ deep dimensions. Thickened footing is in place to accommodate a potential 25’ x 20’ mezzanine if desired. The property was built in October 2017 and offers exclusive parking in front of the unit(s).
The complex entry includes a gated automatic security fence with code, and units are separately metered for gas and electricity. This unit has an NNN lease in place through Nov. 2028.
Key Highlights
- 1,500 SF warehouse/storage space with heating/insulation
- NNN lease through Nov. 2028
- Built October 2017 with exclusive parking in front of the unit(s)
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
$11,250
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%
$225,000
$225.0K
Cap Rate 7%
$160,714
$160.7K
Cap Rate 9%
$125,000
$125.0K
Market Conditions
NOI Build-Up for 1,500 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
$13.5K $9.00/SF
− Vacancy
−$265 −$0.18/SF
EGI
$13.2K $8.82/SF
− OpEx
−$2.0K −$1.32/SF
NOI
$11.3K $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%
$225,000
Cap Rate 7%
$160,714
Cap Rate 9%
$125,000
Alternative Uses
Best Use
Warehouse
$160.7K
$140.6K – $187.5K
NOI $11,250 @ 7.0% cap · market cap 3.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$353.9K
$309.6K – $412.8K
NOI $24,770 @ 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
Yes
Fenced yard
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
418
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse condo unit with NNN lease through Nov 2028, separately metered utilities, and plumbed space for a restroom.
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 $319,500.
What are key features of this property?
This property features: 1,500 SF warehouse/storage space with heating/insulation; NNN lease through Nov. 2028; Built October 2017 with exclusive parking in front of the unit(s)
