Industrial Storage
For Sale
Contact for pricing
3641-3661 Irongate Rd, Bellingham, WA 98226
Gated commercial condominium with flexible storage or workshop utility, 24/7 access, and durable construction.
Property Size1,500 SF
Price / SF$256.67
Days on Market16
Property Features for 3641-3661 Irongate Rd
General Information
Standard status
Active
Size
1,500 SF
Property subtype
INDUSTRIAL
Warehouse & Industrial
Warehouse Space
1,500 SF
Voltage
220 V
Amenities
on-site manager
24/7 access
ADA bathroom
Building Details
Construction
steel
Listing Agency:
Windermere - Whatcom Co.
(360) 676-5900
Listed By:
Chet Kenoyer
(360) 303-1450
Source:
Moodyscre
Added: Sep 11
Changed: Sep 24
Last Checked: Sep 26 at 5:50AM
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 - Whatcom Co.
Investment Insights
Based on property information with market context.
This 1,500-square-foot industrial condominium is configured for storage, workshop, or personal-use applications within the Store House complex. Construction includes steel, CMU block, and a metal roof. Interior features include an ADA bathroom, custom lighting and paint, an epoxy-coated floor, a high vaulted ceiling, 220-volt wiring, and additional electrical outlets. A 14x16 overhead door with windows and an automated opener supports equipment and material access.
The property is located at 3641-3661 Irongate Rd in Bellingham, within Irongate Industrial Business Park. The gated complex provides 24/7 accessibility, with an on-site manager serving the Store House Heated Storage operation. The condominium measures 30x50 and offers a practical enclosed footprint for commercial storage or work-oriented use.
The property is located at 3641-3661 Irongate Rd in Bellingham, within Irongate Industrial Business Park. The gated complex provides 24/7 accessibility, with an on-site manager serving the Store House Heated Storage operation. The condominium measures 30x50 and offers a practical enclosed footprint for commercial storage or work-oriented use.
Key Highlights
- 1,500‑square‑foot industrial/storage condominium
- 30x50 enclosed footprint within a gated complex
- 14x16 overhead door with windows and automated opener
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
2.92%
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 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$353.9K
$309.6K – $412.8K
NOI $24,770 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Storage Solutions — 1082 Telegraph Rd, Bellingham, WA 98226
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Frequently Asked Questions
What type of property is this?
Warehouse - Gated commercial condominium with flexible storage or workshop utility, 24/7 access, and durable construction.
Where is this warehouse located?
The property is located at 3641-3661 Irongate Rd Bellingham, WA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 1,500‑square‑foot industrial/storage condominium; 30x50 enclosed footprint within a gated complex; 14x16 overhead door with windows and automated opener
