Industrial Storage
New
For Sale
$385,000
3641 Irongate Rd #C6, Bellingham, WA 98226
Gated warehouse condominium with secure 24/7 access, dedicated loading, and finished interior improvements.
Property Size1,500 SF
Price / SF$256.67
Days on Market2
Property Features for 3641 Irongate Rd #C6
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Commercial
Warehouse & Industrial
Warehouse Space
1,500 SF
Voltage
220 V
Amenities
ADA bathroom
on-site manager
24/7 access
vaulted ceiling
custom paint
epoxy flooring
Building Details
Year Built
2020
Construction
steel frame
Listed By:
Moyer Real Estate
(206) 724-3810
Source:
Moyerrealestate
Added: Sep 13
Changed: Sep 14
Last Checked: Sep 14 at 8:19AM
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 Moyer Real Estate
Investment Insights
Based on property information with market context.
Built in 2020, this 1,500-square-foot industrial and storage condominium occupies a 30x50-foot footprint within the Store House gated complex. The unit features steel construction, CMU block walls, metal roofing, an ADA bathroom, and a 14x16-foot overhead door with windows and an automated opener. A high vaulted ceiling, 220-volt wiring, additional outlets, custom paint, upgraded lighting, and an epoxy floor support a range of storage and workspace needs.
The property is part of Irongate Industrial Business Park at 3641 Irongate Rd #C6 in Bellingham, Washington. An on-site manager serves the Store House Heated Storage complex, which provides secure access 24 hours a day, seven days a week.
The property is part of Irongate Industrial Business Park at 3641 Irongate Rd #C6 in Bellingham, Washington. An on-site manager serves the Store House Heated Storage complex, which provides secure access 24 hours a day, seven days a week.
Key Highlights
- 1,500‑square‑foot industrial/storage condominium with a 30x50‑foot footprint
- Constructed in 2020 with steel, CMU block, and metal roofing
- 14x16‑foot 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
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Open 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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Similar Off Market Nearby
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- Storage Solutions — 1082 Telegraph Rd, Bellingham, WA 98226
- Baker Creek Storage — 1621 Baker Creek Pl, Bellingham, WA 98226
Frequently Asked Questions
What type of property is this?
Warehouse - Gated warehouse condominium with secure 24/7 access, dedicated loading, and finished interior improvements.
Where is this warehouse located?
The property is located at 3641 Irongate Rd #C6 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 with a 30x50‑foot footprint; Constructed in 2020 with steel, CMU block, and metal roofing; 14x16‑foot overhead door with windows and automated opener
