Newer Three-Unit
For Sale
$1,769,000
4121 Deemer Rd, Bellingham, WA 98226
Three leased residences offer updated finishes, private outdoor areas, and attached garages within a low-maintenance multifamily setting.
Property Size4,948 SF
Price / SF$357.52
Days on Market35
Property Features for 4121 Deemer Rd
General Information
Standard status
Active
Size
4,948 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 3BR/2.5BA
Multifamily Units
3
Parking per Unit
2
Amenities
quartz countertops
air conditioning
primary suites with en-suite baths
full size washer and dryer
air exchangers
wired alarm systems
private fenced grassy front areas
Building Details
Year Built
2022
Listing Agency:
RE/MAX Whatcom County, Inc.
(360) 647-1313
Listed By:
Ronda Karn
Source:
Lifestylehomeswithmel
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 25 at 5:01AM
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 RE/MAX Whatcom County, Inc.
Investment Insights
Based on property information with market context.
Completed in 2022, this triplex contains three residences on one parcel, each measuring approximately 1,650 square feet. Every home includes three bedrooms, 2.5 bathrooms, an attached 2-car garage, a primary suite with private bath, and full-size laundry. Interior features include quartz countertops, air conditioning, air exchangers, and wired alarm systems. Each residence also has a fenced grassy front area for private outdoor use.
All three residences are currently leased. The property is located at 4121 Deemer Rd in Bellingham, providing a newer multifamily configuration with the design and functionality of individual homes. The total property size is 4,997 square feet.
All three residences are currently leased. The property is located at 4121 Deemer Rd in Bellingham, providing a newer multifamily configuration with the design and functionality of individual homes. The total property size is 4,997 square feet.
Key Highlights
- Three residences on one parcel, with all three currently leased
- Built in 2022 with 4,997 square feet of total property size
- Each residence is approximately 1,650 square feet with 3 bedrooms and 2.5 bathrooms
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
$57,555
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
3.25%
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%
$1,151,100
$1.2M
Cap Rate 7%
$822,214
$822.2K
Cap Rate 9%
$639,500
$639.5K
Market Conditions
NOI Build-Up for 4,948 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
$86.1K $17.40/SF
− Vacancy
−$3.9K −$0.78/SF
EGI
$82.2K $16.62/SF
− OpEx
−$24.7K −$4.99/SF
NOI
$57.6K $11.63/SF
Area
Whatcom County, WA
Vacancy
4.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,151,100
Cap Rate 7%
$822,214
Cap Rate 9%
$639,500
Alternative Uses
Best Use
Multifamily LT 5
$822.2K
$719.4K – $959.3K
NOI $57,555 @ 7.0% cap · market cap 3.25%
Second Best
Apartment 5plus
$761.4K
$666.2K – $888.3K
NOI $53,296 @ 7.0% cap · market cap 3.01%
Theoretical Best
Office A
$1.17M
$1.02M – $1.36M
NOI $81,709 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
791
Businesses Nearby
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three leased residences offer updated finishes, private outdoor areas, and attached garages within a low-maintenance multifamily setting.
Where is this triplex located?
The property is located at 4121 Deemer Rd Bellingham, WA.
What is the asking price?
The asking price for this property is $1,769,000.
What are key features of this property?
This property features: Three residences on one parcel, with all three currently leased; Built in 2022 with 4,997 square feet of total property size; Each residence is approximately 1,650 square feet with 3 bedrooms and 2.5 bathrooms
