Tilt-Up Industrial Warehouse with
For Sale
$4,500,000
4350 Pacific Highway, Bellingham, WA 98226
Concrete tilt-up warehouse built in 1991 with 28–33' clear heights, multiple loading doors, and 11% office space.
Property Size30,000 SF
Lot Size8.26 Acres
Price / SF$150
Days on Market147
Property Features for 4350 Pacific Highway
General Information
Standard status
Active
Size
30,000 SF
Lot size
8.26 Acres
Property subtype
Commercial
Zoning
I
Warehouse & Industrial
Clear Height
33 ft
Dock-High Doors
1
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$26,264
Amenities
Concrete,Carpet
Yes
No
32 FT at Center
Propane
Public
545
8
Metal/Vinyl
Poured Concrete
Building Details
Year Built
1991
Construction
concrete tilt-up
Listing Agency:
RE/MAX Whatcom County, Inc.
(503) 201-3872
Listed By:
Virginia Klus · License #7189
(503) 201-3872
Source:
Premierepropertygroup
Added: Mar 31
Changed: Aug 23
Last Checked: Aug 24 at 3:35AM
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.
4350 Pacific Highway offers a functional industrial warehouse featuring a concrete tilt-up building constructed in 1991. The facility includes clear heights ranging from 28 to 33 feet, five low-dock doors, one dock-high door, and one drive-in door, along with approximately 11% finished office space.
The property sits on 8.26 total acres, with 3.16 acres supporting the primary improvements and 3.67 acres of excess land. It is zoned Industrial (I), providing flexibility for industrial use and site utilization.
With its practical loading configuration, substantial clear height, and built-in office area, the warehouse is designed to support day-to-day warehousing and distribution operations.
The property sits on 8.26 total acres, with 3.16 acres supporting the primary improvements and 3.67 acres of excess land. It is zoned Industrial (I), providing flexibility for industrial use and site utilization.
With its practical loading configuration, substantial clear height, and built-in office area, the warehouse is designed to support day-to-day warehousing and distribution operations.
Key Highlights
- 30,000 SF concrete tilt‑up industrial warehouse built in 1991
- Clear heights range from 28 to 33 feet
- Loading features include five low‑dock doors, one dock‑high door, and one drive‑in door
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
$225,002
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
5.00%
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%
$4,500,040
$4.5M
Cap Rate 7%
$3,214,314
$3.2M
Cap Rate 9%
$2,500,022
$2.5M
Market Conditions
NOI Build-Up for 30,000 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
$270.0K $9.00/SF
− Vacancy
−$5.3K −$0.18/SF
EGI
$264.7K $8.82/SF
− OpEx
−$39.7K −$1.32/SF
NOI
$225.0K $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%
$4,500,040
Cap Rate 7%
$3,214,314
Cap Rate 9%
$2,500,022
Alternative Uses
Best Use
Warehouse
$3.21M
$2.81M – $3.75M
NOI $225,002 @ 7.0% cap · market cap 5.00%
Second Best
Industrial
$2.65M
$2.32M – $3.09M
NOI $185,296 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$7.08M
$6.19M – $8.26M
NOI $495,406 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
33 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
107
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.
Similar Off Market Nearby
- Pacific Self Storage - Bellingham — 4340 Pacific Hwy, Bellingham, WA 98226
- Allied Van Lines — 4350 Pacific Hwy #100, Bellingham, WA 98226
Frequently Asked Questions
What type of property is this?
Warehouse - Concrete tilt-up warehouse built in 1991 with 28–33' clear heights, multiple loading doors, and 11% office space.
Where is this warehouse located?
The property is located at 4350 Pacific Highway Bellingham, WA.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 30,000 SF concrete tilt‑up industrial warehouse built in 1991; Clear heights range from 28 to 33 feet; Loading features include five low‑dock doors, one dock‑high door, and one drive‑in door
