Commercial Industrial Condo with Overhead
For Sale
Contact for pricing
Pending
700 Sunset Pond Ln, Bellingham, WA 98226
Industrial condo with a main-floor shop, loft/second-floor flexible area, overhead door, and on-site gated parking option.
Property Size1,580 SF
Days on Market171
Property Features for 700 Sunset Pond Ln
General Information
Standard status
Pending
Size
1,580 SF
Total Parking Spaces
1
Property subtype
Industrial
Amenities
secure gated complex
Building Details
Year Built
2003
Units
1
Listing Agency:
BuyerMax - RE/MAX Whatcom County, Inc
Listed By:
Keith Cook · License #WA 7189
(360) 739-5600
Source:
Crexi
Added: Mar 20
Changed: Aug 8
Last Checked: Jul 25 at 11:56AM
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 BuyerMax - RE/MAX Whatcom County, Inc
Investment Insights
Based on property information with market context.
This commercial industrial condo in a secure gated complex offers a main-floor shop area and an additional loft/second-floor level. The unit includes a 12' x 14' overhead door and a separate entry door, along with two bathrooms: a half bath on the main floor and a three-quarter bath with a shower upstairs. The upper level features a finished area with a kitchen area plus flexible space that can support office, storage, or additional work use.
Heating is provided by an area heater on the main floor and a ductless mini-split unit upstairs. Also included is a dedicated individual parking space located just around the corner adjacent to the building, suited for a larger trailer, equipment, or a storage container.
The property is offered for sale as a versatile industrial condo within Sunset Pond Business Park, with additional terms subject to buyer credit approval.
Heating is provided by an area heater on the main floor and a ductless mini-split unit upstairs. Also included is a dedicated individual parking space located just around the corner adjacent to the building, suited for a larger trailer, equipment, or a storage container.
The property is offered for sale as a versatile industrial condo within Sunset Pond Business Park, with additional terms subject to buyer credit approval.
Key Highlights
- Commercial‑industrial condo in Bellingham’s Sunset Pond Business Park (built 2003) with 1,580 total SF: 1,180 SF main‑floor shop plus 400 SF loft/2nd floor.
- Main‑floor includes a 12' x 14' overhead door and separate entry door, with well‑insulated construction.
- Two bathrooms: half bath on main floor and three‑quarter bath with shower upstairs.
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
$11,962
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
4.78%
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%
$239,240
$239.2K
Cap Rate 7%
$170,886
$170.9K
Cap Rate 9%
$132,911
$132.9K
Market Conditions
NOI Build-Up for 1,580 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
$18.8K $11.88/SF
− Vacancy
−$368 −$0.23/SF
EGI
$18.4K $11.65/SF
− OpEx
−$6.4K −$4.08/SF
NOI
$12.0K $7.57/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$11.88 /SF/Yr
Expense Ratio
35.00%
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%
$239,240
Cap Rate 7%
$170,886
Cap Rate 9%
$132,911
Alternative Uses
Best Use
Flex RnD
$170.9K
$149.5K – $199.4K
NOI $11,962 @ 7.0% cap · market cap 4.78%
Second Best
Warehouse
$169.3K
$148.1K – $197.5K
NOI $11,850 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$372.7K
$326.1K – $434.9K
NOI $26,091 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,408
Businesses Nearby
Under-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
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Similar Off Market Nearby
- All City Catering — 3620 Iron Gate Rd, Bellingham, WA 98226
Frequently Asked Questions
What type of property is this?
Flex space - Industrial condo with a main-floor shop, loft/second-floor flexible area, overhead door, and on-site gated parking option.
Where is this flex space located?
The property is located at 700 Sunset Pond Ln Bellingham, WA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Commercial‑industrial condo in Bellingham’s Sunset Pond Business Park (built 2003) with 1,580 total SF: 1,180 SF main‑floor shop plus 400 SF loft/2nd floor.; Main‑floor includes a 12' x 14' overhead door and separate entry door, with well‑insulated construction.; Two bathrooms: half bath on main floor and three‑quarter bath with shower upstairs.
