Social Security Administration Office
New
For Sale
Contact for pricing
710 Alabama St, Bellingham, WA 98225
Longstanding government office occupancy at a hard corner with convenient ingress and egress.
Property Size8,300 SF
Price / SF$307.83
Days on Market3
Property Features for 710 Alabama St
General Information
Standard status
Active
Size
8,300 SF
Property subtype
OFFICE
Building Details
Tenancy
Single
Listing Agency:
Marcus & Millichap, Inc.
(206) 826-5700
Listed By:
Clayton Brown · License #WA:123258,ID:SP56979
(206) 826-5787
Source:
Moodyscre
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 2:38PM
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 Marcus & Millichap, Inc.
Investment Insights
Based on property information with market context.
This 8,300-square-foot office building is occupied by the Social Security Administration and has an occupancy history exceeding 18 years. The property serves as a field office and offers a clearly defined institutional use within a single-tenant office setting.
Located at 710 Alabama St in Bellingham, the building occupies a hard-corner position with easy ingress and egress. Trader Joe’s is identified as the surrounding shadow anchor, adding an established retail presence to the immediate setting. The property is also described as the only Social Security Administration field office in Whatcom County, which has more than 236,000 residents.
Located at 710 Alabama St in Bellingham, the building occupies a hard-corner position with easy ingress and egress. Trader Joe’s is identified as the surrounding shadow anchor, adding an established retail presence to the immediate setting. The property is also described as the only Social Security Administration field office in Whatcom County, which has more than 236,000 residents.
Key Highlights
- 8,300‑square‑foot office building occupied by the Social Security Administration
- Occupancy history exceeding 18 years
- Hard‑corner position with easy ingress and egress
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
$116,141
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
4.55%
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%
$2,322,820
$2.3M
Cap Rate 7%
$1,659,157
$1.7M
Cap Rate 9%
$1,290,456
$1.3M
Market Conditions
NOI Build-Up for 8,300 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
$187.2K $22.56/SF
− Vacancy
−$32.4K −$3.90/SF
EGI
$154.9K $18.66/SF
− OpEx
−$38.7K −$4.66/SF
NOI
$116.1K $13.99/SF
Area
Whatcom County, WA
Vacancy
17.30%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$2,322,820
Cap Rate 7%
$1,659,157
Cap Rate 9%
$1,290,456
Alternative Uses
Best Use
Office B
$1.66M
$1.45M – $1.94M
NOI $116,141 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.96M
$1.71M – $2.28M
NOI $137,062 @ 7.0% cap · market cap 5.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,241
Businesses Nearby
Explore this area
Business Placement
Demographics for 98225, WA
49,078
Population
24,202
Households
2
Avg Household Size
31
Median Age
48%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
3,895
Density / Sq Mi
$62,220
Median Household Income
$33,122
Median Earnings
$1,430
Median Rent
$588,800
Median Home Value
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office building - Longstanding government office occupancy at a hard corner with convenient ingress and egress.
Where is this office building located?
The property is located at 710 Alabama St Bellingham, WA.
What is the asking price?
The asking price for this property is $2,555,000.
What are key features of this property?
This property features: 8,300‑square‑foot office building occupied by the Social Security Administration; Occupancy history exceeding 18 years; Hard‑corner position with easy ingress and egress
