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Marina Building in Bellingham

851 Coho Way, Bellingham, WA 98225

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For Sale

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Corner building in the Marina District with strong tenant mix.

Type:Office

Property size:

47,508 SF

Price / SF:

$239/SF

HighLights

$70k net revenue per month with a 7.5% cap rate.
Anchored by LFS retail sales and Class A office space with secure entry and elevator.
Meticulously upgraded and maintained 47k+ sq ft building with fully sprinkled fire suppression.
High tenant occupancy average of 9 years.
Abundant parking in a walkable area near services, restaurants, trails, and parks.
Located in the Port of Bellingham’s Marina District.

We can help!

Contact an agent

KC Coonc

For Sale

Contact for pricing

Corner building in the Marina District with strong tenant mix.

Type:Office

Property size:

47,508 SF

Price / SF:

$239/SF

Added:: Feb 5, 2026
Days on Market:: 143
Last Refresh:: Mar 17 at 1:15 pm

Property Features for 851 Coho Way

General Information

Standard status: Active
Size: 47,508 SF
Property subtype: Office

Building Details

Year Built: 1991

We can help!

Contact an agent

KC Coonc

Listing office Pacific Continental Realty LLC

Listing date Feb 5, 2026

Source Crexi

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 Pacific Continental Realty LLC

HighLights

$70k net revenue per month with a 7.5% cap rate.
Anchored by LFS retail sales and Class A office space with secure entry and elevator.
Meticulously upgraded and maintained 47k+ sq ft building with fully sprinkled fire suppression.
High tenant occupancy average of 9 years.
Abundant parking in a walkable area near services, restaurants, trails, and parks.
Located in the Port of Bellingham’s Marina District.

Overview

The Marina Building is located on the corner of Coho Way and Roeder Ave within the Port of Bellingham’s Marina District. The building has a strong mix of regional and local tenants. The first floor is anchored by LFS retail sales serving the marine industry, with the second and third floors featuring Class A office space with secure entry and elevator access. The building is fully sprinkled and has been upgraded and maintained. Tenant occupancy averages 9 years. The building has abundant parking and is in a walkable area with easy access to affiliated services, restaurants, trails, and parks. The property has a landlord favorable Port of Bellingham Land Lease with 36 years remaining. The building size is over 47,000 square feet.

Local Financial Insights For Office B

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$1.07M	$22.56
− Vacancy	−$185.4k	−$3.90
EGI	$886.4k	$18.66
− OpEx	−$221.6k	−$4.66
NOI	$664.8k	$13.99

47,508 SF · lease $22.56/SF/yr · vacancy 17.30% · expense 25.00%

Alternative Uses

Best Use

Office B

$9.50M

$8.31M – $11.08M (±1% cap)

NOI $664,772 @ 7.0% cap · market cap 5.84%

Second Best

Retail

$8.10M

$7.09M – $9.45M (±1% cap)

NOI $566,875 @ 7.0% cap · market cap 4.98%

Theoretical Best

Office A

$11.21M

$9.81M – $13.08M (±1% cap)

NOI $784,525 @ 7.0% cap · market cap 6.89%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

AXE Engineering Services General Contractor Resilient Acupuncture + Fire ... Alternative Medicine Practice Erin Schlichting CPA ... Tax Preparation Michele Siemion Alternative Medicine Practice Sea Products West ... Take-out & Catering

Suggested Use

Location Insight

Map
Local Demand

City: Bellingham
County: Whatcom
State: Washington
Longitude: -122.503256
Latitude: 48.758848

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For sale
Office buildings
WA
Bellingham
98225
851 Coho Way

What type of property is this?

Office building - Corner building in the Marina District with strong tenant mix.

Where is this office building located?

The property is located at 851 Coho Way Bellingham, WA.

What is the asking price?

The asking price for this property is $11,385,000.

What are key features of this property?

This property features: $70k net revenue per month with a 7.5% cap rate.; Anchored by LFS retail sales and Class A office space with secure entry and elevator.; Meticulously upgraded and maintained 47k+ sq ft building with fully sprinkled fire suppression.