Renovated Multi-Tenant Office
For Sale
Contact for pricing
851 Coho Way, Bellingham, WA 98225
Three-story configuration with elevator access, on-site parking, and updated tenant and common areas.
Property Size47,478 SF
Lot Size1.40 Acres
Price / SF$237.85
Days on Market8
Property Features for 851 Coho Way
General Information
Standard status
Active
Size
47,478 SF
Elevators
Yes
Lot size
1.40 Acres
Property subtype
Office
Zoning
CWF
Occupancy
97%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
1991
Buildings
1
Stories
3
Tenancy
Multi
Building Size
47,478 SF
Listing Agency:
Kidder Mathews Seattle
(206) 398-2289
Listed By:
Tyler Nicholes · License #WA 127468
Source:
Crexi
Added: Aug 11
Changed: Aug 18
Last Checked: Aug 18 at 5:20AM
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 Kidder Mathews Seattle
Investment Insights
Based on property information with market context.
The Marina Building is a three-story office property built in 1991 and substantially updated in recent years. Improvements include a re-membraned roof, refreshed exterior, new signage, upgraded security systems, reconfigured and restriped parking, and remodeled suites and shared areas. Secure elevator access serves the building, which occupies a 1.4-acre site leased from the Port of Bellingham.
The property is located at 851 Coho Way at the corner of Coho Way and Roeder Avenue in Bellingham’s Squalicum Harbor Marina District. Current occupancy is 97.8%. LFS Marine & Outdoor occupies 18,710 square feet on the ground floor under a lease extending through March 2032, while thirteen additional regional and local tenants represent healthcare, government, professional services, and technology. Nearly all leases are structured as NNN. The property carries CWF zoning and includes abundant on-site parking.
The property is located at 851 Coho Way at the corner of Coho Way and Roeder Avenue in Bellingham’s Squalicum Harbor Marina District. Current occupancy is 97.8%. LFS Marine & Outdoor occupies 18,710 square feet on the ground floor under a lease extending through March 2032, while thirteen additional regional and local tenants represent healthcare, government, professional services, and technology. Nearly all leases are structured as NNN. The property carries CWF zoning and includes abundant on-site parking.
Key Highlights
- 97.8% leased office property in Bellingham’s Squalicum Harbor Marina District
- 18,710‑square‑foot ground‑floor tenancy leased through March 2032
- Thirteen additional tenants span healthcare, government, professional services, and technology
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
$664,772
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
5.88%
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%
$13,295,440
$13.3M
Cap Rate 7%
$9,496,743
$9.5M
Cap Rate 9%
$7,386,356
$7.4M
Market Conditions
NOI Build-Up for 47,508 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
$1.07M $22.56/SF
− Vacancy
−$185.4K −$3.90/SF
EGI
$886.4K $18.66/SF
− OpEx
−$221.6K −$4.66/SF
NOI
$664.8K $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%
$13,295,440
Cap Rate 7%
$9,496,743
Cap Rate 9%
$7,386,356
Alternative Uses
Best Use
Office B
$9.50M
$8.31M – $11.08M
NOI $664,772 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.21M
$9.81M – $13.08M
NOI $784,525 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
570
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
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Three-story configuration with elevator access, on-site parking, and updated tenant and common areas.
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 $11,300,000.
What are key features of this property?
This property features: 97.8% leased office property in Bellingham’s Squalicum Harbor Marina District; 18,710‑square‑foot ground‑floor tenancy leased through March 2032; Thirteen additional tenants span healthcare, government, professional services, and technology
