End-Unit Office
For Sale
Contact for pricing
905 Squalicum Way, Bellingham, WA 98225
End-unit commercial condo with reception, private offices, kitchen, two bathrooms, and four dedicated parking spaces.
Property Size1,829 SF
Price / SF$317.06
Days on Market150
Property Features for 905 Squalicum Way
General Information
Standard status
Active
Size
1,829 SF
Total Parking Spaces
4
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Listing Agency:
Gage Commercial Real Estate LLC
(360) 483-0508
Listed By:
Tracy Carpenter · License #23452
(360) 303-2608
Source:
Moodyscre
Added: Apr 17
Changed: Aug 7
Last Checked: Sep 12 at 11:39AM
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 Gage Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This end-unit commercial condo in Squalicum Lofts Business Park offers a versatile, two-level office layout. Inside, the space includes a reception and waiting area, a private office, a kitchen, and two bathrooms, including one with a shower. A former roll-up door opening was enclosed during a prior build-out, while the original opening remains in place, allowing for restoration if desired.
The property is positioned within the business park for prominent signage exposure along Squalicum Way. Access to I-5 is convenient, with adjacent walking trails and Squalicum Creek Park nearby.
The unit includes four dedicated parking spaces, with two located at the front and two at the rear.
The property is positioned within the business park for prominent signage exposure along Squalicum Way. Access to I-5 is convenient, with adjacent walking trails and Squalicum Creek Park nearby.
The unit includes four dedicated parking spaces, with two located at the front and two at the rear.
Key Highlights
- 1,826 SF end‑unit commercial condo in Squalicum Lofts Business Park
- Reception/waiting area plus private office, kitchen, and two bathrooms (one with shower)
- Versatile two‑level layout designed to adapt to different business needs
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
$25,593
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
4.41%
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%
$511,860
$511.9K
Cap Rate 7%
$365,614
$365.6K
Cap Rate 9%
$284,367
$284.4K
Market Conditions
NOI Build-Up for 1,829 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
$41.3K $22.56/SF
− Vacancy
−$7.1K −$3.90/SF
EGI
$34.1K $18.66/SF
− OpEx
−$8.5K −$4.66/SF
NOI
$25.6K $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%
$511,860
Cap Rate 7%
$365,614
Cap Rate 9%
$284,367
Alternative Uses
Best Use
Office B
$365.6K
$319.9K – $426.6K
NOI $25,593 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$431.5K
$377.5K – $503.4K
NOI $30,203 @ 7.0% cap · market cap 5.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
432
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 units - End-unit commercial condo with reception, private offices, kitchen, two bathrooms, and four dedicated parking spaces.
Where is this office units located?
The property is located at 905 Squalicum Way Bellingham, WA.
What is the asking price?
The asking price for this property is $579,900.
What are key features of this property?
This property features: 1,826 SF end‑unit commercial condo in Squalicum Lofts Business Park; Reception/waiting area plus private office, kitchen, and two bathrooms (one with shower); Versatile two‑level layout designed to adapt to different business needs
