Downtown Bellingham Class A
1501 Cornwall Ave, Bellingham, WA 98225
Class A building in downtown Bellingham with drive-through.
Type:Retail
Property size:
8,640 SFPrice / SF:
$202/SF- Added:
- Jul 26, 2023
- Days on Market:
- 1043
- Last Refresh:
- May 13 at 8:13 pm
Property Features for 1501 Cornwall Ave
General Information
- Standard status
- Active
- Size
- 8,640 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1972
Listing agent John Templeton License ## 3046
Listing office Windemere Real Estate
Listing date Jul 26, 2023
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 Windemere Real Estate
HighLights
- Fully functional drive‑through - the only one available!
- Opportunity Zone location in Downtown Bellingham.
- Significant upgrade/remodel completed in 2015.
- Large space: 4,800 sqft up plus 4,800 sqft built‑out lower level.
- Zoning allows for expansion (adding onto or up) with no setbacks, parking, or height restrictions.
- 16 on‑site parking spaces.
Overview
Located in downtown Bellingham, this Class A building underwent a million-dollar upgrade and remodel in 2015. The property features 4,800 square feet on the upper level, complemented by a 4,800-square-foot built-out lower level. Equipped with substantial power, the building is suitable for various uses, including a bank with a drive-through, an insurance agency, or general office space, and could be fully operational in less than a month. The zoning allows for additions, with no setbacks, parking, or height restrictions. Sixteen on-site parking spaces are available. The property is situated within an Opportunity Zone and is near four major banks. It is the only available building with a fully functional drive-through and presents potential for additional development.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $194.9k | $22.56 |
| − Vacancy | −$33.7k | −$3.90 |
| EGI | $161.2k | $18.66 |
| − OpEx | −$40.3k | −$4.66 |
| NOI | $120.9k | $13.99 |
8,640 SF · lease $22.56/SF/yr · vacancy 17.30% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.73M
$1.51M – $2.01M
NOI $120,898 @ 7.0% cap · market cap 6.91%
Second Best
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,404 @ 7.0% cap · market cap 6.48%
Theoretical Best
Office A
$2.04M
$1.78M – $2.38M
NOI $142,677 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Unity Circle
Park
M.D. Labs & Wellness ...
Spa & Massage Center
Location Insight
- Map
- Local Demand
- City
- Bellingham
- County
- Whatcom
- State
- Washington
- Longitude
- -122.475851
- Latitude
- 48.752482
Nearby Similar for Sale
FAQs
What type of property is this?
Bank - Class A building in downtown Bellingham with drive-through.
Where is this bank located?
The property is located at 1501 Cornwall Ave Bellingham, WA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Fully functional drive‑through - the only one available!; Opportunity Zone location in Downtown Bellingham.; Significant upgrade/remodel completed in 2015.
