Downtown Bellingham Class A
For Sale
Contact for pricing
1501 Cornwall Ave, Bellingham, WA 98225
Class A building in downtown Bellingham with drive-through.
Property Size8,640 SF
Price / SF$202.55
Days on Market1133
Property Features for 1501 Cornwall Ave
General Information
Standard status
Active
Size
8,640 SF
Class
A
Total Parking Spaces
16
Property subtype
Retail
Occupancy
100%
Building Details
Year Built
1972
Year Renovated
2017
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Windemere Real Estate
(360) 296-7251
Listed By:
John Templeton · License ## 3046
Source:
Crexi
Added: Jul 26, 2023
Changed: Aug 27
Last Checked: Aug 31 at 4:24AM
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
Investment Insights
Based on property information with market context.
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.
Key Highlights
- Fully functional drive‑through - the only one available!
- Opportunity Zone location in Downtown Bellingham.
- Significant upgrade/remodel completed in 2015.
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
$113,404
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
6.48%
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%
$2,268,080
$2.3M
Cap Rate 7%
$1,620,057
$1.6M
Cap Rate 9%
$1,260,044
$1.3M
Market Conditions
NOI Build-Up for 8,640 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
$159.7K $18.48/SF
− Vacancy
−$8.5K −$0.98/SF
EGI
$151.2K $17.50/SF
− OpEx
−$37.8K −$4.38/SF
NOI
$113.4K $13.13/SF
Area
Whatcom County, WA
Vacancy
5.30%
Lease Rate
$18.48 /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%
$2,268,080
Cap Rate 7%
$1,620,057
Cap Rate 9%
$1,260,044
Alternative Uses
Best Use
Specialty Retail
$1.62M
$1.42M – $1.89M
NOI $113,404 @ 7.0% cap · market cap 6.48%
Second Best
Retail
$1.47M
$1.29M – $1.72M
NOI $103,094 @ 7.0% cap · market cap 5.89%
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,637
Businesses Nearby
66k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 63%
Groceries 20%
Dining 6%
Home Improvements & Furnishings 6%
Grocery Outlet Bargain Market
Groceries
13,469 visits/mo
0.3 miles
Dollar Tree
Shops & Services
10,253 visits/mo
0.2 miles
U.S. Bank
Shops & Services
6,011 visits/mo
0.2 miles
Chase Bank
Shops & Services
4,015 visits/mo
0.1 miles
Peoples Bank
Shops & Services
3,812 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
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.
