Downtown Bellingham Class A
1501 Cornwall Ave Bellingham, WA 98225
1501 Cornwall Ave, Bellingham, WA, 98225
Contact for pricing
For Sale
Contact for pricing
Class A building in downtown Bellingham with drive-through.
Property Size8,640 SF
Price / SF$202.55
Days on Market1088
Property Features for 1501 Cornwall Ave
General Information
- Standard status
- Active
- Size
- 8,640 SF
- Property subtype
- Retail
Building Details
- Year Built
- 1972
Listing Agency
Windemere Real Estate
(360) 296-7251
Listed by
John Templeton · License ## 3046
Source
Crexi
Added: Jul 26, 2023 Checked: Jul 15 at 9:11 pm
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.
Local Financial Insights For Specialty Retail
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 | $159.7k | $18.48 |
| − Vacancy | −$8.5k | −$0.98 |
| EGI | $151.2k | $17.50 |
| − OpEx | −$37.8k | −$4.38 |
| NOI | $113.4k | $13.13 |
8,640 SF · lease $18.48/SF/yr · vacancy 5.30% · expense 25.00%
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 local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Unity Circle
Park
M.D. Labs & Wellness ...
Spa & Massage Center
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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.
