Warehouse Unit with Finished
For Sale
$485,000
F4-720 Sunset Pond Ln, Bellingham, WA 98226
Steel-framed unit in a fenced, controlled-access complex includes a bathroom and flexible finished interior space.
Property Size2,150 SF
Price / SF$225.58
Days on Market32
Property Features for F4-720 Sunset Pond Ln
General Information
Standard status
Active
Size
2,150 SF
Additional Details
Fenced Yard
Yes
Mezzanine
400 SF
Building Details
Construction
steel frame
Listing Agency:
Windermere RE Whatcom, Inc.
(360) 734-7500
Listed By:
Chet E. Kenoyer
(360) 734-7500
Source:
Exprealty
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 28 at 8:55AM
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 Windermere RE Whatcom, Inc.
Investment Insights
Based on property information with market context.
This 2,150-square-foot warehouse unit is constructed with a steel frame and includes a finished 400-square-foot mezzanine with windows, sheetrock, and carpet. The interior also provides a bathroom with a utility sink and hot water, supporting storage, workshop, office, hobby, and related business uses.
The property is located at F4-720 Sunset Pond Ln in Bellingham, within a fenced complex with controlled access. The unit can accommodate vehicles, boats, recreational equipment, business inventory, or household belongings, offering a combination of enclosed storage and finished secondary space.
The property is located at F4-720 Sunset Pond Ln in Bellingham, within a fenced complex with controlled access. The unit can accommodate vehicles, boats, recreational equipment, business inventory, or household belongings, offering a combination of enclosed storage and finished secondary space.
Key Highlights
- 2,150‑square‑foot warehouse unit
- Finished 400‑square‑foot mezzanine with windows, sheetrock, and carpet
- Steel‑framed construction
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
$16,277
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
3.36%
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%
$325,540
$325.5K
Cap Rate 7%
$232,529
$232.5K
Cap Rate 9%
$180,856
$180.9K
Market Conditions
NOI Build-Up for 2,150 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
$25.5K $11.88/SF
− Vacancy
−$501 −$0.23/SF
EGI
$25.0K $11.65/SF
− OpEx
−$8.8K −$4.08/SF
NOI
$16.3K $7.57/SF
Area
Whatcom County, WA
Vacancy
1.96%
Lease Rate
$11.88 /SF/Yr
Expense Ratio
35.00%
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%
$325,540
Cap Rate 7%
$232,529
Cap Rate 9%
$180,856
Alternative Uses
Best Use
Flex RnD
$232.5K
$203.5K – $271.3K
NOI $16,277 @ 7.0% cap · market cap 3.36%
Second Best
Warehouse
$230.4K
$201.6K – $268.8K
NOI $16,125 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$507.2K
$443.8K – $591.7K
NOI $35,504 @ 7.0% cap · market cap 7.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,408
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 98226, WA
47,011
Population
20,609
Households
2.3
Avg Household Size
40
Median Age
40%
College-Educated
95%
High-School Grad
105.8 sq mi
ZIP Area
444
Density / Sq Mi
$79,684
Median Household Income
$45,337
Median Earnings
$1,557
Median Rent
$568,400
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Sunset Storage — 3423 James St, Bellingham, WA 98226
- Bellingham Cold Storage Orchard — 600 W Orchard Dr, Bellingham, WA 98225
- Storehouse Mini Storage Complex — 3651 Iron Gate Rd, Bellingham, WA 98226
Frequently Asked Questions
What type of property is this?
Warehouse - Steel-framed unit in a fenced, controlled-access complex includes a bathroom and flexible finished interior space.
Where is this warehouse located?
The property is located at F4-720 Sunset Pond Ln Bellingham, WA.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: 2,150‑square‑foot warehouse unit; Finished 400‑square‑foot mezzanine with windows, sheetrock, and carpet; Steel‑framed construction
