Two-Bay Flex
For Sale
$328,000
G104-1986 Baltic Way, Ferndale, WA 98248
Condominium unit with loft, shower-equipped bathroom, overhead doors, and controlled gated entry.
Property Size2,200 SF
Price / SF$149.09
Days on Market206
Property Features for G104-1986 Baltic Way
General Information
Standard status
Active
Size
2,200 SF
Additional Details
Highway Access
Yes
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$1,937
Amenities
bathroom with shower
loft
utility sink
50-amp RV outlet
Comcast Business wiring
secure gated access
individual mailboxes
Building Details
Construction
metal
Listing Agency:
Windermere Real Estate Whatcom
(360) 734-7500
Listed By:
Dave Rehm
(360) 734-7500
Source:
Exprealty
Added: Feb 6
Changed: Aug 30
Last Checked: Aug 30 at 3:11PM
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 Real Estate Whatcom
Investment Insights
Based on property information with market context.
This flex condominium unit at Flexspace North Condominium contains 2,200 SF with two bays, a loft, and a bathroom with shower. The improvements include concrete floors, windows, a utility sink, a 75,000 BTU heater, and a fire sprinkler system. Metal siding, metal roofing, R38 ceiling insulation, and R25 wall insulation support the building’s construction package. Two overhead doors measure 14' x 14' and 9' x 8', while a 50-amp RV outlet and Comcast Business wiring add utility for a range of commercial and storage applications.
The property is located at G104-1986 Baltic Way in Ferndale, Washington, with quick access to I-5. The condominium complex provides aisleways more than 50' wide, secure entry by keypad or remote, dedicated addresses, and individual mailboxes.
The property is located at G104-1986 Baltic Way in Ferndale, Washington, with quick access to I-5. The condominium complex provides aisleways more than 50' wide, secure entry by keypad or remote, dedicated addresses, and individual mailboxes.
Key Highlights
- 2,200 SF flex condominium unit with two bays and a loft
- Two overhead doors: 14' x 14' and 9' x 8'
- Bathroom with shower, utility sink, and concrete floors
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
$16,655
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
5.08%
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%
$333,100
$333.1K
Cap Rate 7%
$237,929
$237.9K
Cap Rate 9%
$185,056
$185.1K
Market Conditions
NOI Build-Up for 2,200 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
$26.1K $11.88/SF
− Vacancy
−$512 −$0.23/SF
EGI
$25.6K $11.65/SF
− OpEx
−$9.0K −$4.08/SF
NOI
$16.7K $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%
$333,100
Cap Rate 7%
$237,929
Cap Rate 9%
$185,056
Alternative Uses
Best Use
Flex RnD
$237.9K
$208.2K – $277.6K
NOI $16,655 @ 7.0% cap · market cap 5.08%
Second Best
Warehouse
$235.7K
$206.3K – $275.0K
NOI $16,500 @ 7.0% cap · market cap 5.03%
Theoretical Best
Office A
$519.0K
$454.1K – $605.5K
NOI $36,330 @ 7.0% cap · market cap 11.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98248, WA
26,784
Population
10,576
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
93%
High-School Grad
71.8 sq mi
ZIP Area
373
Density / Sq Mi
$88,566
Median Household Income
$50,059
Median Earnings
$1,455
Median Rent
$550,300
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.
Frequently Asked Questions
What type of property is this?
Flex space - Condominium unit with loft, shower-equipped bathroom, overhead doors, and controlled gated entry.
Where is this flex space located?
The property is located at G104-1986 Baltic Way Ferndale, WA.
What is the asking price?
The asking price for this property is $328,000.
What are key features of this property?
This property features: 2,200 SF flex condominium unit with two bays and a loft; Two overhead doors: 14' x 14' and 9' x 8'; Bathroom with shower, utility sink, and concrete floors
