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    1929 Baltic Way Ferndale, WA 98248
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    1929 Baltic Way, Ferndale, WA 98248

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    • Warehouses
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    Cap Rate Potential
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    Current Use by Public Records

    • Warehouses

    Property Details for 1929 Baltic Way

    Property type
    Warehouses
    Property subtype
    Industrial properties

    Description

    This exceptional flex space condo, located at 1929 Baltic Way in Ferndale, Washington, 98248, offers 2,228 square feet of versatile space ideal for a variety of light commercial uses. Situated off Portal Way, this unit provides convenient access to Interstate 5, enhancing logistical efficiency. The well-finished interior boasts two overhead doors (measuring 14' x 14' and 9' x 8'), a full bathroom equipped with a toilet, sink, and shower, and a unique timber-framed loft area, adding extra storage or office space. The property is wired for Comcast, features a sprinkler system, and includes a 100-amp service and a 50-amp RV plug-in. Natural gas heating ensures comfortable year-round operation. While suitable for personal and commercial storage, office space, and other light commercial applications, uses must adhere to Condo Association guidelines and are not permitted to be open to the public. This is a multi-tenant building with one unit currently available. The property's strategic location and comprehensive amenities make it an attractive opportunity for businesses seeking a functional and well-appointed workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Ferndale
    County
    Whatcom
    State
    Washington
    Longitude
    -122.586
    Latitude
    48.874

    Comparable in this City

    • Value Estimation by Request
      2,228 SF

      6407 Portal Way

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    • Value Estimation by Request
      2,228 SF

      1972 Baltic Way

      Flex space
      1972 Baltic Way, Ferndale, WA 98248
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    • Value Estimation
      $11,245,000
      198,145 SF

      6920 Salashan Pkwy

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    • Value Estimation by Request
      355 SF

      1400 Slater Rd

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    • Value Estimation
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      39,552 SF

      7046 Portal Way

      WAREHOUSE, STORAGE
      7046 Portal Way, Ferndale, WA 98248-9364
      View Details
    • Value Estimation
      $1,640,000
      18,906 SF

      1365 Stonegate Way

      WAREHOUSE, STORAGE
      1365 Stonegate Way, Ferndale, WA 98248-7824
      View Details

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      Commercial Land with Existing Building

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      Ferndale Warehouse Space Available

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      2,228 SF

      Ferndale Flexspace Condominium For Rent

      2,228 SF flexspace with easy I-5 access.
      1915 Baltic Way, Ferndale, WA 98248
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    Ferndale, WA 98248
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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