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Property profile & analytics
FOR LEASE
Office buildings
1111 W Holly St, Bellingham, WA 98225
Individually Owned
Free & Clear
Property ID
US90-0925352
For Lease
$14 SF/Yr
1111 W Holly St, Bellingham, WA 98225
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1979
Total area
9,090 SF
Lot
0.34 ac (15,002 SF)
Zoning code
RM15OF
APN
380225 494385 0000
UPID
US90-0925352
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Bellingham Party Bus & Limo Limousine Service Bus Charter
-
Toomey Law Practice Law Firm
-
Experience International Charitable Organization Social Service Agency
-
Full Circle Internal Arts Alternative Medicine Practice
-
Deep Peace Somatics Alternative Medicine Practice Spa & Massage Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.95M
CAP Approach
CAP
$2.09M
Comparable Approach
Comparable
$2.29M
Blend (final)
Blend
$1.99M
Owner & transaction history
Work Opportunites
Work Opportunites
since 2025
5 recorded transactions
Zoning & alternative use
RM15OF · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bellingham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bellingham submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$1,915,000
ML approach
$1,950,000
CAP Approach
CAP Return
Estimation
6%
$2,260,000
6.5%
$2,085,000
7%
$1,940,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,120,000
Current use
MEDICAL BUILDING
$2,820,000
Change: -10% · Conversion: Easy
RETAIL STORES
$2,665,000
Change: -15% · Conversion: Moderate
COMMERCIAL (GENERAL)
$2,525,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$1.99M
Range $1.79M – $2.18M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$218 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$8,575
Tax year 2021
Assessed value
$993,258
Assessed 2022
Previous assessed
$993,258
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$615,600
Assessed improvement
$377,658
Land market value
$615,600
Improvement market value
$377,658
Total market value
$993,258
Applied tax rate
100.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Status
For Lease
Year built
1979
Heating
NONE
Cooling
YES
Total area
9,090 SF
Lot
0.34 ac (15,002 SF)
Zoning code
RM15OF
APN
380225 494385 0000
UPID
US90-0925352
Jurisdiction
WHATCOM
Zoning & alternative use
RM15OF · Bellingham, WA
Zoning RM15OF · permitted uses
RM15OF · Bellingham, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bellingham. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$3.1M
MEDICAL BUILDING
Est. value
$2.8M
RETAIL STORES
Est. value
$2.7M
COMMERCIAL (GENERAL)
Est. value
$2.5M
OFFICE BUILDING Current
MEDICAL BUILDING
RETAIL STORES
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1979
Heating
NONE
Cooling
Yes
Lot
0.34 ac
Current owner
From public records · entity-resolved
Work Opportunites
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 41468, OLYMPIA, WA 98504-1468
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 7, 2025
—
Work Opportunites
Conteslin LLC
Deed
—
Jan 3, 2025
$1,842,800
Work Opportunities
Conteslin LLC
Warranty Deed
$1,480,000 · Heritage Southeast Bank
Nov 15, 2023
—
Department Of Agriculture
Conteslin LLC
Lease
—
Jan 6, 2016
$821,461
Conteslin LLC
Welch,robin M
Warranty Deed
$495,000 · First Fed'l S&l Assoc/port Ang
—
—
Robin M Williams
—
Deed Of Trust
related
$478,397 · Olds Trust
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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