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Property profile & analytics
OFF-MARKET
Estimated value
$1,775,000
Bars & Pubs
1119 Railroad Ave, Bellingham, WA 98225-5007
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US90-3063061
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1925
Total area
5,130 SF
Lot
0.14 ac (5,998 SF)
Zoning code
CC
APN
380330 137057 0000
UPID
US90-3063061
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
-
BACK DOOR Bar & Pub
-
Rumors Cabaret Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.86M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.78M
Blend (final)
Blend
$1.78M
Owner & transaction history
Wayne J Miller Building LLC · 1 yrs held
Wayne J Miller Building LLC
since 2025
Last sale
$1.8M
5 recorded transactions
Zoning & alternative use
CC · 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
$1,820,000
ML approach
$1,860,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$2,015,000
Current use
OFFICE BUILDING
$1,760,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$1.78M
Range $1.60M – $1.95M · ±10% · vs last sale $1.75M (Apr 23 2025)
Last sale anchor
$1.75M
Apr 23 2025
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
$346 / 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
$9,334
Tax year 2021
Assessed value
$1,147,554
Assessed 2022
Previous assessed
$1,147,554
+0.0% YoY
Effective rate
0.81%
On assessed value
Assessed land
$435,600
Assessed improvement
$711,954
Land market value
$435,600
Improvement market value
$711,954
Total market value
$1,147,554
Applied tax rate
109.0000
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
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Year built
1925
Heating
SPACE
Cooling
YES
Total area
5,130 SF
Lot
0.14 ac (5,998 SF)
Zoning code
CC
APN
380330 137057 0000
UPID
US90-3063061
Jurisdiction
WHATCOM
Zoning & alternative use
CC · Bellingham, WA
Zoning CC · permitted uses
CC · 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
RESTAURANT Current
Est. value
$2.0M
OFFICE BUILDING
Est. value
$1.8M
RESTAURANT Current
OFFICE BUILDING
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
1925
Heating
SPACE
Cooling
Yes
Lot
0.14 ac
Current owner
From public records · entity-resolved
Wayne J Miller Building LLC
Entity
Mailing address
2363 MAIN ST APT #102, FERNDALE, WA 98248-8614
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
Apr 23, 2025
$1,750,000
Wayne J Miller Building LLC
M&l Commercial LLC
Warranty Deed
$1,836,527 · Hbcde LLC
Feb 25, 2010
$925,280
M&l Commercial LLC
Steven A Williams
Warranty Deed
$558,000 · Peoples Bank
Sep 17, 2004
$890,000
Steven A Williams
Forgie,doug
Warranty Deed
$611,000 · Banner Bank
—
—
Bill Goldstone
—
Deed Of Trust
related
$37,500 · Steve Williams
—
—
Doug Forgie
—
Deed Of Trust
related
$375,000 · Whatcom State Bank
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.
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