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Property profile & analytics
OFF-MARKET
Estimated value
$1,165,000
Medical Office Space
1130 Frst St Bellingham, WA 98225-5120
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US90-0931099
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL CLINIC
Year built
1958
Total area
2,761 SF
Lot
0.16 ac (7,148 SF)
Zoning code
RT1
APN
380330 214004 0000
UPID
US90-0931099
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
-
Dr. James Kim Ophthalmologist
-
Dr. Teresa Thornberg Ophthalmologist
-
James Min Kim Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.40M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$820k
Blend (final)
Blend
$1.17M
Owner & transaction history
Garden Property Dev LLC · 6 yrs held
Garden Property Dev LLC
since 2020
Last sale
$1.1M
2 recorded transactions
Zoning & alternative use
RT1 · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$950,000
+10.7%
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
$1,395,000
ML approach
$1,400,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$855,000
Current use
OFFICE BUILDING
$950,000
Change: +11% · Conversion: Easy
RETAIL STORES
$810,000
Change: -5% · Conversion: Difficult
COMMERCIAL (GENERAL)
$765,000
Change: -10% · Conversion: Easy
Blend value · Realmo final
$1.17M
Range $1.05M – $1.28M · ±10% · vs last sale $1.10M (Mar 6 2020)
Last sale anchor
$1.10M
Mar 6 2020
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
$422 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$5,649
Tax year 2024
Assessed value
$726,494
Assessed 2023
Previous assessed
$654,499
+11.0% YoY
Effective rate
0.78%
On assessed value
Assessed land
$452,381
Assessed improvement
$274,113
Land market value
$452,381
Improvement market value
$274,113
Total market value
$726,494
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
Medical Office Space
Use group
MEDICAL CLINIC
Status
Off-Market
Year built
1958
Heating
NONE
Cooling
YES
Total area
2,761 SF
Lot
0.16 ac (7,148 SF)
Zoning code
RT1
APN
380330 214004 0000
UPID
US90-0931099
Jurisdiction
WHATCOM
Zoning & alternative use
RT1 · Bellingham, WA
Zoning RT1 · permitted uses
RT1 · 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
MEDICAL BUILDING Current
Est. value
$855,000
OFFICE BUILDING
Est. value
$950,000
RETAIL STORES
Est. value
$810,000
COMMERCIAL (GENERAL)
Est. value
$765,000
MEDICAL BUILDING Current
OFFICE 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
1958
Heating
NONE
Cooling
Yes
Lot
0.16 ac
Current owner
From public records · entity-resolved
Garden Property Dev LLC
Entity
Mailing address
621 17TH ST, BELLINGHAM, WA 98225-6334
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 6, 2020
$1,100,000
Garden Property Dev LLC
Hodge Investments LLC
Warranty Deed
$700,000 · Hodge Investments LLC
Feb 20, 2007
—
Hodge Investments LLC
Hodge,john H & Linda
Quit Claim Deed
related
—
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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