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    1155 State St Bellingham, WA 98225-5037
    Property profile & analytics

    1155 State St Bellingham, WA 98225-5037

    View on Map
    • Investment properties
    • 60,539 SF
    • 0.39 lot acres
    Off-Market
    Property ID
    US90-0132194
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $6,525,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • New Sky Productions / Film Production / Television Studio
    • Herald Building / Business Service Center / Corporate Office
    • Elliott Health Care Associates / Medical Clinic
    • Patricia L. Elliott, ND / Alternative Medicine Practice
    • Jennifer Gronholt, PSYD / Physician / Medical Clinic

    Property Details for 1155 State St

    Year built
    1926
    Lot size
    0.39 lot acres
    Property size
    60,539 SF
    Zone code
    CC
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    380330 171039 0000
    APU
    3803301710390000

    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
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.479
    Latitude
    48.7474
    CBSA code
    13380
    CBSA name
    BELLINGHAM, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2021
    $49,278
    $979,716
    $4,778,830
    $5,758,546
    -
    $979,716
    $4,778,830
    $5,758,546

    Comparable in this City

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      $5,295,000
      23,456 SF

      119 Chestnut St

      OFFICE/RESIDENTIAL (MIXED USE) • 23,456 SF
      119 Chestnut St, Bellingham, WA 98225-4389
      View Details
    • Value Estimation
      $5,010,000
      36,685 SF

      1225 Railroad Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 36,685 SF
      1225 Railroad Ave, Bellingham, WA 98225-5033
      View Details
    • Value Estimation
      $1,435,000
      10,168 SF

      1200 Cornwall Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 10,168 SF
      1200 Cornwall Ave, Bellingham, WA 98225-5021
      View Details
    • Value Estimation
      $2,020,000
      10,368 SF

      1133 Railroad Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 10,368 SF
      1133 Railroad Ave, Bellingham, WA 98225-5055
      View Details
    • Value Estimation
      $8,030,000
      66,870 SF

      1224 Cornwall Ave

      OFFICE/RESIDENTIAL (MIXED USE) • 66,870 SF
      1224 Cornwall Ave, Bellingham, WA 98225-5029
      View Details
    • Value Estimation by Request
      1,395 SF

      1715 Ellis St, Unit 1-203

      OFFICE/RESIDENTIAL (MIXED USE) • 1,395 SF
      1715 Ellis St, Bellingham, WA 98225-4652
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      Pending

      Redevelopment Opportunity in Fountain District

      Mixed-use redevelopment opportunity in Bellingham's sought-after Fountain District.
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      Mixed-Use Building in Historic Fairhaven

      Four-unit, fully leased building with commercial and residential spaces.
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      24,165 SF

      Downtown Bellingham Class A Office

      Class A office building in downtown Bellingham for sale.
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      5,120 SF

      Old Town Bellingham Development Opportunity

      Prime site in revitalizing corridor, ideal for development/commercial use.
      1310 G St, Bellingham, WA 98225
      View Details
    • $2,399,000

      insurance agency

      or general office is less than a month. Zoning allows adding onto or up. No setbacks
      1501 Cornwall Ave, Bellingham, WA 98225
      View Details
    • $11,385,000
      47,508 SF

      Marina Building in Bellingham

      Corner building in the Marina District with strong tenant mix.
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    Similar Nearby for Lease

    • Contact for pricing

      Historic Building in Central Bellingham

      Renovated office building with natural light in business district.
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      840 SF

      Office Space in Fountain District

      Office space for rent in a vibrant, growing community.
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    • Contact for pricing

      Fairhaven Land with Redevelopment Potential

      Land in Fairhaven with redevelopment and investment opportunities.
      1302 Larrabee Ave, Bellingham, WA 98225
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    • Contact for pricing
      1,000 SF

      Spacious Office Space Available

      6,000 SF office space with ample natural light.
      1327-1329 N State St, Bellingham, WA 98225
      View Details
    • $16 SF/Yr
      1,940 SF

      Remodeled Office Space Available Soon

      Recently remodeled office space for lease starting May 2024.
      2203-2209 Elm St, Bellingham, WA 98225
      View Details
    • Contact for pricing

      Retail Space Near Western University

      Retail space with high foot traffic and parking.
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      View Details
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    1155 State St
    Bellingham, WA 98225-5037
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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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    1155 State St, Bellingham, WA, 98225
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