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Property profile & analytics
OFF-MARKET
Estimated value
$47,350,000
Strip malls
1155 Sunset Dr Bellingham, WA 98226-1811
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-3283928
Property profile
Verified
Property type
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Year built
1990
Total area
170,081 SF
Lot
17.48 ac (761,211 SF)
Zoning code
PC
APN
380320 090525 0000
UPID
US90-3283928
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
-
Harbor Freight Tools Building Supply Hardware & Home Improvement
-
Happy Lemon - Bellingham Cafe & Coffee Shop
-
Sunset Square Shopping Center & Mall
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$34.35M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$47.35M
Owner & transaction history
Bli Sunset Square LLC · 4 yrs held
Bli Sunset Square LLC
since 2022
Last sale
$53.0M
4 recorded transactions
Zoning & alternative use
PC · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$36.4M
+431.7%
Office building
$32.0M
+367.8%
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
$49,050,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$37,205,000
6.5%
$34,345,000
7%
$31,890,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$36,395,000
Change: +432% · Conversion: Easy
OFFICE BUILDING
$32,025,000
Change: +368% · Conversion: Moderate
Blend value · Realmo final
$47.35M
Range $42.62M – $52.09M · ±10% · vs last sale $53.00M (Jan 19 2022)
Last sale anchor
$53.00M
Jan 19 2022
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
$278 / 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
$311,640
Tax year 2021
Assessed value
$31,093,193
Assessed 2022
Previous assessed
$31,093,193
+0.0% YoY
Effective rate
1.00%
On assessed value
Assessed land
$11,478,790
Assessed improvement
$19,614,403
Land market value
$11,478,790
Improvement market value
$19,614,403
Total market value
$31,093,193
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
Strip malls
Use group
SHOPPING CENTER, STRIP CENTER
Status
Off-Market
Year built
1990
Heating
NONE
Cooling
YES
Buildings
2
Total area
170,081 SF
Lot
17.48 ac (761,211 SF)
Zoning code
PC
APN
380320 090525 0000
UPID
US90-3283928
Jurisdiction
WHATCOM
Zoning & alternative use
PC · Bellingham, WA
Zoning PC · permitted uses
PC · 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
COMMERCIAL (GENERAL)
Est. value
$36.4M
OFFICE BUILDING
Est. value
$32.0M
COMMERCIAL (GENERAL)
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
1990
Heating
NONE
Cooling
Yes
Buildings
2
Lot
17.48 ac
Current owner
From public records · entity-resolved
Bli Sunset Square LLC
Entity
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 19, 2022
$53,000,000
Bli Sunset Square LLC
Pk II Sunset Square LLC
Warranty Deed
$30,000,000 · Key Bank NA
Nov 1, 2006
—
Pk II Sunset Square LLC
Owner Name Unavailable
Grant Deed
related
$39,000,000 · J P Morgan Chase Bank
Jan 18, 2002
—
Brown & Cole Stores LLC
—
Deed Of Trust
related
$15,976,140 · General Electric Capital Ttee
—
—
Ennen Food Stores INC
—
Deed Of Trust
related
$9,000 · Seafirst 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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