Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1232 North State St Bellingham, WA 98225
    Back to Search
    Property profile & analytics

    1232 North State St Bellingham, WA 98225

    View on Map
    • Bars & Pubs
    • 5,456 SF
    • 0.24 lot acres
    For Lease
    $525,000
    View Listing →
    Downtown Bellingham Retail Investment Opportunity For Lease
    $525,000

    Downtown Bellingham Retail Investment Opportunity

    Stabilized retail investment property in downtown Bellingham's Opportunity Zone.

    1232 North State Street, Bellingham, WA
    View Listing
    Property ID
    US90-0431353
    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
    $525,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Accomplice / Restaurant
    • Comrade / Take-out & Catering
    • Rudy's Pizzeria / Restaurant

    Property Details for 1232 North State St

    Year built
    1894
    Lot size
    0.24 lot acres
    Property size
    5,456 SF
    Zone code
    CC
    Property type
    Bars & Pubs
    Property subtype
    Pubs
    APN
    380330 215055 0000
    APU
    3803302150550000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $375,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $674,000
      Market price range: $355k - $1.13M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.477
    Latitude
    48.7478
    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
    $10,193
    $598,154
    $770,243
    $1,368,397
    -
    $598,154
    $770,243
    $1,368,397

    Comparable in this City

    • Value Estimation by Request
      6,600 SF

      113 Grand Ave

      BAR, TAVERN • 6,600 SF
      113 Grand Ave, Bellingham, WA 98225-4414
      View Details
    • Value Estimation
      $545,000
      6,820 SF

      114 Holly St

      BAR, TAVERN • 6,820 SF
      114 Holly St, Bellingham, WA 98225-4344
      View Details
    • Value Estimation by Request
      7,000 SF

      104 Maple St

      BAR, TAVERN • 7,000 SF
      104 Maple St, Bellingham, WA 98225-5006
      View Details
    • Value Estimation by Request
      4,134 SF

      710 Marine Dr

      BAR, TAVERN • 4,134 SF
      710 Marine Dr, Bellingham, WA 98225-1530
      View Details
    • Value Estimation by Request
      2,240 SF

      521 Holly St

      BAR, TAVERN • 2,240 SF
      521 Holly St, Bellingham, WA 98225-3921
      View Details
    • Value Estimation by Request
      2,750 SF

      115 Holly St

      BAR, TAVERN • 2,750 SF
      115 Holly St, Bellingham, WA 98225-4718
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Brewery Landmark Location For Sale

      Landmark brewery with beer garden and stage for sale.
      1107 Railroad Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing
      5,013 SF

      Bellingham Commercial Kitchen Opportunity

      Commercial kitchen space for lease in historic downtown Bellingham.
      1313 N State St, Bellingham, WA 98225
      View Details
    • Contact for pricing

      High-Visibility Commercial Space in Bellingham

      Versatile commercial space in a high-traffic Bellingham corridor.
      1012 W Holly St, Bellingham, WA 98225
      View Details
    • Contact for pricing

      Historic Building in Downtown Bellingham

      Historic building with retail and commercial kitchen in downtown.
      1313 N State St, 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.
      851 Coho Way, Bellingham, WA 98225
      View Details
    • Contact for pricing
      18,242 SF

      Retail Property in Bellingham, WA

      Retail property available for sale in Bellingham, Washington.
      3500 Meridian St, Bellingham, WA 98225
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Iconic Rocket Building Retail Space

      Highly visible, remodeled retail space in downtown Bellingham near waterfront.
      13 Prospect St, Bellingham, WA 98225
      View Details
    • Contact for pricing

      Downtown Bellingham Restaurant/Retail Space

      Renovated 2,911 SF space in historic downtown Bellingham building.
      1414 Cornwall Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing
      6,344 SF

      Architectural Award-Winning Acme Building

      Art Deco-inspired building with commercial kitchen and rooftop deck.
      1011 Harris Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing
      1,061 SF

      Fairhaven Retail/Restaurant Space Available

      Street retail space in historic Fairhaven, currently a restaurant.
      1100 Harris Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing

      Renovated Downtown Commercial Space

      Fully renovated 11,000 sq ft building in downtown Bellingham.
      1411 Railroad Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail spaces available, ranging from 1,000 to 4,045 SqFt.
      701 W Holly St, Bellingham, WA 98225
      View Details
    View Listing
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1232 North State St
    Bellingham, WA 98225
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1232 North State St, Bellingham, WA, 98225
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!