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Property profile & analytics
OFF-MARKET
Estimated value
$1,925,000
Investment properties
1305 Larrabee Ave, Bellingham, WA 98225-7452
Entity Owned
6-yr Hold
Property ID
US90-0136035
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2021
Total area
10,778 SF
Lot
0.12 ac (5,406 SF)
Zoning code
CMIX
APN
370201 178042 0000
UPID
US90-0136035
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
-
The Gallery Apartments Apartment Building
-
Lux Design Interior Design Home Decor Store
-
Timber Paws Kennel & Boarding Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$2.11M
Comparable Approach
Comparable
$1.50M
Blend (final)
Blend
$1.93M
Owner & transaction history
Gallery Apartments LLC · 6 yrs held
Gallery Apartments LLC
since 2020
5 recorded transactions
Zoning & alternative use
CMIX · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.2M
+5.5%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$2,280,000
6.5%
$2,105,000
7%
$1,955,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,995,000
Current use
RETAIL STORES
$3,160,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$1.93M
Range $1.73M – $2.12M · ±10%
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
$179 / 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
$2,730
Tax year 2021
Assessed value
$2,444,720
Assessed 2022
Previous assessed
$2,444,720
+0.0% YoY
Effective rate
0.11%
On assessed value
Assessed land
$680,568
Assessed improvement
$1,764,152
Land market value
$680,568
Improvement market value
$1,764,152
Total market value
$2,444,720
Applied tax rate
111.0000
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
2021
Heating
FORCED AIR
Stories
2
Units
10
Bathrooms
2
Total area
10,778 SF
Lot
0.12 ac (5,406 SF)
Zoning code
CMIX
APN
370201 178042 0000
UPID
US90-0136035
Jurisdiction
WHATCOM
Zoning & alternative use
CMIX · Bellingham, WA
Zoning CMIX · permitted uses
CMIX · 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) Current
Est. value
$3.0M
RETAIL STORES
Est. value
$3.2M
COMMERCIAL (GENERAL) Current
RETAIL STORES
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
2021
Heating
FORCED AIR
Stories
2
Units
10
Bathrooms
2
Lot
0.12 ac
Current owner
From public records · entity-resolved
Gallery Apartments LLC
Entity
Mailing address
1605 KATHRYN LN, BELLINGHAM, WA 98229-3415
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 7, 2021
—
The Gallery Apartments LLC
—
Deed
related
$2,587,500 · Whatcom Educational Cu
May 12, 2020
—
Gallery Apartments LLC
David R Gould
Quit Claim Deed
related
$2,587,500 · Whatcom Educational Cu
Jun 17, 2010
—
David R Gould
Gould,david R
Quit Claim Deed
related
—
—
—
David R Gould
—
Deed Of Trust
related
$205,682 · Ally Bank Corp
—
—
David R Gould
—
Deed Of Trust
related
$243,750 · Homecomings Financial Network
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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