New search
Property profile & analytics
OFF-MARKET
Estimated value
$2,830,000
Office buildings
1500 Railroad Ave, Bellingham, WA 98225-4542
Entity Owned
22-yr Hold
~
Est. High Equity
Property ID
US90-1731645
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1923
Total area
13,312 SF
Lot
0.63 ac (27,499 SF)
Zoning code
CC
APN
380330 323187 0000
UPID
US90-1731645
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
-
CSD Attorneys at Law Law Firm
-
Richard A. Davis III Law Firm
-
SPI Logistics Logistics Company Freight Service
-
Losie, Michelle D. Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.06M
Comparable Approach
Comparable
$3.37M
Blend (final)
Blend
$2.83M
Owner & transaction history
Fmjb LLC · 22 yrs held
Fmjb LLC
since 2003
3 recorded transactions
Zoning & alternative use
CC · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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%
$3,310,000
6.5%
$3,055,000
7%
$2,840,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$4,570,000
Current use
MEDICAL BUILDING
$4,130,000
Change: -10% · Conversion: Easy
RETAIL STORES
$3,905,000
Change: -15% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,700,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$2.83M
Range $2.55M – $3.11M · ±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
$213 / 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
$18,540
Tax year 2021
Assessed value
$2,147,554
Assessed 2022
Previous assessed
$2,147,554
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$940,466
Assessed improvement
$1,207,088
Land market value
$940,466
Improvement market value
$1,207,088
Total market value
$2,147,554
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Year built
1923
Heating
NONE
Cooling
YES
Total area
13,312 SF
Lot
0.63 ac (27,499 SF)
Zoning code
CC
APN
380330 323187 0000
UPID
US90-1731645
Jurisdiction
WHATCOM
Zoning & alternative use
CC · Bellingham, WA
Zoning CC · permitted uses
CC · 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
OFFICE BUILDING Current
Est. value
$4.6M
MEDICAL BUILDING
Est. value
$4.1M
RETAIL STORES
Est. value
$3.9M
COMMERCIAL (GENERAL)
Est. value
$3.7M
OFFICE BUILDING Current
MEDICAL 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
1923
Heating
NONE
Cooling
Yes
Lot
0.63 ac
Current owner
From public records · entity-resolved
Fmjb LLC
Entity
Mailing address
1500 RAILROAD AVE, BELLINGHAM, WA 98225-4542
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2003
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 9, 2003
—
Fmjb LLC
Chmelik,frank J & Maryjane
Quit Claim Deed
related
—
—
—
Frank J Chmelik
—
Deed Of Trust
related
$675,000 · Key Bank NA
—
—
Frank J Chmelik
—
Deed Of Trust
related
$500,000 · Key Bank NA
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 1500 Railroad Ave?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
