Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1505 State St, Unit 2 Bellingham, WA 98225-4571

    • Commercial real estate
    • 56,428 SF
    • 0.44 lot acres
    OFF-MARKET
    Value Estimations
    $7,855,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1967644
    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.

    Current Use by Public Records

    • Walton Place Two / Apartment Complex
    • Stambaugh Designs / Marketing & Advertising / (Bike/Boat/Book/etc) Store

    Property Details for 1505 State St

    Year built
    2010
    Lot size
    0.44 lot acres
    Property size
    56,428 SF
    Zone code
    CMIX
    Property type
    Commercial real estate
    APN
    380330 310168 0003
    APU
    3803303101680003

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $5,635,000
      Market price range: $1.79M - $12.0M

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.474
    Latitude
    48.7509
    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
    2023
    $0.00
    $1,282,504
    $7,885,126
    $9,167,630
    -
    $1,282,504
    $7,885,126
    $9,167,630

    Comparable in this City

    • Value Estimation
      $4,620,000
      27,998 SF

      245 32nd St

      COMMERCIAL (GENERAL) • 27,998 SF
      245 32nd St, Bellingham, WA 98225-0960
      View Details
    • Value Estimation
      $11,940,000
      54,144 SF

      1470 Birchwood Ave

      COMMERCIAL (GENERAL) • 54,144 SF
      1470 Birchwood Ave, Bellingham, WA 98225-1306
      View Details
    • Value Estimation
      $8,265,000
      61,568 SF

      Bellingham, WA 98225

      COMMERCIAL (GENERAL) • 61,568 SF
      Bellingham, WA 98225
      View Details
    • Value Estimation
      $2,875,000
      19,350 SF

      700 Harris Ave

      COMMERCIAL (GENERAL) • 19,350 SF
      700 Harris Ave, Bellingham, WA 98225-7058
      View Details
    • Value Estimation
      $6,410,000
      62,419 SF

      3006 Illinois St

      SHOW ROOM, WAREHOUSE • 62,419 SF
      3006 Illinois St, Bellingham, WA 98225-1572
      View Details
    • Value Estimation
      $6,960,000
      69,144 SF

      1510 Frst St

      COMMERCIAL (GENERAL) • 69,144 SF
      1510 Frst St, Bellingham, WA 98225-4583
      View Details

    Similar Nearby for Sale

    • $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
    • $2,900,000

      Bellingham Commercial Redevelopment Opportunity

      Prime 1.07-acre site near WWU.
      110 Samish Way, Bellingham, WA 98225
      View Details
    • Contact for pricing
      3,688 SF

      Medical Office Space Near Hospital

      Well-maintained medical office building across from St. Joseph's Hospital.
      3010 Squalicum Pkwy, 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
    • $1,400,000
      1,800 SF

      Medical Office Investment Opportunity

      Fully leased oral surgery suite in medical community.
      3136 Squalicum Pkwy, 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

    Similar Nearby for Lease

    • 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
    • Contact for pricing

      Retail Space in Old Town

      Ground-floor retail opportunity in a vibrant, walkable urban area.
      714 W Holly St, Bellingham, WA 98225
      View Details
    • Contact for pricing
      1,787 SF

      Retail Space in Waterfront District

      Retail space available in Bellingham's desirable waterfront district.
      40 Bellwether Way, Bellingham, WA 98225
      View Details
    • Contact for pricing
      2,145 SF

      Office Suite with Private Restroom

      Interior office suite featuring a private restroom and storage.
      500 Birchwood Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing
      6,089 SF

      Retail Space in Bellingham, WA

      Retail space available for lease in Bellingham, Washington.
      1701 N State St, Bellingham, WA 98225
      View Details
    • Contact for pricing
      2,000 SF

      Iconic Rocket Building Retail Space

      Highly visible, remodeled retail space in downtown Bellingham near waterfront.
      13 Prospect St, Bellingham, WA 98225
      View Details
    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.
    1505 State St, Unit 2
    Bellingham, WA 98225-4571
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!