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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1512 Ellis St Bellingham, WA 98225

    • Warehouses
    • 2,400 SF
    • 0.06 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    $270,000
    Cap Rate Potential
    6.3%
    Warehouses
    Location Intelligence
    Property ID
    US90-1009322
    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

    • Flip Kids & Maternity Consignment Shop / Thrift Store / Used Clothing Store

    Property Details for 1512 Ellis St

    Lot size
    0.06 lot acres
    Property size
    2,400 SF
    Zone code
    CA
    Property type
    Warehouses
    APN
    380330 400126 0000
    APU
    3803304001260000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $300,000
      6.5%
      $275,000
      7%
      $255,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $240,000
      Market price range: $178k - $724k

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $415,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.471
    Latitude
    48.7497
    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
    $1,122
    $123,424
    $8,809
    $132,233
    -
    $123,424
    $8,809
    $132,233

    Comparable in this City

    • Value Estimation
      $500,000
      93,096 SF

      625 Cornwall Ave

      WAREHOUSE, STORAGE • 93,096 SF
      625 Cornwall Ave, Bellingham, WA 98225-5017
      View Details
    • Value Estimation
      $2,875,000
      17,472 SF

      1910 James St

      WAREHOUSE, STORAGE • 17,472 SF
      1910 James St, Bellingham, WA 98225-4232
      View Details
    • Value Estimation
      $765,000
      20,288 SF

      201 York St

      MINI-WAREHOUSE, STORAGE • 20,288 SF
      201 York St, Bellingham, WA 98225-4516
      View Details
    • Value Estimation
      $415,000
      16,204 SF

      619 Cornwall Ave

      WAREHOUSE, STORAGE • 16,204 SF
      619 Cornwall Ave, Bellingham, WA 98225
      View Details
    • Value Estimation
      $460,000
      8,674 SF

      901 Harris Ave

      WAREHOUSE, STORAGE • 8,674 SF
      901 Harris Ave, Bellingham, WA 98225-7006
      View Details
    • Value Estimation
      $915,000
      60,510 SF

      840 Marine Dr

      MINI-WAREHOUSE, STORAGE • 60,510 SF
      840 Marine Dr, Bellingham, WA 98225-8420
      View Details

    Similar Nearby for Sale

    • $1,600,000

      Port of Bellingham Industrial Investment

      Two industrial buildings, fully leased, long-term tenants, NNN leases.
      2694 Roeder Ave, Bellingham, WA 98225
      View Details
    • $2,000,000

      Industrial Building on Fenced Lot

      6,645 SF building on 0.66 acre fenced lot.
      2034 Franklin St, Bellingham, WA 98225
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    • $8,000,000
      31,500 SF

      Waterfront Industrial Property with Dock

      35,500 SF seafood processing and warehouse facility with dock.
      1001 Hilton Ave, Bellingham, WA 98225
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    • $8,000,000
      35,100 SF

      Bellingham Bay Industrial Property

      Prime Waterfront Cold Storage Facility
      1001 Hilton Ave, Bellingham, WA 98225
      View Details
    • $1,650,000
      15,500 SF

      Downtown Bellingham Retail Gem

      Iconic 1925 building, 15,500 SF, owner-user opportunity.
      114-118 Holly St, Bellingham, WA 98225
      View Details

    Similar Nearby for Lease

    • $5,500 /Mo
      4,000 SF

      New Manufacturing Building with Office

      4,000 SF manufacturing building with office space for lease.
      2212 Grant St, Bellingham, WA 98225
      View Details
    • $9 SF/Yr
      42,000 SF

      Warehouse Space for Lease

      42,000 SF warehouse suitable for manufacturing, distribution, and assembly.
      1000 F St, Bellingham, WA 98225
      View Details
    • $11 SF/Yr
      4,860 SF

      Updated Warehouse/Retail Space Available

      Unique, updated 4860 SF warehouse/retail space near downtown Bellingham.
      1421 N Forest St, Bellingham, WA 98225
      View Details
    • $15 SF/Yr
      2,000 SF

      Versatile Warehouse with Office Space

      2,000 SF warehouse with office space near I-5.
      801 W Orchard Dr, Bellingham, WA 98225
      View Details
    • $1.00 SF/Yr
      5,000 SF

      Industrial Building with Fenced Yard

      Industrial building with office space and fenced yard for lease.
      510 Carolina St, Bellingham, WA 98225
      View Details
    • $15 SF/Yr
      2,000 SF

      Office/Warehouse Suite in Orchard Business Park

      2,000 SF office/warehouse suite near I-5 and hospital.
      715 W Orchard Dr, Bellingham, WA 98225
      View Details
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    1512 Ellis St
    Bellingham, WA 98225
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    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
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