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Property profile & analytics
OFF-MARKET
Estimated value
$3,700,000
Automotive properties
1516 Iowa St, Bellingham, WA 98229-4709
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US90-1022336
Property profile
Verified
Property type
Automotive properties
Use group
VEHICLE SALES, RENTALS
Year built
2004
Total area
11,888 SF
Lot
2 ac (87,120 SF)
Zoning code
LI
APN
380329 254382 0000
UPID
US90-1022336
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
-
Nissan Parts Store Auto Parts Store
-
Bellingham Nissan Car Dealership
-
Mr B Auto Deals Car Dealership
-
Nissan Service Center Auto Repair Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.13M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.97M
Blend (final)
Blend
$3.70M
Owner & transaction history
Cortes Enterprises LLC · 5 yrs held
Cortes Enterprises LLC
since 2021
Last sale
$3.6M
4 recorded transactions
Zoning & alternative use
LI · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.7M
+126.6%
Office building
$4.2M
+101.6%
Commercial (general)
$3.9M
+90.1%
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
$4,275,000
ML approach
$4,125,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$4,665,000
Change: +127% · Conversion: Difficult
OFFICE BUILDING
$4,150,000
Change: +102% · Conversion: Difficult
COMMERCIAL (GENERAL)
$3,915,000
Change: +90% · Conversion: Moderate
MEDICAL BUILDING
$3,685,000
Change: +79% · Conversion: Difficult
RETAIL STORES
$3,485,000
Change: +69% · Conversion: Difficult
WAREHOUSE, STORAGE
$2,400,000
Change: +16% · Conversion: Easy
Blend value · Realmo final
$3.70M
Range $3.33M – $4.07M · ±10% · vs last sale $3.57M (Feb 5 2021)
Last sale anchor
$3.57M
Feb 5 2021
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
$311 / 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
$33,074
Tax year 2021
Assessed value
$3,898,189
Assessed 2022
Previous assessed
$3,898,189
+0.0% YoY
Effective rate
0.85%
On assessed value
Assessed land
$2,021,184
Assessed improvement
$1,877,005
Land market value
$2,021,184
Improvement market value
$1,877,005
Total market value
$3,898,189
Applied tax rate
100.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
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
Automotive properties
Use group
VEHICLE SALES, RENTALS
Status
Off-Market
Year built
2004
Heating
SPACE
Cooling
YES
Total area
11,888 SF
Lot
2 ac (87,120 SF)
Zoning code
LI
APN
380329 254382 0000
UPID
US90-1022336
Jurisdiction
WHATCOM
Zoning & alternative use
LI · Bellingham, WA
Zoning LI · permitted uses
LI · 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
RESTAURANT
Est. value
$4.7M
OFFICE BUILDING
Est. value
$4.2M
COMMERCIAL (GENERAL)
Est. value
$3.9M
MEDICAL BUILDING
Est. value
$3.7M
RETAIL STORES
Est. value
$3.5M
WAREHOUSE, STORAGE
Est. value
$2.4M
RESTAURANT
OFFICE BUILDING
COMMERCIAL (GENERAL)
MEDICAL BUILDING
RETAIL STORES
WAREHOUSE, STORAGE
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
2004
Heating
SPACE
Cooling
Yes
Lot
2 ac
Current owner
From public records · entity-resolved
Cortes Enterprises LLC
Entity
Mailing address
1516 IOWA ST, BELLINGHAM, WA 98229-4709
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 13, 2021
—
Cortes Enterprises LLC
—
Deed
related
$3,200,000 · Bank Of America NA
Feb 5, 2021
$3,566,000
Cortes Enterprises LLC
Cr & S Bellingham LLC
Warranty Deed
$3,177,000 · Nissan Motor Acceptance Corp
Sep 30, 2016
$3,800,000
Cr & S Bellingham LLC
Wilson Futures LLC
Warranty Deed
$3,230,000 · Nissan Motor Acceptance Corporation
Jan 31, 2014
$2,804,000
Wilson Futures LLC
Fkmk LLC
Warranty Deed
$2,565,000 · Toyota Motor Credit
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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