Sign Up Successful!
You now have access to more from Realmo!
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

    156 Kelly Rd Bellingham, WA 98226-7409

    • Restaurants
    • 8,300 SF
    • 5.96 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0728011
    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

    • Franz Bakery Outlet / Bakery / Specialty Food Shop

    Property Details for 156 Kelly Rd

    Year built
    1974
    Lot size
    5.96 lot acres
    Property size
    8,300 SF
    Zone code
    LII
    Property type
    Restaurants
    APN
    390331 060027 0000
    APU
    3903310600270000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.483
    Latitude
    48.8198
    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
    $5,714
    $504,179
    $261,199
    $765,378
    -
    $504,179
    $261,199
    $765,378

    Comparable in this City

    • Value Estimation by Request
      44,481 SF

      4839 Rural Ave

      Restaurants • 44,481 SF
      4839 Rural Ave, Bellingham, WA 98226
      View Details
    • Value Estimation by Request
      2,904 SF

      1075 Sunset Dr

      RESTAURANT • 2,904 SF
      1075 Sunset Dr, Bellingham, WA 98226-3510
      View Details
    • Value Estimation by Request
      4,773 SF

      4192 Meridian St

      RESTAURANT • 4,773 SF
      4192 Meridian St, Bellingham, WA 98226-5515
      View Details
    • Value Estimation
      $545,000
      9,915 SF

      4331 Meridian St

      RESTAURANT • 9,915 SF
      4331 Meridian St, Bellingham, WA 98226-7624
      View Details
    • Value Estimation by Request
      2,448 SF

      1030 Sunset Dr

      RESTAURANT • 2,448 SF
      1030 Sunset Dr, Bellingham, WA 98226
      View Details
    • Value Estimation
      $700,000
      9,940 SF

      190 Bakerview Rd

      RESTAURANT • 9,940 SF
      190 Bakerview Rd, Bellingham, WA 98226-9184
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,960 SF

      Prime Restaurant/Retail Property For Sale

      Standalone property with high visibility and accessibility near airport.
      1650 W Bakerview Rd, Bellingham, WA 98226
      View Details
    • $11,500,000
      12,388 SF

      Retail Strip Center For Sale

      Multi-tenant retail center with drive-thru in a major retail hub.
      102 West Stuart Rd, Bellingham, WA 98226
      View Details
    • $150,000

      Profitable Bubble Tea Business Opportunity

      Established Happy Lemon franchise for sale in Bellingham, WA.
      1155 E Sunset Dr, Bellingham, WA 98226
      View Details
    • $184,500

      Turnkey Restaurant on Major Road

      Well-maintained restaurant with full bar, patio, and ample parking.
      4451 Meridian St, Bellingham, WA 98226
      View Details
    • $399,000

      Profitable Oriental Grocery Store

      Turn-key oriental grocery store with high revenue and growth potential.
      4056 Meridian St, Bellingham, WA 98226
      View Details
    • $749,500

      Bellingham Industrial Condo - Prime Location

      Spacious industrial condo, ideal for various uses.
      2009 Masonry Way, Bellingham, WA 98226
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr

      Mykonos Greek

      Premium Bellingham High Traffic Restaurant
      1650 W Bakerview Rd, Bellingham, WA 98226
      View Details
    • $24 SF/Yr
      44,481 SF

      Salish Village Retail Spaces

      Bellingham, WA retail spaces available
      4839 Rural Ave, Bellingham, WA 98226
      View Details
    • $10,000 /Mo
      50,925 SF

      Prime Retail Space on Meridian

      High-traffic retail pads for drive-thru and dine-in restaurants.
      4320 Meridian St, Bellingham, WA 98226
      View Details
    • $32 SF/Yr
      5,019 SF

      Retail Medical Office Hub

      Retail and medical office spaces available in Bellingham, WA.
      4280 Meridian St, Bellingham, WA 98226
      View Details
    • $19 SF/Yr
      2,000 SF

      Retail Space in Blossom Commons

      Retail space available in a busy shopping center.
      115-159 W Kellogg Rd, Bellingham, WA 98226
      View Details
    • Contact for pricing
      1,190 SF

      Bellingham Retail Space For Lease

      1,190 SF Retail/Storage Unit - Available Now
      2799 Bakerview Rd, Bellingham, WA 98226
      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.
    156 Kelly Rd
    Bellingham, WA 98226-7409
    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.