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Property profile & analytics
FOR LEASE
Retail space
1650 Birchwood Ave Bellingham, WA 98225
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US90-0971186
For Lease
$17 SF/Yr
1650 Birchwood Ave, Bellingham, WA 98225
View Listing →
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1959
Total area
29,964 SF
Lot
2.48 ac (108,029 SF)
Zoning code
PC
APN
380213 328008 0000
UPID
US90-0971186
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
-
Big Lots Discount Store
-
Injury Attorney Osborne Group Auto & Truck Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$4.54M
CAP Approach
CAP
$5.50M
Comparable Approach
Comparable
$4.67M
Blend (final)
Blend
$4.40M
Owner & transaction history
Agate Bay Capital LP
Agate Bay Capital LP
since 2026
Last sale
$4.1M
7 recorded transactions
Zoning & alternative use
PC · 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
$4,630,000
ML approach
$4,535,000
CAP Approach
CAP Return
Estimation
6%
$5,960,000
6.5%
$5,500,000
7%
$5,110,000
Blend value · Realmo final
$4.40M
Range $3.96M – $4.83M · ±10% · vs last sale $4.08M (Apr 5 2021)
Last sale anchor
$4.08M
Apr 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
$147 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$21,483
Tax year 2024
Assessed value
$2,763,082
Assessed 2023
Previous assessed
$2,819,471
-2.0% YoY
Effective rate
0.78%
On assessed value
Assessed land
$1,596,481
Assessed improvement
$1,166,601
Land market value
$1,596,481
Improvement market value
$1,166,601
Total market value
$2,763,082
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
For Lease
Year built
1959
Heating
NONE
Cooling
YES
Total area
29,964 SF
Lot
2.48 ac (108,029 SF)
Zoning code
PC
APN
380213 328008 0000
UPID
US90-0971186
Jurisdiction
WHATCOM
Zoning & alternative use
PC · Bellingham, WA
Zoning PC · permitted uses
PC · 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.
Building & site characteristics
From public records
Year built
1959
Heating
NONE
Cooling
Yes
Lot
2.48 ac
Current owner
From public records · entity-resolved
Agate Bay Capital LP
Entity
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 31, 2026
$3,050,000
Agate Bay Capital LP
Value Investment Group INC
Warranty Deed
—
Apr 5, 2021
$4,075,000
Value Investment Group INC
Ggd Oakdale LLC
Warranty Deed
$2,037,500 · Woori America Bank
Nov 27, 2019
—
Ggd Oakdale LLC
—
Deed
related
$2,904,000 · Great Lakes Cu
Feb 23, 2018
$2,000,000
Ggd Oakdale LLC
Abs Wa-o LLC
Grant Deed
$3,500,000 · Ignite Fndg
Apr 5, 2013
—
Abs Wa-o LLC
New Albertsons INC
Warranty Deed
—
Jun 23, 2006
—
New Albertsons INC
Albertsons LLC
Quit Claim Deed
—
—
—
Ggd Oakdale LLC
—
Deed Of Trust
related
$2,904,000 · Great Lakes Cu
—
—
Abs Wa-o LLC
—
Deed Of Trust
related
$1,145,000,000 · Wilmington Tr
—
—
Abs Wa-o LLC
—
Deed Of Trust
related
$850,000,000 · Bank Of America
—
—
Abs Wa-o LLC
—
Loan Modification
related
$1,050,000,000 · Bank Of America
—
—
Abs Wa-o LLC
—
Loan Modification
related
$1,440,111,240 · Citibank
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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