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Property profile & analytics
OFF-MARKET
Estimated value
$880,000
Drug stores
2018 Iron St Bellingham, WA 98225-4212
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-0053360
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
1975
Total area
4,028 SF
Lot
0.11 ac (5,001 SF)
Zoning code
LI
APN
380330 523431 0000
UPID
US90-0053360
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
-
2020 Solutions Recreational Marijuana Dispensary Bellingham - Iron St. (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$900k
CAP Approach
CAP
$740k
Comparable Approach
Comparable
$713k
Blend (final)
Blend
$880k
Owner & transaction history
Finger Lakes Partners INC · 1 yrs held
Finger Lakes Partners INC
since 2025
Last sale
$860,000
7 recorded transactions
Zoning & alternative use
LI · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$1.4M
+17.1%
Medical building
$1.3M
+5.7%
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
$895,000
ML approach
$900,000
CAP Approach
CAP Return
Estimation
6%
$800,000
6.5%
$740,000
7%
$685,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,180,000
Current use
OFFICE BUILDING
$1,385,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$1,250,000
Change: +6% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,120,000
Change: -5% · Conversion: Easy
Blend value · Realmo final
$880k
Range $792k – $968k · ±10% · vs last sale $860k (Mar 11 2025)
Last sale anchor
$860k
Mar 11 2025
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
$218 / 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
$4,151
Tax year 2024
Assessed value
$533,826
Assessed 2023
Previous assessed
$399,340
+33.7% YoY
Effective rate
0.78%
On assessed value
Assessed land
$197,142
Assessed improvement
$336,684
Land market value
$197,142
Improvement market value
$336,684
Total market value
$533,826
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
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
1975
Heating
BASEBOARD
Cooling
YES
Total area
4,028 SF
Lot
0.11 ac (5,001 SF)
Zoning code
LI
APN
380330 523431 0000
UPID
US90-0053360
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
RETAIL STORES Current
Est. value
$1.2M
OFFICE BUILDING
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$1.3M
COMMERCIAL (GENERAL)
Est. value
$1.1M
RETAIL STORES Current
OFFICE BUILDING
MEDICAL BUILDING
COMMERCIAL (GENERAL)
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
1975
Heating
BASEBOARD
Cooling
Yes
Lot
0.11 ac
Current owner
From public records · entity-resolved
Finger Lakes Partners INC
Entity
Mailing address
7777 N 70TH AVE, GLENDALE, AZ 85303-1334
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 11, 2025
$860,000
Finger Lakes Partners INC
Marshimore Properties LLC
Warranty Deed
$452,317 · O Bee Cu
May 28, 2021
—
Mohammad Iman Sefati
Itafes INC
Quit Claim Deed
related
$106,000 · Jsl Lending LLC
May 28, 2021
$860,000
Marshimore Properties Lc
Mohammad Sefati
Warranty Deed
$450,000 · Venteurs LLC
Jul 6, 2006
$375,000
Itafes INC
Harper,steven Z & Monica L
Warranty Deed
$251,250 · Business Credit Corp
Mar 5, 2001
$232,000
Steven Z Harper
D Barry Co
Grant Deed
$132,987 · Banner Bank
May 17, 1999
$174,509
D Barry Co INC
Calhoun,richard J & Natalie E
Grant Deed
$170,000 · Individual
—
—
Steven Z Harper
—
Deed Of Trust
related
$93,091 · Banner Bank
—
—
Richard J Calhoun
—
Deed Of Trust
related
$49,500 · Us Bank Of Washington
—
—
Steven Harper
—
Deed Of Trust
related
$98,000 · Evergreen Community Dev Assn
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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