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Property profile & analytics
OFF-MARKET
Estimated value
$1,275,000
Industrial properties
2025 Masonry Way Bellingham, WA 98226-8011
Entity Owned
6-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-0526562
Property profile
Verified
Property type
Industrial properties
Use group
CONSTRUCTION/CONTRACTING SERVICES
Year built
2004
Total area
15,295 SF
Lot
2.01 ac (87,556 SF)
Zoning code
PLI
APN
380317 355174 0000
UPID
US90-0526562
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
-
Seahawks Bottle Openers (Bike/Boat/Book/etc) Store
-
HEI Precision Industrial Manufacturer
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.46M
Comparable Approach
Comparable
$1.62M
Blend (final)
Blend
$1.28M
Owner & transaction history
Mkrjh LLC 380317 355174 0000 · 6 yrs held
Mkrjh LLC 380317 355174 0000
since 2019
5 recorded transactions
Zoning & alternative use
PLI · 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,575,000
6.5%
$1,455,000
7%
$1,350,000
Blend value · Realmo final
$1.28M
Range $1.15M – $1.40M · ±10%
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
$83 / 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
$22,112
Tax year 2024
Assessed value
$2,843,951
Assessed 2023
Previous assessed
$2,239,331
+27.0% YoY
Effective rate
0.78%
On assessed value
Assessed land
$912,697
Assessed improvement
$1,931,254
Land market value
$912,697
Improvement market value
$1,931,254
Total market value
$2,843,951
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
Industrial properties
Use group
CONSTRUCTION/CONTRACTING SERVICES
Status
Off-Market
Year built
2004
Heating
NONE
Cooling
YES
Total area
15,295 SF
Lot
2.01 ac (87,556 SF)
Zoning code
PLI
APN
380317 355174 0000
UPID
US90-0526562
Jurisdiction
WHATCOM
Zoning & alternative use
PLI · Bellingham, WA
Zoning PLI · permitted uses
PLI · 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
2004
Heating
NONE
Cooling
Yes
Lot
2.01 ac
Current owner
From public records · entity-resolved
Mkrjh LLC 380317 355174 0000
Entity
Mailing address
6181 CHASTEEN RD, LYNDEN, WA 98264-9051
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2019
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 16, 2019
$1,925,000
Mkrjh LLC 380317 355174 0000
Naimor INC
Grant Deed
$1,540,000 · Peoples Bk
Aug 7, 2017
—
Naimor INC
—
Deed
related
$1,530,000 · First Citizens Bk
Jun 21, 2012
$1,575,000
Naimor INC
Evans Of Kenney Ptshp
Warranty Deed
$1,260,000 · Unibank
Nov 12, 2004
$322,343
Evans Of Kenney Ptshp
Hammer,jerry
Warranty Deed
—
—
—
Naimor INC
—
Deed Of Trust
related
$1,530,000 · First Citizens Bk
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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