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Property profile & analytics
OFF-MARKET
Estimated value
$2,010,000
Warehouses
2033 Division St Bellingham, WA 98226-8058
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US90-1344344
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2005
Total area
15,815 SF
Lot
0.76 ac (32,944 SF)
Zoning code
HI
APN
380317 389313 0000
UPID
US90-1344344
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
-
Tony's Coffee Roastery Cafe & Coffee Shop Specialty Food Shop
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.09M
CAP Approach
CAP
$1.83M
Comparable Approach
Comparable
$2.41M
Blend (final)
Blend
$2.01M
Owner & transaction history
Forecast Properties LLC · 4 yrs held
Forecast Properties LLC
since 2022
Last sale
$2.1M
2 recorded transactions
Zoning & alternative use
HI · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Industrial (general)
$3.3M
+4.2%
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
$1,945,000
ML approach
$2,085,000
CAP Approach
CAP Return
Estimation
6%
$1,975,000
6.5%
$1,825,000
7%
$1,695,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$3,190,000
Current use
INDUSTRIAL (GENERAL)
$3,325,000
Change: +4% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,740,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$2.01M
Range $1.81M – $2.21M · ±10% · vs last sale $2.10M (May 19 2022)
Last sale anchor
$2.10M
May 19 2022
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
$127 / 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
$11,003
Tax year 2021
Assessed value
$1,508,260
Assessed 2022
Previous assessed
$1,508,260
+0.0% YoY
Effective rate
0.73%
On assessed value
Assessed land
$431,896
Assessed improvement
$1,076,364
Land market value
$431,896
Improvement market value
$1,076,364
Total market value
$1,508,260
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2005
Heating
NONE
Cooling
YES
Total area
15,815 SF
Lot
0.76 ac (32,944 SF)
Zoning code
HI
APN
380317 389313 0000
UPID
US90-1344344
Jurisdiction
WHATCOM
Zoning & alternative use
HI · Bellingham, WA
Zoning HI · permitted uses
HI · 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
WAREHOUSE, STORAGE Current
Est. value
$3.2M
INDUSTRIAL (GENERAL)
Est. value
$3.3M
AUTO REPAIR, GARAGE
Est. value
$2.7M
WAREHOUSE, STORAGE Current
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
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
2005
Heating
NONE
Cooling
Yes
Lot
0.76 ac
Current owner
From public records · entity-resolved
Forecast Properties LLC
Entity
Mailing address
2033 DIVISION ST, BELLINGHAM, WA 98226-8058
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 19, 2022
$2,100,000
Forecast Properties LLC
David J Firmstone
Warranty Deed
$1,890,000 · Peoples Bank
Oct 30, 2018
—
David J Firmstone
Borders Audrey A
Grant Deed
related
—
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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