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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    21 Bellwether Way Bellingham, WA 98225-2961

    • Investment properties
    • 87,776 SF
    OFF-MARKET
    Last Sale
    Jan 20, 2023
    $30,000,000
    Value Estimations
    $25,470,000
    Show details
    Cap Rate Potential
    3.3%
    Investment properties
    Location Intelligence
    Property ID
    US90-1859038
    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

    • Rebecca Jarnagin / Counselor / Practitioner Service Location
    • Rebecca Barrett / Foster Care Service / Social Service Agency
    • Neeter House of Luxury / (Bike/Boat/Book/etc) Store
    • Raftelis / Consultant / Business Management Consultant
    • Summit Sports Chiropractic / Alternative Medicine Practice

    Property Details for 21 Bellwether Way

    Year built
    2010
    Property size
    87,776 SF
    Zone code
    PCM
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    380225 340367 0001
    APU
    3802253403670001

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $33,670,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $18,565,000
      6.5%
      $17,135,000
      7%
      $15,915,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $16,789,000
      Market price range: $2.78M - $18.7M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $24,400,000
      Current use
      RESTAURANT
      $34,450,000
      Change: +41% Conversion: Difficult
      OFFICE BUILDING
      $30,135,000
      Change: +24% Conversion: Easy
      MEDICAL BUILDING
      $27,225,000
      Change: +12% Conversion: Easy
      RETAIL STORES
      $25,745,000
      Change: +6% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.495
    Latitude
    48.7554
    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
    $235,749
    $0.00
    $27,310,612
    $27,310,612
    -
    $0.00
    $27,310,612
    $27,310,612

    Comparable in this City

    • Value Estimation
      $28,620,000
      151,677 SF

      11 Bellwether Way

      STORE/OFFICE (MIXED USE) • 151,677 SF
      11 Bellwether Way, Bellingham, WA 98225-2957
      View Details
    • Value Estimation
      $2,390,000
      15,808 SF

      1300 State St

      STORE/OFFICE (MIXED USE) • 15,808 SF
      1300 State St, Bellingham, WA 98225-4715
      View Details
    • Value Estimation
      $2,575,000
      16,500 SF

      1235 Cornwall Ave

      STORE/OFFICE (MIXED USE) • 16,500 SF
      1235 Cornwall Ave, Bellingham, WA 98225-5020
      View Details
    • Value Estimation by Request
      0.16 Acres

      1155 Ellis St

      STORE/OFFICE (MIXED USE) • 0.16 Acres
      1155 Ellis St, Bellingham, WA 98225-5203
      View Details
    • Value Estimation
      $11,605,000
      67,964 SF

      1616 Cornwall Ave

      STORE/OFFICE (MIXED USE) • 67,964 SF
      1616 Cornwall Ave, Bellingham, WA 98225-4648
      View Details
    • Value Estimation
      $1,515,000
      11,882 SF

      13 Prospect St

      STORE/OFFICE (MIXED USE) • 11,882 SF
      13 Prospect St, Bellingham, WA 98225-4472
      View Details

    Similar Nearby for Sale

    • $4,750,000
      24,165 SF

      Downtown Bellingham Class A Office

      Class A office building in downtown Bellingham for sale.
      1315 Cornwall Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing
      10,019 SF

      Old Town Bellingham Development Opportunity

      Prime site in revitalizing corridor, ideal for development/commercial use.
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    • $2,399,000

      insurance agency

      or general office is less than a month. Zoning allows adding onto or up. No setbacks
      1501 Cornwall Ave, Bellingham, WA 98225
      View Details
    • $1,950,000
      6,816 SF

      Downtown Bellingham Office Building

      Stand-alone office building with finished basement and ample parking.
      1621 Cornwall Ave, Bellingham, WA 98225
      View Details
    • $1,400,000
      1,800 SF

      Medical Office Investment Opportunity

      Fully leased oral surgery suite in medical community.
      3136 Squalicum Pkwy, Bellingham, WA 98225
      View Details
    • Contact for pricing
      18,242 SF

      Retail Property in Bellingham, WA

      Retail property available for sale in Bellingham, Washington.
      3500 Meridian St, Bellingham, WA 98225
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mixed-Use Building in Historic Fairhaven

      Four-unit, fully leased building with commercial and residential spaces.
      1006 Harris Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing
      15,500 SF

      Downtown Bellingham Retail Gem

      Iconic 1925 building, high visibility
      114-118 Holly St, Bellingham, WA 98225
      View Details
    • Contact for pricing
      2,423 SF

      Fairhaven Office Space Available

      Office space in Fairhaven Historic District, available 08/01/25.
      401 Harris Ave, Bellingham, WA 98225
      View Details
    • Contact for pricing
      1,486 SF

      Downtown Storefront Office Space

      Historic brick building in vibrant arts district with high visibility.
      1401-1415 Commercial St, Bellingham, WA 98225
      View Details
    • Contact for pricing

      Downtown Bellingham Restaurant/Retail Space

      Renovated 2,911 SF space in historic downtown Bellingham building.
      1414 Cornwall Ave, Bellingham, WA 98225
      View Details
    • $3,250 /Mo
      4,000 SF

      Downtown Bellingham Open Studio Space

      4,000 SF open space suitable for fitness or studio.
      1412 Cornwall Ave, Bellingham, WA 98225
      View Details
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    21 Bellwether Way
    Bellingham, WA 98225-2961
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    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
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