New search
Property profile & analytics
OFF-MARKET
Estimated value
$25,470,000
Investment properties
21 Bellwether Way, Bellingham, WA 98225-2961
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US90-1859038
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
2010
Total area
87,776 SF
Zoning code
PCM
APN
380225 340367 0001
UPID
US90-1859038
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
-
Rebecca Jarnagin Counselor Practitioner Service Location
-
Rebecca Barrett Foster Care Service Social Service Agency
-
Neeter House of Luxury (Bike/Boat/Book/etc) Store
-
Raftelis Business Management Consultant Consultant
-
Summit Sports Chiropractic Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$17.14M
Comparable Approach
Comparable
$16.79M
Blend (final)
Blend
$25.47M
Owner & transaction history
Watcom Educational Credit Union · 3 yrs held
Watcom Educational Credit Union
since 2023
Last sale
$30.0M
3 recorded transactions
Zoning & alternative use
PCM · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$34.5M
+41.2%
Office building
$30.1M
+23.5%
Medical building
$27.2M
+11.6%
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
$33,670,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$18,565,000
6.5%
$17,135,000
7%
$15,915,000
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
Blend value · Realmo final
$25.47M
Range $22.92M – $28.02M · ±10% · vs last sale $30.00M (Jan 20 2023)
Last sale anchor
$30.00M
Jan 20 2023
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
$290 / 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
$235,749
Tax year 2021
Assessed value
$27,310,612
Assessed 2022
Previous assessed
$27,310,612
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed improvement
$27,310,612
Improvement market value
$27,310,612
Total market value
$27,310,612
Applied tax rate
109.0000
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
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Status
Off-Market
Year built
2010
Heating
NONE
Cooling
YES
Buildings
2
Total area
87,776 SF
Zoning code
PCM
APN
380225 340367 0001
UPID
US90-1859038
Jurisdiction
WHATCOM
Zoning & alternative use
PCM · Bellingham, WA
Zoning PCM · permitted uses
PCM · 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
COMMERCIAL (GENERAL) Current
Est. value
$24.4M
RESTAURANT
Est. value
$34.5M
OFFICE BUILDING
Est. value
$30.1M
MEDICAL BUILDING
Est. value
$27.2M
RETAIL STORES
Est. value
$25.7M
COMMERCIAL (GENERAL) Current
RESTAURANT
OFFICE BUILDING
MEDICAL BUILDING
RETAIL STORES
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
2010
Heating
NONE
Cooling
Yes
Buildings
2
Current owner
From public records · entity-resolved
Watcom Educational Credit Union
Individual
Mailing address
21 BELLWETHER WAY, BELLINGHAM, WA 98225-2961
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 20, 2023
$30,000,000
Watcom Educational Credit Union
Cohanim Bellwather LLC
Warranty Deed
—
Jan 20, 2023
—
Watcom Educational Credit Union
Cohanim Bellwether LLC
Ground Lease
related
—
Nov 4, 2015
$24,497,500
Cohanim Bellwether LLC
Bellwether Gate LLC
Warranty Deed
related
$17,800,000 · Wilmington Trust 2015-c26 (ce)
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
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 21 Bellwether Way?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
