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Property profile & analytics
OFF-MARKET
Estimated value
$870,000
Retail space
227 Prospect St Bellingham, WA 98225-4403
Entity Owned
1-yr Hold
~
Est. High Equity
Property ID
US90-0138558
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1916
Total area
4,770 SF
Lot
0.11 ac (4,800 SF)
Zoning code
CC
APN
380330 120308 0000
UPID
US90-0138558
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
-
Localgroup Studio Coworking & Hybrid Office
-
Velocity Solutions, Inc. Advertising Agency Marketing & Advertising
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$875k
Comparable Approach
Comparable
$1.10M
Blend (final)
Blend
$870k
Owner & transaction history
Northwest Thai LLC · 1 yrs held
Northwest Thai LLC
since 2024
Last sale
$900,000
7 recorded transactions
Zoning & alternative use
CC · 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%
$950,000
6.5%
$875,000
7%
$815,000
Alternative Use
Use
Estimation
RETAIL STORES
$1,400,000
Current use
COMMERCIAL (GENERAL)
$1,325,000
Change: -5% · Conversion: Easy
Blend value · Realmo final
$870k
Range $783k – $957k · ±10% · vs last sale $900k (May 20 2024)
Last sale anchor
$900k
May 20 2024
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
$182 / 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
$7,111
Tax year 2021
Assessed value
$823,676
Assessed 2022
Previous assessed
$823,676
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$355,680
Assessed improvement
$467,996
Land market value
$355,680
Improvement market value
$467,996
Total market value
$823,676
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1916
Heating
FORCED AIR
Cooling
AC.FAN COOLING
Total area
4,770 SF
Lot
0.11 ac (4,800 SF)
Zoning code
CC
APN
380330 120308 0000
UPID
US90-0138558
Jurisdiction
WHATCOM
Zoning & alternative use
CC · Bellingham, WA
Zoning CC · permitted uses
CC · 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
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.3M
RETAIL STORES Current
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
1916
Heating
FORCED AIR
Cooling
Yes
Lot
0.11 ac
Current owner
From public records · entity-resolved
Northwest Thai LLC
Entity
Mailing address
3817 SQUALICUM LK RD, BELLINGHAM, WA 98226-9411
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 3, 2026
—
Northwest Thai LLC
—
Deed
related
$400,000 · Banner Bank
Aug 20, 2024
$900,000
Northwest Thai LLC
Kamp Group LLC
Warranty Deed
$400,000 · Kamp Group LLC
Nov 3, 2016
$762,500
Kamp Group LLC
Bronsink,sherman
Warranty Deed
—
Feb 19, 2009
$500,000
Sherman Bronsink
Whatcom Museum Society
Warranty Deed
—
Feb 19, 2009
—
Sherman Bronsink
Friess,dagmar M
Quit Claim Deed
related
—
Jun 28, 2000
$232,680
Whatcom Museum Society
Koppe,marguerite J
Grant Deed
—
—
—
Sherman Bronsink
—
Deed Of Trust
related
$350,000 · John C & Jonathan Kingman
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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