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Property profile & analytics
OFF-MARKET
Estimated value
$3,060,000
Office buildings
23 Bellwether Way, Bellingham, WA 98225-2970
Individually Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-2027139
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
2012
Total area
10,882 SF
Zoning code
PCM
APN
380225 356380 0001
UPID
US90-2027139
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
-
Wells Fargo Advisors Financial Advisor
-
Triangle Associates, inc. Environmental Consultant
-
Carli Barrios Physician
-
Ms. Kelsey Wickre Physician
-
The Joyce & Wells Wealth Management Group of Wells Fargo Advisors Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.52M
CAP Approach
CAP
$2.50M
Comparable Approach
Comparable
$2.97M
Blend (final)
Blend
$3.06M
Owner & transaction history
Watcom Educational Credit Union · 3 yrs held
Watcom Educational Credit Union
since 2023
Last sale
$3.0M
3 recorded transactions
Zoning & alternative use
PCM · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.3M
+14.3%
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
$3,365,000
ML approach
$3,520,000
CAP Approach
CAP Return
Estimation
6%
$2,705,000
6.5%
$2,500,000
7%
$2,320,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,735,000
Current use
RESTAURANT
$4,270,000
Change: +14% · Conversion: Moderate
MEDICAL BUILDING
$3,375,000
Change: -10% · Conversion: Easy
RETAIL STORES
$3,190,000
Change: -15% · Conversion: Moderate
COMMERCIAL (GENERAL)
$3,025,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$3.06M
Range $2.75M – $3.37M · ±10% · vs last sale $3.00M (Jan 20 2023)
Last sale anchor
$3.00M
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
$281 / 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
$24,104
Tax year 2024
Assessed value
$3,100,221
Assessed 2023
Previous assessed
$2,792,992
+11.0% YoY
Effective rate
0.78%
On assessed value
Assessed improvement
$3,100,221
Improvement market value
$3,100,221
Total market value
$3,100,221
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Year built
2012
Heating
HEAT PUMP
Cooling
YES
Total area
10,882 SF
Zoning code
PCM
APN
380225 356380 0001
UPID
US90-2027139
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
OFFICE BUILDING Current
Est. value
$3.7M
RESTAURANT
Est. value
$4.3M
MEDICAL BUILDING
Est. value
$3.4M
RETAIL STORES
Est. value
$3.2M
COMMERCIAL (GENERAL)
Est. value
$3.0M
OFFICE BUILDING Current
RESTAURANT
MEDICAL BUILDING
RETAIL STORES
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
2012
Heating
HEAT PUMP
Cooling
Yes
Current owner
From public records · entity-resolved
Watcom Educational Credit Union
Individual
Free & Clear · 3 yrs held
Mailing address
21 BELLWETHER WAY STE #111, BELLINGHAM, WA 98225-2961
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
$3,000,000
Watcom Educational Credit Union
Cohanim Bellwather C LLC
Warranty Deed
—
Jan 20, 2023
—
Watcom Educational Credit Union
Cohanim Bellwather C LLC
Ground Lease
related
—
Sep 18, 2015
$2,712,000
Cohanim Bellwether C LLC
Bellwether Gate C LLC
Warranty Deed
$2,043,797 · First Financial Northwest Bank
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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