Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2305 Meridian St Bellingham, WA 98225

    • Commercial real estate
    • 21,044 SF
    • 0.57 lot acres
    OFF-MARKET
    Value Estimations
    $2,295,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-1112779
    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

    • Commercial real estate

    Property Details for 2305 Meridian St

    Year built
    1895
    Lot size
    0.57 lot acres
    Property size
    21,044 SF
    Zone code
    CC
    Property type
    Commercial real estate
    APN
    380224 546029 0000
    APU
    3802245460290000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.487
    Latitude
    48.7616
    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
    $14,271
    $812,000
    $870,026
    $1,682,026
    -
    $812,000
    $870,026
    $1,682,026

    Comparable in this City

    • Value Estimation by Request
      0.01 Acres

      Champion St

      COMMERCIAL (GENERAL) • 0.01 Acres
      Champion St, Bellingham, WA 98225
      View Details
    • Value Estimation
      $9,170,000
      48,839 SF

      1400 12th St

      COMMERCIAL (GENERAL) • 48,839 SF
      1400 12th St, Bellingham, WA 98225-7441
      View Details
    • Value Estimation
      $4,620,000
      28,600 SF

      517 32nd St

      COMMERCIAL (GENERAL) • 28,600 SF
      517 32nd St, Bellingham, WA 98225-6551
      View Details
    • Value Estimation
      $2,825,000
      25,829 SF

      400 36th St

      COMMERCIAL (GENERAL) • 25,829 SF
      400 36th St, Bellingham, WA 98225-6537
      View Details
    • Value Estimation by Request
      128 SF

      1817 Cornwall Ave

      COMMERCIAL (GENERAL) • 128 SF
      1817 Cornwall Ave, Bellingham, WA 98225-4614
      View Details
    • Value Estimation
      $970,000
      5,500 SF

      1215 Commercial St

      COMMERCIAL (GENERAL) • 5,500 SF
      1215 Commercial St, Bellingham, WA 98225-4306
      View Details

    Similar Nearby for Sale

    • $900,000
      3,250 SF

      Downtown Bellingham Storefront

      Prime Retail Space, Redevelopment Potential
      206 Magnolia St, Bellingham, WA 98225
      View Details
    • $1,950,000
      0.53 Acres

      Downtown Bellingham Office Building

      Prime location, 6,816 SF, half-acre lot
      1621 Cornwall Ave, Bellingham, WA 98225
      View Details
    • $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
    • $2,900,000

      Bellingham Commercial Redevelopment Opportunity

      Prime 1.07-acre site near WWU.
      110 Samish Way, Bellingham, WA 98225
      View Details
    • $1,350,000
      0.16 Acres

      Downtown Bellingham Commercial Gem

      Historic building, 8-unit potential
      1313 State St, Bellingham, WA 98225
      View Details
    • $3,100,000
      0.56 Acres

      Bellingham Brewery Landmark Property

      Iconic Brewery, Huge Potential, 0.56 Acres
      1107 Railroad Ave, Bellingham, WA 98225
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      1,044 SF

      Fairhaven Office Space For Rent

      Historic building office space in downtown Fairhaven with natural light.
      915 Harris Ave, Bellingham, WA 98225
      View Details
    • $18 SF/Yr
      6,024 SF

      Retail Space in Old Town

      Street-level retail space in Old Town Village, Bellingham.
      701 West Holly St, Bellingham, WA 98225
      View Details
    • $26 SF/Yr
      5,000 SF

      Fairhaven Retail/Restaurant Space Available

      Street retail space in historic Fairhaven, currently a restaurant.
      1100 Harris Ave, Bellingham, WA 98225
      View Details
    • $3,653 /Mo
      1,537 SF

      Fairhaven Office Space with Parking

      Professional office space in a highly visible, central location.
      1514 12Th St, Bellingham, WA 98225
      View Details
    • Contact for pricing
      573 SF

      Retail/Office Space on State Street

      Ground-floor commercial condo in a high-traffic, mixed-use building.
      1031 North State St, Bellingham, WA 98225
      View Details
    • $28 SF/Yr
      773 SF

      Waterfront Office Space Available

      Private office with waterway, downtown, and mountain views.
      12 Bellwether Way, Bellingham, WA 98225
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2305 Meridian St
    Bellingham, WA 98225
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.