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Property profile & analytics
OFF-MARKET
Office buildings
2309 Kulshan St, Bellingham, WA 98225-2847
Individually Owned
4-yr Hold
Property ID
US90-0135088
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1920
Total area
1,196 SF
Lot
0.09 ac (3,920 SF)
Zoning code
RM25OF
APN
380224 528009 0000
UPID
US90-0135088
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Peter Ahn · 4 yrs held
Peter Ahn
since 2022
Last sale
$340,000
7 recorded transactions
Zoning & alternative use
RM25OF · 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$3,149
Tax year 2021
Assessed value
$364,729
Assessed 2022
Previous assessed
$364,729
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$178,770
Assessed improvement
$185,959
Land market value
$178,770
Improvement market value
$185,959
Total market value
$364,729
Applied tax rate
100.0000
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
1920
Heating
FORCED AIR
Cooling
YES
Stories
1
Bathrooms
1
Total area
1,196 SF
Lot
0.09 ac (3,920 SF)
Zoning code
RM25OF
APN
380224 528009 0000
UPID
US90-0135088
Jurisdiction
WHATCOM
Zoning & alternative use
RM25OF · Bellingham, WA
Zoning RM25OF · permitted uses
RM25OF · 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.
Building & site characteristics
From public records
Year built
1920
Heating
FORCED AIR
Cooling
Yes
Stories
1
Bathrooms
1
Lot
0.09 ac
Current owner
From public records · entity-resolved
Peter Ahn
Individual
Mailing address
4821 LILLY LN, BELLINGHAM, WA 98226-7544
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 16, 2022
—
Peter Ahn
2309 Kulshan LLC
Quit Claim Deed
related
$335,000 · Flagstar Bank Fsb
Apr 8, 2019
—
Ameritrust Cdc
—
Deed
related
$191,580 · Whatcom Educational Cu
Aug 24, 2018
$340,000
2309 Kulshan LLC
Henken,rebecca S
Warranty Deed
$153,264 · Whatcom Educational Cu
Oct 5, 2017
—
Rebecca S Henken
Henken,bradley M
Quit Claim Deed
related
—
Dec 10, 1999
$119,830
Bradley M Henken
Vu,tony N
Grant Deed
$99,910 · Washington Mutual Fsb
—
—
2309 Kulshan LLC
—
Deed Of Trust
related
$163,000 · Ameritrust Cdc
—
—
Ameritrust Cdc
—
Deed Of Trust
related
$191,580 · Whatcom Educational Cu
—
—
Bradley M Henken
—
Deed Of Trust
related
$45,000 · Whatcom Educational Cu
—
—
Bradley M Henken
—
Deed Of Trust
related
$189,550 · Whatcom Educational Cu
—
—
Bradley M Henken
—
Deed Of Trust
related
$54,000 · Gb Home Equity
—
—
Bradley M Henken
—
Deed Of Trust
related
$32,659 · Us Bank NA Nd
—
—
Bradley M Rebecca S Henken
—
Deed Of Trust
related
$10,870 · Travelers Bank & Trust Fsb
—
—
Rebecca S Henken
—
Deed Of Trust
related
$162,000 · Us Bank NA Nd
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
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