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Property profile & analytics
OFF-MARKET
Estimated value
$855,000
Office buildings
2331 Elm St, Bellingham, WA 98225-2845
Individually Owned
4-yr Hold
Property ID
US90-2968111
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Year built
1904
Total area
2,052 SF
Lot
0.13 ac (5,663 SF)
Zoning code
RM25OF
APN
380224 501036 0000
UPID
US90-2968111
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
-
NW Drafting Renovation Specialist (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$935k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$770k
Blend (final)
Blend
$855k
Owner & transaction history
Aaron M Steen · 4 yrs held
Aaron M Steen
since 2021
Last sale
$820,000
5 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
Method
Estimation
Statistic approach
$930,000
ML approach
$935,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$705,000
Current use
MEDICAL BUILDING
$635,000
Change: -10% · Conversion: Easy
RETAIL STORES
$600,000
Change: -15% · Conversion: Moderate
COMMERCIAL (GENERAL)
$570,000
Change: -19% · Conversion: Easy
Blend value · Realmo final
$855k
Range $770k – $941k · ±10% · vs last sale $820k (Oct 1 2021)
Last sale anchor
$820k
Oct 1 2021
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
$417 / 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
$4,411
Tax year 2021
Assessed value
$490,200
Assessed 2022
Previous assessed
$490,200
+0.0% YoY
Effective rate
0.90%
On assessed value
Assessed land
$182,400
Assessed improvement
$307,800
Land market value
$182,400
Improvement market value
$307,800
Total market value
$490,200
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
1904
Heating
HOT WATER
Stories
2
Bathrooms
1
Total area
2,052 SF
Lot
0.13 ac (5,663 SF)
Zoning code
RM25OF
APN
380224 501036 0000
UPID
US90-2968111
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.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$705,000
MEDICAL BUILDING
Est. value
$635,000
RETAIL STORES
Est. value
$600,000
COMMERCIAL (GENERAL)
Est. value
$570,000
OFFICE BUILDING Current
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
1904
Heating
HOT WATER
Stories
2
Bathrooms
1
Lot
0.13 ac
Current owner
From public records · entity-resolved
Aaron M Steen
Individual
Mailing address
2331 ELM ST, BELLINGHAM, WA 98225-2845
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 1, 2021
$820,000
Aaron M Steen
Richard K D Berry
Warranty Deed
$738,000 · Nfm INC
Nov 20, 2017
—
Richard K Berry
Thendara Park LLC
Quit Claim Deed
related
$347,000 · Peoples Bk
Mar 14, 2017
$488,000
Thendara Park LLC
Beaty,robert E III & Cathy L
Warranty Deed
$340,000 · Peoples Bk
Dec 22, 2016
—
Robert E Beaty III
—
Deed
related
$167,583 · Heritage Bk
—
—
Robert E Beaty III
—
Deed Of Trust
related
$167,583 · Heritage Bk
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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