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    Property profile & analytics

    2413 Main St Ferndale, WA 98248

    • Office buildings
    • 5,985 SF
    • 0.35 lot acres
    For Lease
    View listing
    $950 /Mo
    Last Sale
    Dec 23, 2020
    $1,067,000
    Value Estimations
    $1,550,000
    Cap Rate Potential
    6%
    Office buildings
    Location Intelligence
    Property ID
    US90-0668850
    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

    • Summit Engineering & Design / Engineering Consultant
    • Kohera3D / Engineering Consultant
    • Siren Skin and Lash Studio / Eyelash Salon
    • Elizabeth Isaacs / Real Estate Agent
    • Ariel Larson / Psychologist

    Property Details for 2413 Main St

    Year built
    2010
    Lot size
    0.35 lot acres
    Property size
    5,985 SF
    Zone code
    RO
    Property type
    Office buildings
    APN
    390230 086550 0000
    APU
    3902300865500000

    Description

    This exceptional Ferndale office space offers a variety of configurations ideal for coworking, creative, executive, or traditional office needs. The 5,986 square foot building, constructed in 2010, features ten suites across two stories, with two currently available, ranging from 480 to 710 square feet. Each suite boasts modern amenities including mini-split electric air conditioning and ample natural light from numerous windows. The building is secured with key fob entry and an alarm system. Shared amenities include restrooms and seventeen parking spaces. Conveniently located on a 0.35-acre lot, the property is zoned for residential and office use and features a clean, bright aesthetic. Additional benefits include Sunday janitorial service for common areas and the availability of heated, secure basement storage units for lease at an additional monthly cost (subject to availability). The property's APN is 3902300865500000. This is a fantastic opportunity for businesses seeking a modern, functional, and secure workspace in a desirable location. The minimum divisible space is 480 square feet.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,485,000
      ML approach
      $1,435,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,490,000
      6.5%
      $1,375,000
      7%
      $1,275,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,143,000
      Market price range: $1.00M - $2.47M
      AI Estimate
      $1,295,000
      Market price range: $625k - $1.34M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $1,740,000
      Current use
      RESTAURANT
      $2,035,000
      Change: +17% Conversion: Moderate
      MEDICAL BUILDING
      $1,855,000
      Change: +7% Conversion: Easy
      COMMERCIAL (GENERAL)
      $1,575,000
      Change: -9% Conversion: Easy
      RETAIL STORES
      $1,505,000
      Change: -14% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Ferndale
    County
    Whatcom
    State
    Washington
    Longitude
    -122.613
    Latitude
    48.8478
    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
    2024
    $9,304
    $214,508
    $1,124,431
    $1,338,939
    -
    $214,508
    $1,124,431
    $1,338,939

    Comparable in this City

    • Value Estimation
      $360,000
      3,211 SF

      5676 2nd Ave

      PROFESSIONAL BUILDING • 3,211 SF
      5676 2nd Ave, Ferndale, WA 98248-8611
      View Details
    • Value Estimation
      $420,000
      2,888 SF

      2069 Main St

      PROFESSIONAL BUILDING • 2,888 SF
      2069 Main St, Ferndale, WA 98248-9468
      View Details
    • Value Estimation
      $395,000
      5,985 SF

      2417 Main St

      PROFESSIONAL BUILDING • 5,985 SF
      2417 Main St, Ferndale, WA 98248-8832
      View Details
    • Value Estimation
      $1,130,000
      3,308 SF

      6160 Portal Way

      PROFESSIONAL BUILDING • 3,308 SF
      6160 Portal Way, Ferndale, WA 98248-9391
      View Details
    • Value Estimation
      $565,000
      1,750 SF

      2013 Main St

      PROFESSIONAL BUILDING • 1,750 SF
      2013 Main St, Ferndale, WA 98248-9468
      View Details
    • Value Estimation
      $350,000
      4,620 SF

      6220 Portal Way

      PROFESSIONAL BUILDING • 4,620 SF
      6220 Portal Way, Ferndale, WA 98248-9362
      View Details

    Similar Nearby for Sale

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    • $1,500,000
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      Ferndale Industrial Land - $1.5M

      16.88-acre industrial land, prime location.
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      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      5,440 SF

      Versatile Ferndale Property For Rent

      Campus-style property ideal for school, daycare, or office use.
      5942 Portal Way, Ferndale, WA 98248
      View Details
    • $20 SF/Yr
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      New construction retail and office space in a growing area.
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      View Details
    • $15 SF/Yr
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      Turn-Key Ferndale Office Space

      Furnished office space in Ferndale with hard offices and workstations.
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      View Details
    • $600 /Mo
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      Ferndale Office Suite For Rent

      480 SF office suite available in Ferndale, Washington.
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    • $16 SF/Yr
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      Ferndale Corner Office Space

      Corner office space in the heart of Ferndale.
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      View Details
    • $950 /Mo
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      Bright Office Space Near Ferndale

      Modern office suites with natural light and secure access.
      2413 Main St, Ferndale, WA 98248
      View Details
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    2413 Main St
    Ferndale, WA 98248
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    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
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