2626 Meridian St Bellingham, WA 98225-2409

This Bellingham, WA investment presents a unique opportunity to redevelop a prime 16,988 sq ft site in the burgeoning Fountain District urban village. The property comprises three tax parcels, including a 1,000 sq ft house currently leased for $1,500 per month on a 4,792 sq ft corner lot, and a 3,400 sq ft vacant commercial building situated on a 7,405 sq ft lot. A 4,792 sq ft, 20-stall parking lot conveniently connects these structures. A completed feasibility study supports the potential for up to 40 residential units with ample parking, incorporating the required minimum 2,000 sq ft of commercial space. The asking price is $1,876,000, translating to $117 per square foot. Currently, the property boasts 22% occupancy. Investors can pursue immediate redevelopment or adopt a lease-and-hold strategy for future development. The existing commercial building, coupled with its extensive parking, presents an attractive option for owner-occupants seeking a phased development approach. The seller will consider selling the parcels individually. This is an exceptional chance to capitalize on the growth of Bellingham's Fountain District. The property is located at 2626 Meridian St, Bellingham, WA 98225.