Individually Owned 
For Sale
1 / 30
$1,595,000
2701 Nevada St, Bellingham, WA 98226
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Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1937
Total area
20,000 SF
Lot
0.85 ac (37,200 SF)
Zoning code
PRM4.0
APN
380320 106190 0000
UPID
US90-0658401
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.48M
Blend (final)
Blend
$385k
Owner & transaction history
since 2022
1 recorded transaction
Zoning & alternative use
PRM4.0 · Bellingham, WA
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
Unlock the complete Valuation workflow
Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
Full NOI build-up · 6 steps
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$385k
Value range
$347k – $424k
±10% around blend
Estimated value / SF
$19 / SF
Confidence
Property data
88
Market benchmarks
67
Comparable evidence
60
Income certainty
100
$347k
blend $385k
$424k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
20,000 SF
Lot area
0.85 ac
Year built
1937
APN
380320 106190 0000
Zoning
PRM4.0
Assessed value
$594,802
Annual tax
$5,047
3
Income approach: direct capitalization
Partial preview
Estimated Stabilized NOI, derived from market rent, vacancy and expense benchmarks. Actual property income not reported.
Estimated market rent / SF
Potential gross income
Vacancy allowance
Effective gross income
Benchmark operating expenses
Stabilized NOI
Property tax
$5,047
Selected cap rate
4
Sales comparison
Partial preview
Sales approach indication
$1.48M
Range $1.48M – $6.03M
Evidence
6 found
Recent peer sales in this city
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$385k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 23 sales
$202
-90%
County 46 sales
$162
-88%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $19/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
County record
Operating expenses
Modeled
Market rent
Market benchmark
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
NOI build-up · 9 steps
Market rates by use type
PDF export
Professional Plan · 30 reports
from $99/month
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Overview
Selected market yield
9.40%
Selected cap rate for this warehouses
Derived from the Bellingham market rent, vacancy and expense benchmarks for this use type.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 9.40%
9.0%
NOI (est.)
$150k *
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.60M
Move the market yield to see immediate price impact.
Value / SF
$80
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
8.90%9.40%9.90%
$135k
$1.52M
$1.44M
$1.36M
$150k
$1.69M
$1.60M
$1.52M
$165k
$1.85M
$1.76M
$1.67M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$5,047
Tax year 2021
Assessed value
$594,802
Assessed 2022
Previous assessed
$594,802
+0.0% YoY
Effective rate
0.85%
On assessed value
Assessed land
$517,824
Assessed improvement
$76,978
Land market value
$517,824
Improvement market value
$76,978
Total market value
$594,802
Applied tax rate
100.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
For Sale
Year built
1937
Heating
NONE
Total area
20,000 SF
Lot
0.85 ac (37,200 SF)
Zoning code
PRM4.0
APN
380320 106190 0000
UPID
US90-0658401
Jurisdiction
WHATCOM
Zoning & alternative use
PRM4.0 · Bellingham, WAZoning PRM4.0 · permitted uses
PRM4.0 · Bellingham, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Building & site characteristics
From public records
Year built
1937
Heating
NONE
Lot
0.85 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
PRM4.0
Jurisdiction
Bellingham, WA
Recorded code
PRM4.0
Ownership Intelligence
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What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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