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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    3104 Squalicum Pkwy, Unit 2 Bellingham, WA 98225-1941

    • Medical offices
    • 3,640 SF
    OFF-MARKET
    Last Sale
    Feb 14, 2025
    $1,387,500
    Value Estimations
    $1,415,000
    Show details
    Cap Rate Potential
    2.5%
    Medical offices
    Location Intelligence
    Property ID
    US90-1019746
    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

    • Dr. Richard J. Jones, MD / Surgeon
    • Laura Slee / Nurse Practitioner
    • Anna Cairns / Nurse Practitioner
    • Pacific Vascular Bellingham / Medical Laboratory
    • Sound Vascular & Vein / Medical Center / Medical Group

    Property Details for 3104 Squalicum Pkwy

    Year built
    2005
    Property size
    3,640 SF
    Zone code
    IN
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    380319 407447 0002
    APU
    3803194074470002

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,440,000
      ML approach
      $1,450,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,558,000
      Market price range: $614k - $1.65M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,130,000
      Current use
      OFFICE BUILDING
      $1,250,000
      Change: +11% Conversion: Easy
      RETAIL STORES
      $1,070,000
      Change: -5% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,010,000
      Change: -10% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.471
    Latitude
    48.7717
    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
    2021
    $11,916
    $693,120
    $687,184
    $1,380,304
    -
    $693,120
    $687,184
    $1,380,304

    Comparable in this City

    • Value Estimation
      $2,890,000
      28,363 SF

      809 Chestnut St

      MEDICAL BUILDING • 28,363 SF
      809 Chestnut St, Bellingham, WA 98225-5221
      View Details
    • Value Estimation by Request
      2,968 SF

      2980 Squalicum Pkwy Ste, Unit 102

      MEDICAL BUILDING • 2,968 SF
      2980 Squalicum Pkwy Ste, Bellingham, WA 98225-1880
      View Details
    • Value Estimation
      $2,060,000
      12,773 SF

      3217 Squalicum Pkwy

      MEDICAL CLINIC • 12,773 SF
      3217 Squalicum Pkwy, Bellingham, WA 98225-1935
      View Details
    • Value Estimation
      $1,760,000
      7,778 SF

      2500 Squalicum Pkwy, Unit 102

      MEDICAL BUILDING • 7,778 SF
      2500 Squalicum Pkwy, Bellingham, WA 98225-1856
      View Details
    • Value Estimation by Request
      0.43 Acres

      3120 Squalicum Pkwy

      MEDICAL BUILDING • 0.43 Acres
      3120 Squalicum Pkwy, Bellingham, WA 98225-1934
      View Details
    • Value Estimation
      $2,110,000
      9,985 SF

      220 Unity St

      MEDICAL BUILDING • 9,985 SF
      220 Unity St, Bellingham, WA 98225-4420
      View Details

    Similar Nearby for Sale

    • $5,800,000
      7,516 SF

      Medical Building with Surgery Center

      Stand-alone medical building with surgery center and operatory rooms.
      340 Birchwood Ave, Bellingham, WA 98225
      View Details
    • $6,700,000
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      Move-in Ready Medical Facility

      Fully equipped medical facility near PeaceHealth St. Joseph Medical Center.
      2500 Squalicum Pkwy, Bellingham, WA 98225
      View Details
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      Medical Office Investment Opportunity

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      3136 Squalicum Pkwy, Bellingham, WA 98225
      View Details
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      Bellingham Storefront: Prime Location

      High-return retail investment, fully leased.
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      View Details
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      Stand-alone office building with finished basement and ample parking.
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    Similar Nearby for Lease

    • $30 SF/Yr
      2,760 SF

      Birchwood Medical Center: Prime Space

      Medical Office Suites - Whatcom County
      520 Birchwood Ave, Bellingham, WA 98225
      View Details
    • $400 /Mo
      92 SF

      Medical Office Space Available

      Medical office space for lease in wellness clinic.
      102-104 Ohio St, Bellingham, WA 98225
      View Details
    • $22 SF/Yr
      1,925 SF

      Professional Space in Bellingham

      Built-out space suitable for office, medical, or retail use.
      902 North State St, Bellingham, WA 98225
      View Details
    • $16 SF/Yr
      2,423 SF

      Fairhaven Office Space Available

      Office space in Fairhaven Historic District, available 08/01/25.
      401 Harris Ave, Bellingham, WA 98225
      View Details
    • $12 SF/Yr
      16,000 SF

      Bellingham Office Space For Rent

      Office space available at Marine Drive and Bennett Drive.
      742 Marine Dr, Bellingham, WA 98225
      View Details
    • $16 SF/Yr
      62,665 SF

      Crown Plaza Bellingham Office Space

      Historic Bellingham Office Building, Flexible Suites
      114 Magnolia St, Bellingham, WA 98225
      View Details
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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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