Individually Owned Property summary
AI-generated overview
This exceptional 14,000-square-foot warehouse in Bellingham, WA's Irongate Industrial area is available for the first time since its 2004 construction. The single-story, single-tenant building sits on a 0.62-acre lot and features 9 exterior parking spaces with a convenient cul-de-sac turnaround. The well-maintained property boasts approximately 1,320 square feet of office space spread across two floors, including a reception/entry area, two offices, a kitchenette, and storage. High ceilings (27 feet to the eves), full sprinkler system, and insulation provide a functional and efficient workspace. The office area is climate-controlled with mini-split HVAC, while the warehouse is heated by a gas Reznor unit. Energy-efficient LED motion sensor lighting is installed throughout. The property includes single-phase power and the Assessor's Parcel Number (APN) is 3803174943860000. This stand-alone building offers a prime location and exceptional features for a variety of manufacturing, warehouse, or distribution needs. The address is 3903 Spur Ridge Ln, Bellingham, WA 98226.
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2004
Total area
14,000 SF
Lot
0.62 ac (27,007 SF)
Zoning code
HI
APN
380317 494386 0000
UPID
US90-0051290
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Recycling Center Waste Management Facility
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.62M
Comparable Approach
Comparable
$2.18M
Blend (final)
Blend
$470k
Owner & transaction history
since 2025
Last sale
$2.6M
5 recorded transactions
Zoning & alternative use
HI · Bellingham, WA
Top alternative use upside
Industrial (general)
$2.9M
+4.2%
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.
All 3 comparables with addresses
3 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
PDF export
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Summary
1
Valuation conclusion
Included free
Estimated market value
$470k
Value range
$423k – $517k
±10% around blend
Estimated value / SF
$34 / SF
Confidence
Low
3 county-verified comps
Property data
88
Market benchmarks
67
Comparable evidence
30
$423k
blend $470k
$517k
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
14,000 SF
Lot area
0.62 ac
Year built
2004
APN
380317 494386 0000
Zoning
HI
Assessed value
$1,365,050
Annual tax
$10,646
3
Income approach: direct capitalization
Partial preview
Income approach indication
$1.62M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$1.75M
@ 6.5% CAP return
$1.62M
@ 7% CAP return
$1.50M
4
Sales comparison
Partial preview
Sales approach indication
$2.29M
Weighted, 3 comps · low confidence
Evidence
3 found · 3 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
21.1 mi away · 13,080 SF
22.4 mi away · 14,400 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$470k
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
Submarket 23 sales
$202
-83%
County 46 sales
$162
-79%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $34/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Alternative use screening
Partial preview
Top alternative use
Industrial (general)
Gross theoretical uplift
+4%
vs current-use indication
Warehouse, Storage · current use
Auto Repair, Garage
Values shown before conversion costs, entitlement costs, capital expenditures and stabilization risk.
8
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
Not available
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
Comparable evidence · 3 sales
Market rates by use type
PDF export
Professional Plan · 30 reports
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Overview
No cap rate is computable for this property yet: no recorded sale, income signal or market-rate row for its use type.
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$2.59M
Move the market yield to see immediate price impact.
Value / SF
$185
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
5.00%7.00%9.00%
$163k
$3.26M
$2.33M
$1.81M
$181k
$3.63M
$2.59M
$2.01M
$199k
$3.99M
$2.85M
$2.22M
NOI sensitivity ±10% across the 5 / 7 / 9% anchors — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
3 found
Low confidence · county-verified
Closest comparable
$1.20M
1.9 mi · Nov 2025 · $121/SF
Property tax & assessments
Tax year 2021Property tax & assessments
Tax year 2021
Tax billed
$10,646
Tax year 2021
Assessed value
$1,365,050
Assessed 2022
Previous assessed
$1,365,050
+0.0% YoY
Effective rate
0.78%
On assessed value
Assessed land
$354,523
Assessed improvement
$1,010,527
Land market value
$354,523
Improvement market value
$1,010,527
Total market value
$1,365,050
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
Off-Market
Year built
2004
Heating
NONE
Cooling
YES
Total area
14,000 SF
Lot
0.62 ac (27,007 SF)
Zoning code
HI
APN
380317 494386 0000
UPID
US90-0051290
Jurisdiction
WHATCOM
Zoning & alternative use
HI · Bellingham, WAZoning HI · permitted uses
HI · Bellingham, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
2004
Heating
NONE
Cooling
Yes
Lot
0.62 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
Zoning designation
County-recorded code
HI
Jurisdiction
Bellingham, WA
Recorded code
HI
Ownership Intelligence
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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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