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Property profile & analytics
OFF-MARKET
Estimated value
$29,430,000
Warehouses
411 Chestnut St Bellingham, WA 98225-4378
Individually Owned
8-yr Hold
~
Est. High Equity
Property ID
US90-2844421
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1970
Total area
256,155 SF
Lot
33.41 ac (1,455,340 SF)
Zoning code
PCW
APN
380225 400142 0000
UPID
US90-2844421
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$29.56M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$29.43M
Owner & transaction history
Harcourt Developments Residl · 8 yrs held
Harcourt Developments Residl
since 2018
1 recorded transaction
Zoning & alternative use
PCW · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Bellingham submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Bellingham submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$32,020,000
6.5%
$29,555,000
7%
$27,445,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$46,570,000
Change: -10% · Conversion: Easy
AUTO REPAIR, GARAGE
$44,370,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$29.43M
Range $26.49M – $32.37M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$115 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$23,848,872
Assessed 2022
Previous assessed
$23,848,872
+0.0% YoY
Assessed land
$8,352,500
Assessed improvement
$15,496,372
Land market value
$8,352,500
Improvement market value
$15,496,372
Total market value
$23,848,872
Applied tax rate
109.0000
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
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1970
Heating
NONE
Cooling
YES
Total area
256,155 SF
Lot
33.41 ac (1,455,340 SF)
Zoning code
PCW
APN
380225 400142 0000
UPID
US90-2844421
Jurisdiction
WHATCOM
Zoning & alternative use
PCW · Bellingham, WA
Zoning PCW · permitted uses
PCW · Bellingham, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Bellingham. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL)
Est. value
$46.6M
AUTO REPAIR, GARAGE
Est. value
$44.4M
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1970
Heating
NONE
Cooling
Yes
Lot
33.41 ac
Current owner
From public records · entity-resolved
Harcourt Developments Residl
Individual
Mailing address
PO BOX 1677, BELLINGHAM, WA 98227-1677
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 8, 2018
—
Harcourt Developments Residl
Port Of Bellingham
Warranty Deed
related
$1,650,000 · Iborrow Fin Loan Fund I LP
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
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