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Property profile & analytics
OFF-MARKET
Estimated value
$1,035,000
Medical Office Space
4110 Meridian St Bellingham, WA 98226-5515
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-0377005
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1988
Total area
2,844 SF
Lot
0.75 ac (32,700 SF)
Zoning code
PCLI
APN
380307 014018 0000
UPID
US90-0377005
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
Current use
Occupant on record · Public records
-
Bellingham Life Insurance Ltd. Insurance Agency
-
Vision Plus on Meridian Eye Care Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.07M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.29M
Blend (final)
Blend
$1.04M
Owner & transaction history
Mag Holdings LP · 4 yrs held
Mag Holdings LP
since 2022
Last sale
$1.1M
5 recorded transactions
Zoning & alternative use
PCLI · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$995,000
+12.6%
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
$970,000
ML approach
$1,065,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$880,000
Current use
OFFICE BUILDING
$995,000
Change: +13% · Conversion: Easy
COMMERCIAL (GENERAL)
$850,000
Change: -3% · Conversion: Easy
RETAIL STORES
$835,000
Change: -5% · Conversion: Difficult
Blend value · Realmo final
$1.04M
Range $932k – $1.14M · ±10% · vs last sale $1.05M (Apr 21 2022)
Last sale anchor
$1.05M
Apr 21 2022
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
$364 / 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 2024Property tax & assessments
Tax year 2024
Tax billed
$10,768
Tax year 2024
Assessed value
$1,384,987
Assessed 2023
Previous assessed
$1,405,549
-1.5% YoY
Effective rate
0.78%
On assessed value
Assessed land
$1,045,281
Assessed improvement
$339,706
Land market value
$1,045,281
Improvement market value
$339,706
Total market value
$1,384,987
Applied tax rate
100.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1988
Heating
NONE
Cooling
YES
Total area
2,844 SF
Lot
0.75 ac (32,700 SF)
Zoning code
PCLI
APN
380307 014018 0000
UPID
US90-0377005
Jurisdiction
WHATCOM
Zoning & alternative use
PCLI · Bellingham, WA
Zoning PCLI · permitted uses
PCLI · 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
MEDICAL BUILDING Current
Est. value
$880,000
OFFICE BUILDING
Est. value
$995,000
COMMERCIAL (GENERAL)
Est. value
$850,000
RETAIL STORES
Est. value
$835,000
MEDICAL BUILDING Current
OFFICE BUILDING
COMMERCIAL (GENERAL)
RETAIL STORES
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
1988
Heating
NONE
Cooling
Yes
Lot
0.75 ac
Current owner
From public records · entity-resolved
Mag Holdings LP
Entity
Mailing address
2520 JAMES ST, BELLINGHAM, WA 98225-3545
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 21, 2022
$1,050,000
Mag Holdings LP
Washington Federal Bank
Bargain And Sale Deed
$500,000 · Heritage Southeast Bank
Dec 17, 2010
—
Federal S Washington
Horizon Bk
Grant Deed
—
Dec 31, 2008
—
Horizon Bk
Horizon Finl Corp
Quit Claim Deed
—
Sep 30, 2008
—
Owner Name Unavailable
Owner Name Unavailable
Quit Claim Deed
related
—
Sep 23, 2008
—
Horizon Finl Corp
Horizon Bk
Quit Claim Deed
—
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.
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