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Property profile & analytics
OFF-MARKET
Estimated value
$1,065,000
Warehouses
4115 Bakerview Spur Bellingham, WA 98226-8056
Entity Owned
6-yr Hold
Free & Clear
Property ID
US90-0878085
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
2017
Total area
6,000 SF
Lot
0.83 ac (36,155 SF)
Zoning code
PI
APN
380308 388056 0000
UPID
US90-0878085
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
$1.24M
CAP Approach
CAP
$690k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.07M
Owner & transaction history
Emptiness LLC · 6 yrs held
Emptiness LLC
since 2020
Last sale
$1.1M
5 recorded transactions
Zoning & alternative use
PI · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.8M
+45.4%
Industrial (general)
$1.3M
+4.2%
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
$1,265,000
ML approach
$1,235,000
CAP Approach
CAP Return
Estimation
6%
$750,000
6.5%
$690,000
7%
$645,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,210,000
Current use
RETAIL STORES
$1,760,000
Change: +45% · Conversion: Moderate
INDUSTRIAL (GENERAL)
$1,260,000
Change: +4% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,040,000
Change: -14% · Conversion: Easy
Blend value · Realmo final
$1.07M
Range $959k – $1.17M · ±10% · vs last sale $1.06M (May 21 2020)
Last sale anchor
$1.06M
May 21 2020
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
$178 / 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 2021Property tax & assessments
Tax year 2021
Tax billed
$8,060
Tax year 2021
Assessed value
$1,056,229
Assessed 2022
Previous assessed
$1,056,229
+0.0% YoY
Effective rate
0.76%
On assessed value
Assessed land
$332,310
Assessed improvement
$723,919
Land market value
$332,310
Improvement market value
$723,919
Total market value
$1,056,229
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
2017
Heating
NONE
Cooling
YES
Total area
6,000 SF
Lot
0.83 ac (36,155 SF)
Zoning code
PI
APN
380308 388056 0000
UPID
US90-0878085
Jurisdiction
WHATCOM
Zoning & alternative use
PI · Bellingham, WA
Zoning PI · permitted uses
PI · 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
WAREHOUSE, STORAGE Current
Est. value
$1.2M
RETAIL STORES
Est. value
$1.8M
INDUSTRIAL (GENERAL)
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.0M
WAREHOUSE, STORAGE Current
RETAIL STORES
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
2017
Heating
NONE
Cooling
Yes
Lot
0.83 ac
Current owner
From public records · entity-resolved
Emptiness LLC
Entity
Free & Clear · 6 yrs held
Mailing address
4115 BAKERVIEW SPUR, BELLINGHAM, WA 98226-8056
Ownership since
2020
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
May 21, 2020
$1,060,000
Emptiness LLC
Joe Anders
Warranty Deed
—
Mar 27, 2017
—
Joe Anders
—
Trustees Deed
related
$250,000 · Peoples Bk
Jan 14, 2016
$113,280
Joe Anders
Bakerview Lands LLC
Warranty Deed
—
—
—
Joe Anders
—
Loan Modification
related
$449,900 · Peoples Bk
—
—
Joe Anders
—
Loan Modification
related
$449,900 · Peoples Bk
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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