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

    515 Bakerview Rd Bellingham, WA 98226-9171

    • Office buildings
    • 11,159 SF
    • 1.30 lot acres
    OFF-MARKET
    Value Estimations
    $2,545,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0815562
    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

    • Ken Swanson / Real Estate Agent
    • John Templeton, Windermere Real Estate Whatcom / Real Estate Agent
    • Jason Loeb Realty Inc - Windermere Whatcom / Real Estate Agency
    • The LeVain Team - Bellingham Real Estate Agents - Windermere Real Estate / Real Estate Agent
    • Luis and Meagan Vasquez - Homes by Vasquez - Windermere Real Estate / Real Estate Agent

    Property Details for 515 Bakerview Rd

    Year built
    2002
    Lot size
    1.30 lot acres
    Property size
    11,159 SF
    Zone code
    PCM2.5
    Property type
    Office buildings
    APN
    380213 257542 0000
    APU
    3802132575420000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,775,000
      6.5%
      $2,560,000
      7%
      $2,380,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,507,000
      Market price range: $541k - $3.18M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $3,895,000
      Current use
      MEDICAL BUILDING
      $3,460,000
      Change: -11% Conversion: Easy
      COMMERCIAL (GENERAL)
      $3,340,000
      Change: -14% Conversion: Easy
      RETAIL STORES
      $3,275,000
      Change: -16% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.497
    Latitude
    48.789
    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
    $15,199
    $1,048,354
    $1,717,344
    $2,765,698
    -
    $1,048,354
    $1,717,344
    $2,765,698

    Comparable in this City

    • Value Estimation
      $2,175,000
      9,040 SF

      3350 Airport Dr

      PROFESSIONAL BUILDING • 9,040 SF
      3350 Airport Dr, Bellingham, WA 98226-8048
      View Details
    • Value Estimation by Request
      1,008 SF

      316 Mcleod Rd, Unit B

      PROFESSIONAL BUILDING • 1,008 SF
      316 Mcleod Rd, Bellingham, WA 98226-6491
      View Details
    • Value Estimation
      $540,000
      2,623 SF

      4174 Pacific Hwy

      PROFESSIONAL BUILDING • 2,623 SF
      4174 Pacific Hwy, Bellingham, WA 98226-7395
      View Details
    • Value Estimation
      $5,120,000
      24,157 SF

      2162 Midway Ln

      PROFESSIONAL BUILDING • 24,157 SF
      2162 Midway Ln, Bellingham, WA 98226-9163
      View Details
    • Value Estimation
      $1,470,000
      7,536 SF

      2210 Rimland Dr

      PROFESSIONAL BUILDING • 7,536 SF
      2210 Rimland Dr, Bellingham, WA 98226-5632
      View Details
    • Value Estimation
      $4,495,000
      28,840 SF

      455 Stuart Rd

      PROFESSIONAL BUILDING • 28,840 SF
      455 Stuart Rd, Bellingham, WA 98226-1204
      View Details

    Similar Nearby for Sale

    • $950,000
      2,623 SF

      Commercial Land with Office Building

      1.50-acre site with a 9-unit office building.
      4174 Pacific Hwy, Bellingham, WA 98226
      View Details
    • $1,599,000
      5,992 SF

      Turnkey 4-Plex Near Shopping Center

      Four-unit multifamily property near Whatcom Community College and Bellis Fair Mall.
      344 E Bellis Fair Pkwy, Bellingham, WA 98226
      View Details
    • $3,975,000

      Bellingham Land Parcel on Meridian

      13.64 acre parcel with frontage on State Route 539.
      4577 Meridian St, Bellingham, WA 98226
      View Details
    • $7,450,000

      Cordata Parkway Multifamily Development Site

      Multifamily development site with completed stormwater improvements.
      4450 Cordata Pkwy, Bellingham, WA 98226
      View Details
    • $2,267,740

      Cordata Area Land Opportunity

      Land available in the expanding Cordata area of Bellingham.
      311-331 Horton Rd, Bellingham, WA 98226
      View Details
    • $295,000

      Cordata Vacant Land Opportunity

      1.68 acres of vacant land in the Cordata PUD.
      Cordata Pkwy, Bellingham, WA 98226
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      8,936 SF

      Bellingham Office Space For Rent

      Office space available for lease in Bellingham, Washington.
      381 West Horton Rd, Bellingham, WA 98226
      View Details
    • $15 SF/Yr
      1,752 SF

      Class A Office Space Available

      Class A office space for rent in Bellingham, Washington.
      400 Sequoia Dr, Bellingham, WA 98226
      View Details
    • $27 SF/Yr
      2,263 SF

      Office Suite with Shared Space

      Second floor office suite with shared kitchen space available for rent.
      2211 Rimland Dr, Bellingham, WA 98226
      View Details
    • $32 SF/Yr
      5,019 SF

      Retail Medical Office Hub

      Retail and medical office spaces available in Bellingham, WA.
      4280 Meridian St, Bellingham, WA 98226
      View Details
    • $14 SF/Yr
      9,150 SF

      Office and Warehouse Space Available

      High-quality office and warehouse space with flexible zoning.
      2425 E Bakerview Rd, Bellingham, WA 98226
      View Details
    • $17 SF/Yr
      2,519 SF

      Class A Office Space Available

      Well-maintained office space for rent with convenient parking.
      190-192 E Bakerview Rd, Bellingham, WA 98226
      View Details
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    515 Bakerview Rd
    Bellingham, WA 98226-9171
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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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