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Property profile & analytics
OFF-MARKET
Estimated value
$1,525,000
Warehouses
525 State St Bellingham, WA 98225-5330
Entity Owned
3-yr Hold
Free & Clear
Property ID
US90-1426499
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1900
Total area
44,056 SF
Lot
1.38 ac (59,982 SF)
Zoning code
RM1.5
APN
380236 505371 0000
UPID
US90-1426499
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
-
Armory Pickleball Gym & Fitness Center Sports Field & Court
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.53M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.30M
Blend (final)
Blend
$1.53M
Owner & transaction history
525 Armory LLC · 3 yrs held
525 Armory LLC
since 2022
Last sale
$1.5M
4 recorded transactions
Zoning & alternative use
RM1.5 · 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
$1,800,000
ML approach
$1,530,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.53M
Range $1.37M – $1.68M · ±10% · vs last sale $1.50M (Nov 1 2022)
Last sale anchor
$1.50M
Nov 1 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
$35 / 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
$14,651
Tax year 2021
Assessed value
$1,488,683
Assessed 2022
Previous assessed
$1,488,683
+0.0% YoY
Effective rate
0.98%
On assessed value
Assessed land
$1,092,000
Assessed improvement
$396,683
Land market value
$1,092,000
Improvement market value
$396,683
Total market value
$1,488,683
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
1900
Heating
NONE
Buildings
2
Total area
44,056 SF
Lot
1.38 ac (59,982 SF)
Zoning code
RM1.5
APN
380236 505371 0000
UPID
US90-1426499
Jurisdiction
WHATCOM
Zoning & alternative use
RM1.5 · Bellingham, WA
Zoning RM1.5 · permitted uses
RM1.5 · 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.
Building & site characteristics
From public records
Year built
1900
Heating
NONE
Buildings
2
Lot
1.38 ac
Current owner
From public records · entity-resolved
525 Armory LLC
Entity
Free & Clear · 3 yrs held
Mailing address
PO BOX 30920, BELLINGHAM, WA 98228-2920
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 1, 2022
—
525 Armory LLC
38 16 Properties LLC
Quit Claim Deed
related
—
Oct 31, 2022
—
Capron LLC
Curtis O'connor
Quit Claim Deed
related
—
Jun 7, 2018
$1,500,000
38-16 Properties LLC
Western Washington Unvi Foun
Grant Deed
—
Jan 27, 2016
—
Western Wa University Foundati
Western Washington University
Quit Claim Deed
related
—
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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