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Property profile & analytics
FOR LEASE
Investment properties
701 W Holly St, Bellingham, WA 98225
Entity Owned
1-yr Hold
Free & Clear
Property ID
US90-0350506
For Lease
$610,000
701 W Holly St, Bellingham, WA 98225
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Year built
1940
Total area
1,470 SF
Lot
0.08 ac (3,485 SF)
Zoning code
CT1
APN
380331 365550 0000
UPID
US90-0350506
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
-
Hana Teriyaki Restaurant
-
Green Mountain Physical Therapy Bellingham Physician
-
Sarah Paxson Physician
-
NINE Acupuncture & Chinese Herbal Medicine Medical Clinic Alternative Medicine Practice
-
Ashley S. Goddard, DACM, LAC Medical Clinic Alternative Medicine Practice
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$645k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$663k
Blend (final)
Blend
$610k
Owner & transaction history
Otv Block 8 LLC · 1 yrs held
Otv Block 8 LLC
since 2025
Last sale
$555,000
5 recorded transactions
Zoning & alternative use
CT1 · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$505,000
+23.5%
Medical building
$455,000
+11.6%
Retail stores
$430,000
+5.5%
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
$630,000
ML approach
$645,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$410,000
Current use
OFFICE BUILDING
$505,000
Change: +24% · Conversion: Easy
MEDICAL BUILDING
$455,000
Change: +12% · Conversion: Easy
RETAIL STORES
$430,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$610k
Range $549k – $671k · ±10% · vs last sale $555k (Mar 31 2021)
Last sale anchor
$555k
Mar 31 2021
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
$415 / 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
$3,984
Tax year 2024
Assessed value
$512,420
Assessed 2023
Previous assessed
$461,640
+11.0% YoY
Effective rate
0.78%
On assessed value
Assessed land
$264,519
Assessed improvement
$247,901
Land market value
$264,519
Improvement market value
$247,901
Total market value
$512,420
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
Investment properties
Use group
STORE/OFFICE (MIXED USE)
Status
For Lease
Year built
1940
Heating
NONE
Cooling
YES
Total area
1,470 SF
Lot
0.08 ac (3,485 SF)
Zoning code
CT1
APN
380331 365550 0000
UPID
US90-0350506
Jurisdiction
WHATCOM
Zoning & alternative use
CT1 · Bellingham, WA
Zoning CT1 · permitted uses
CT1 · 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
COMMERCIAL (GENERAL) Current
Est. value
$410,000
OFFICE BUILDING
Est. value
$505,000
MEDICAL BUILDING
Est. value
$455,000
RETAIL STORES
Est. value
$430,000
COMMERCIAL (GENERAL) Current
OFFICE BUILDING
MEDICAL BUILDING
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
1940
Heating
NONE
Cooling
Yes
Lot
0.08 ac
Current owner
From public records · entity-resolved
Otv Block 8 LLC
Entity
Free & Clear · 1 yrs held
Mailing address
PO BOX 42, LUMMI ISLAND, WA 98262-0042
Ownership since
2025
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
Mar 5, 2025
—
Otv Block 8 LLC
Capron LLC
Quitclaim Deed
related
—
Jan 6, 2023
$850,000
Capron LLC
Parberrys INC
Warranty Deed
$600,000 · Parberrys INC
Mar 31, 2021
$555,000
Goodard Ventures LLC
Whatcom Educational Credit Union
Warranty Deed
—
Oct 26, 2007
$320,000
Whatcom Educational Cu
Thomas & Martina Horn Foun
Warranty Deed
—
Jun 21, 2007
—
Thomas Foun
Nelson,solveig
Warranty 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.
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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