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

    928 Thomas Rd Bellingham, WA 98226-9044

    • Individual retail properties
    • 11,324 SF
    • 18.98 lot acres
    OFF-MARKET
    Value Estimations
    $575,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-0931825
    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

    • Mt Baker Roofing / Roofing Contractor

    Property Details for 928 Thomas Rd

    Year built
    1982
    Lot size
    18.98 lot acres
    Property size
    11,324 SF
    Zone code
    LII
    Property type
    Individual retail properties
    APN
    380203 500077 0000
    APU
    3802035000770000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $490,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $660,000
      Market price range: $333k - $707k

    • Alternative Use

      Use
      Estimation
      GARDEN CENTER, HOME IMPROVEMENT (DO-IT-YOURSELF)
      $500,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Bellingham
    County
    Whatcom
    State
    Washington
    Longitude
    -122.531
    Latitude
    48.8058
    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
    $7,404
    $824,591
    $832,014
    $1,656,605
    -
    $824,591
    $832,014
    $1,656,605

    Comparable in this City

    • Value Estimation
      $305,000
      4,084 SF

      5930 Guide Meridian

      GARDEN CENTER, HOME IMPROVEMENT • 4,084 SF
      5930 Guide Meridian, Bellingham, WA 98226-9720
      View Details
    • Value Estimation
      $260,000
      5,280 SF

      1677 Mt Baker Hwy

      GARDEN CENTER, HOME IMPROVEMENT • 5,280 SF
      1677 Mt Baker Hwy, Bellingham, WA 98226-8795
      View Details
    • Value Estimation
      $260,000
      0.11 Acres

      1677 Mt Baker Hwy

      GARDEN CENTER, HOME IMPROVEMENT • 0.11 Acres
      1677 Mt Baker Hwy, Bellingham, WA 98226-8795
      View Details
    • Value Estimation
      $460,000
      20,000 SF

      4175 Hannegan Rd

      APPLIANCE STORE • 20,000 SF
      4175 Hannegan Rd, Bellingham, WA 98226-9196
      View Details
    • Value Estimation
      $950,000
      39,282 SF

      3801 Hannegan Rd

      GARDEN CENTER, HOME IMPROVEMENT • 39,282 SF
      3801 Hannegan Rd, Bellingham, WA 98226-9103
      View Details
    • Value Estimation
      $1,440,000
      3,070 SF

      4100 Marblemount Ln, Unit 201

      GARDEN CENTER, HOME IMPROVEMENT • 3,070 SF
      4100 Marblemount Ln, Bellingham, WA 98226-7760
      View Details

    Similar Nearby for Sale

    • $11,500,000
      12,388 SF

      Retail Strip Center For Sale

      Multi-tenant retail center with drive-thru in a major retail hub.
      102 West Stuart Rd, Bellingham, WA 98226
      View Details
    • Contact for pricing
      4,960 SF

      Prime Restaurant/Retail Property For Sale

      Standalone property with high visibility and accessibility near airport.
      1650 W Bakerview Rd, Bellingham, WA 98226
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    • $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
    • $2,267,740

      Cordata Area Land Opportunity

      Land available in the expanding Cordata area of Bellingham.
      311-331 Horton Rd, Bellingham, WA 98226
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    • $7,450,000

      Cordata Parkway Multifamily Development Site

      Multifamily development site with completed stormwater improvements.
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    • $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

    Similar Nearby for Lease

    • $22 SF/Yr
      1,550 SF

      Retail Space Available For Rent

      Retail space available for lease, 1550 square feet.
      1255-1263 Barkley Blvd, Bellingham, WA 98226
      View Details
    • $26 SF/Yr
      1,650 SF

      Retail Space with Ample Parking

      Retail space with high ceilings and ample parking available for rent.
      4180 Cordata Pkwy, Bellingham, WA 98226
      View Details
    • $19 SF/Yr
      2,119 SF

      Retail Center Near Bellis Fair

      High-visibility retail spaces available near Bellis Fair Mall.
      117-201 Telegraph Rd, Bellingham, WA 98226
      View Details
    • $25 SF/Yr
      7,853 SF

      North Bellingham Commercial Building For Rent

      Commercial building in North Bellingham with showroom and warehouse space.
      145 E Stuart Rd, Bellingham, WA 98226
      View Details
    • $1,500 /Mo
      1,025 SF

      Retail Space For Rent

      Small retail space available for rent.
      4120 Meridian St, Bellingham, WA 98226
      View Details
    • $19 SF/Yr
      2,000 SF

      Retail Space in Blossom Commons

      Retail space available in a busy shopping center.
      115-159 W Kellogg Rd, Bellingham, WA 98226
      View Details
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    928 Thomas Rd
    Bellingham, WA 98226-9044
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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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