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Property profile & analytics
OFF-MARKET
Estimated value
$3,435,000
Investment properties
929 State St Bellingham, WA 98225-5175
Entity Owned
8-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-1508257
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
2021
Total area
16,118 SF
Lot
0.95 ac (41,251 SF)
Zoning code
CCM
APN
380331 082524 0000
UPID
US90-1508257
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
-
Positive Negative Photography Center (Bike/Boat/Book/etc) Store
-
Otherside Bagel Co. Restaurant
-
Stateside Apartment Complex Student Housing Center
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$3.15M
Comparable Approach
Comparable
$2.94M
Blend (final)
Blend
$3.44M
Owner & transaction history
North State Street LLC · 8 yrs held
North State Street LLC
since 2017
5 recorded transactions
Zoning & alternative use
CCM · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$5.5M
+23.5%
Medical building
$5.0M
+11.6%
Retail stores
$4.7M
+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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$3,410,000
6.5%
$3,145,000
7%
$2,920,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$4,480,000
Current use
OFFICE BUILDING
$5,535,000
Change: +24% · Conversion: Easy
MEDICAL BUILDING
$5,000,000
Change: +12% · Conversion: Easy
RETAIL STORES
$4,730,000
Change: +6% · Conversion: Easy
Blend value · Realmo final
$3.44M
Range $3.09M – $3.78M · ±10%
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
$213 / 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
$16,239
Tax year 2021
Assessed value
$4,778,683
Assessed 2022
Previous assessed
$4,778,683
+0.0% YoY
Effective rate
0.34%
On assessed value
Assessed land
$4,410,000
Assessed improvement
$368,683
Land market value
$4,410,000
Improvement market value
$368,683
Total market value
$4,778,683
Applied tax rate
109.0000
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
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
2021
Heating
NONE
Cooling
YES
Buildings
2
Total area
16,118 SF
Lot
0.95 ac (41,251 SF)
Zoning code
CCM
APN
380331 082524 0000
UPID
US90-1508257
Jurisdiction
WHATCOM
Zoning & alternative use
CCM · Bellingham, WA
Zoning CCM · permitted uses
CCM · 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
$4.5M
OFFICE BUILDING
Est. value
$5.5M
MEDICAL BUILDING
Est. value
$5.0M
RETAIL STORES
Est. value
$4.7M
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
2021
Heating
NONE
Cooling
Yes
Buildings
2
Lot
0.95 ac
Current owner
From public records · entity-resolved
North State Street LLC
Entity
Mailing address
801 2ND AVE STE #1700, SEATTLE, WA 98104-1520
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2017
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
Apr 17, 2019
—
North State Street LLC
—
Grant Deed
related
$42,600,000 · Commerce Bk/wa
Sep 26, 2017
$3,150,000
North State Street LLC
Canoe Street LLC
Warranty Deed
—
Apr 10, 2017
—
Oakland LLC
—
Deed
related
$525,000 · Peoples Bk
Mar 1, 2001
$756,209
Oakland LLC
Gordon Auto Supply INC
Grant Deed
$555,000 · Gordon Auto Supply INC
—
—
Oakland LLC
—
Deed Of Trust
related
$525,000 · 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.
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