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Property profile & analytics
OFF-MARKET
Estimated value
$8,130,000
Commercial real estate
939 Mahogany Ave Bellingham, WA 98226-8408
Entity Owned
22-yr Hold
Free & Clear
Property ID
US90-1254257
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Year built
2008
Total area
25,416 SF
Lot
2.91 ac (126,760 SF)
Zoning code
PRM2.5
APN
380212 023115 0000
UPID
US90-1254257
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
-
Meadow Wood Townhomes Townhouse Complex
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$4.96M
Comparable Approach
Comparable
$11.21M
Blend (final)
Blend
$8.13M
Owner & transaction history
Housing Authority Of City/belling · 22 yrs held
Housing Authority Of City/belling
since 2004
3 recorded transactions
Zoning & alternative use
PRM2.5 · Bellingham, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$10.0M
+31.1%
Office building
$8.9M
+16.6%
Medical building
$7.9M
+3.6%
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%
$5,375,000
6.5%
$4,960,000
7%
$4,610,000
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$7,610,000
Current use
RESTAURANT
$9,975,000
Change: +31% · Conversion: Difficult
OFFICE BUILDING
$8,875,000
Change: +17% · Conversion: Easy
MEDICAL BUILDING
$7,885,000
Change: +4% · Conversion: Easy
RETAIL STORES
$7,455,000
Change: -2% · Conversion: Easy
Blend value · Realmo final
$8.13M
Range $7.32M – $8.94M · ±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
$320 / 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 2023Property tax & assessments
Tax year 2023
Assessed value
$7,559,727
Assessed 2022
Previous assessed
$7,559,727
+0.0% YoY
Assessed land
$1,785,000
Assessed improvement
$5,774,727
Land market value
$1,785,000
Improvement market value
$5,774,727
Total market value
$7,559,727
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Year built
2008
Heating
NONE
Cooling
YES
Buildings
4
Units
51
Total area
25,416 SF
Lot
2.91 ac (126,760 SF)
Zoning code
PRM2.5
APN
380212 023115 0000
UPID
US90-1254257
Jurisdiction
WHATCOM
Zoning & alternative use
PRM2.5 · Bellingham, WA
Zoning PRM2.5 · permitted uses
PRM2.5 · 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.
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$7.6M
RESTAURANT
Est. value
$10.0M
OFFICE BUILDING
Est. value
$8.9M
MEDICAL BUILDING
Est. value
$7.9M
RETAIL STORES
Est. value
$7.5M
COMMERCIAL (GENERAL) Current
RESTAURANT
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
2008
Heating
NONE
Cooling
Yes
Buildings
4
Units
51
Lot
2.91 ac
Current owner
From public records · entity-resolved
Housing Authority Of City/belling
Entity
Free & Clear · 22 yrs held
Mailing address
PO BOX 9701, BELLINGHAM, WA 98227-9701
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 12, 2004
$650,000
Housing Authority Of City/belling
Gould,ray J & Sidsel M
Warranty Deed
—
—
—
Meadow Wood Associates LLC
—
Deed Of Trust
related
$490,000 · Washington State Dept Communit
—
—
Housing Authority Of Bellingham
—
Deed Of Trust
related
$390,000 · Bellingham City (wa)
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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