189 Bakerview RdBellingham, WA 98226

Property Details for 189 Bakerview Rd

Year built

2003

Lot size

2.39 AC

Property size (Sq ft)

12,096 SF

Zone code

PC

Property type

Commercial real estate

APN

380318 056542 0000

APU

3803180565420000

Description

This exceptional investment opportunity presents a fee-simple, single-tenant, net-leased Petco store located at 189 E Bakerview Rd, Bellingham, WA 98226. The 12,096 square foot building, constructed in 2004 and renovated in 2024, sits on a 2.39-acre lot and is zoned for general commercial use. Currently operating under a 10-year lease commencing February 1, 2024, and expiring January 31, 2034, this property boasts a 9.2-year remaining lease term with a corporate guarantee. The lease includes a 10% rent increase on February 1, 2029, ensuring consistent income growth. The property's strong financial performance is reflected in its 5.52% cap rate and a net operating income (NOI) of $325,680, with an asking price of $5,900,000 ($487.76/sq ft). Located in a tax-free state, this investment is ideal for those seeking a stable, high-performing asset with significant long-term potential. The property benefits from 100% occupancy and a prime location in Bellingham, Washington, within Whatcom County. This freestanding store is a perfect fit for 1031 exchange buyers seeking a secure, single-tenant investment with a strong tenant and a proven track record.

• CAP approach

  CAP return

  Valuation

  6%

  $3,697,740

  6.5%

  $3,413,300

  7%

  $3,169,490

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,676,860

  Geo Method

  $2,329,450

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $6,929,780

  Retail / Commercial

  $3,512,490

  Mixed-Use / Specialty

  $3,467,610

  Hospitality / Lodging

  $2,501,940

  Office

  $3,413,300

  Institutional / Educational

  $3,593,350

  Residential Income

  $4,204,220

  Multifamily

  $5,221,720

  Automotive / Energy

  $3,080,010

  Parking / Income-Based Land

  $1,094,850

  Restaurant / Food Service

  $1,734,460

  Healthcare / Senior Housing

  $3,589,150

Location Insight

City

Bellingham

County

Whatcom

State

Washington

Latitude

48.7891

Longitude

-122.484

CBSA code

13380

CBSA name

BELLINGHAM, WA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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