1313 State StBellingham, WA 98225
- Retail properties
- 18,975 SF
Property Details for 1313 State St
- Year built
- 1913
- Lot size
- 0.16 AC
- Property size (Sq ft)
- 18,975 SF
- Zone code
- CC
- Property type
- Retail properties
- Property subtype
- Bars
- APN
- 380330 230099 0000
- APU
- 3803302300990000
Description
This exceptional 0.16-acre property at 1313 N State Street, Bellingham, WA, presents a unique investment opportunity. Priced at $1,350,000, this historic building sits in the heart of downtown Bellingham, enjoying high foot traffic and proximity to popular local businesses. Currently housing a tenant interested in expansion, the property offers significant upside potential. The building features two unfinished upper floors, complete with approved plans and a transferable tenant improvement (TI) permit from the City of Bellingham for conversion into an eight-unit apartment complex. This streamlined process significantly reduces the time and cost associated with obtaining necessary approvals. The ground floor boasts a fully equipped commercial kitchen, ready for immediate use or adaptation to suit a variety of businesses. The building's prime location and the potential for multi-family conversion make this a rare find in the thriving Bellingham market. This is a chance to acquire a historic property with immediate income potential and a clear path to substantial future returns. The existing tenant's desire to expand provides an immediate revenue stream while the approved plans for apartment conversion offer a lucrative long-term strategy. Don't miss this opportunity to own a piece of Bellingham's vibrant downtown.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
CAP approach
- CAP return
- Valuation
- 6%
- $7,523,780
- 6.5%
- $6,945,028
- 7%
- $6,448,954
-
Comparable approach
- Method
- Valuation
- Relative Method
- $14,535,090
- Geo Method
- $9,208,598
-
Alternative Use
- Use
- Valuation
- Residential
- $5,858,391
- Hospitality
- $5,366,254
- Educational
- $4,464,661
- Medical
- $4,618,208
- Retail
- $6,945,028
Location Insight
- City
- Bellingham
- County
- Whatcom
- State
- Washington
- Latitude
- 48.749
- Longitude
- -122.477
- CBSA code
- 13380
- CBSA name
- BELLINGHAM, WA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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