1313 State StBellingham, WA 98225

  • Retail properties
  • 18,975 SF
For Sale
$1,350,000 View listing

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
1313 State St, Bellingham, Washington

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

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
$7,702
$438,625
$469,207
$907,832
-
$438,625
$469,207
$907,832

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