1313 State StBellingham, WA 98225

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

Bars

Property subtype

Pubs

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.

• 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

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