119 N Commercial St - Office/Residential FOR SALE
Bellingham, WA 98225 |
119 N Commercial St
Bellingham, WA 98225
HIGHLIGHTS
- Centrally located at the core of Downtown Bellingham, and at 15-stories, the Bellingham Towers is the tallest and most prominent building in the city
- Due to a renovation project of the 7th floor, the building is currently experiencing a lower than normal occupancy, creating investor up-side
- Lease rates for comparable office buildings in Downtown Bellingham range from $21 - $27/sf. The avg rent for Bellingham Towers is approximately $22/sf
- The property provides significant and steady cash flow in addition to significant development potential on the surface parking lot and parking garage
- Situated in Bellingham’s Downtown District Opportunity Zone, which provides an investor significant tax benefits if purchasing the asset via a QOF
- Within the last 6 years, over $1.8 million of improvements have been made to the property
FOR SALE DETAILS
PRICE
-
CAP RATE
-
% LEASED
-
TENANCY
-
BUILDING DETAILS
PROPERTY NAME
Bellingham Towers
PROPERTY TYPE
Office
PROPERTY SUBTYPE
Office/Residential
ADD'L SUBTYPES
Restaurant, Storefront Retail/Office, Loft/Creative Space
TOTAL BUILDING SIZE
86945
STORIES
15
BUILDING CLASS
B
YEAR BUILT
1930
SPRINKLERS
-
PARKING SPACES
103
LAND DETAILS
LAND ACRES
0.92 AC AC
LAND SF
40,075 SF
ZONING
-
APN/PARCEL ID
380330-185218-0000
