Bought with The Foundation Group LLC
For more information regarding the value of a property, please contact us for a free consultation.
1059 N State ST Bellingham, WA 98225
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
Key Details
Sold Price $1,775,000
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 18,150 sqft
Price per Sqft $97
Subdivision Bellingham
MLS Listing ID 2064358
Sold Date 10/02/23
Style 56 - 10+ Units
Year Built 1908
Annual Tax Amount $12,023
Lot Size 6,970 Sqft
Property Sub-Type Multi-Family
Property Description
The Pacific Building located in downtown Bellingham is a charming brick structure consisting of 9 apartments and two large retail spaces. This value-add opportunity is listed over a 6% cap rate trending to over 11% on conservative proforma numbers. Building has been kept up very well and appears to be structurally sound but may need seismic reinforcement in the future (URM, buyer to verify). Apartments feature tall ceilings, millwork, cozy built-ins, large windows with second story territorial views of DT Bellingham. Retail spaces pose as the most significant value-add component. Roof is 15 years old, retail spaces are sprinkled, electrical is copper with newer panels / meters, plumbing mostly original.
Location
State WA
County Whatcom
Area 860 - Bellingham
Interior
Interior Features Concrete, Hardwood
Flooring Concrete, Hardwood
Fireplace false
Exterior
Exterior Feature See Remarks
View Y/N Yes
View Bay, City, Territorial
Roof Type Torch Down
Building
Lot Description Alley
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Bellingham
Others
Senior Community No
Acceptable Financing Cash Out, Conventional, Rehab Loan
Listing Terms Cash Out, Conventional, Rehab Loan
Read Less
"Three Trees" icon indicates a listing provided courtesy of NWMLS.
GET MORE INFORMATION
