851 Coho Way, Bellingham, WA 98225

$11,400,000

Listing courtesy of Pacific Continental Realty LLC.

List Price
$11,400,000
Status
ACTIVE
MLS#
1881412
Days on Market
116

Property Description

The Marina Building sits proudly within the Port of Bellingham’s Marina District. 100% fully leased, 6.16% Cap on actuals with 3% vacancy credit loss, with a strong mix of regional and local tenants. 1st floor is anchored by LFS retail sales serving marine industry and the 2nd and 3rd floor as Class A office with secure entry served by elevator. Fully sprinkled. This 47k plus sq ft building has been meticulously upgraded and maintained with a tenant occupancy average of 6.75 years. Building is situated on a landlord favorable Port of Bellingham Land Lease with 40 years remaining. The math works! Abundant parking, in a walkable area with easy access to affiliated services, restaurants, trails and parks.

Additional Information

Community
Bellingham
Building Condition
Very Good
Style
61 - Comm Bldg Ovr 10K
Year Built
1991
# of Assigned Spaces
127
Roof
Flat
Tax Year
2022
Potential Terms
Cash Out, Conventional
Interior Features
Forced Air, Heat Pump, Ceramic Tile, Wall to Wall Carpet
Flooring
Ceramic Tile, Vinyl, Carpet
Driving Directions
Roeder Avenue to Coho Way. Property is situated on the corner of Roeder and Coho
Heating/Cooling Type
Forced Air, Heat Pump
Electric Expenses
3562
Other Expenses
133684
Energy Source
Electric, Natural Gas
Net Operating Income
$702,744
Gross Adjusted Income
$921,373
Gross Scheduled Income
$949,870
Water/Sewer/Garbage Expenses
$24,223
Cap Rate
6.16
Vacancy Rate
3
Total Expenses
$218,630

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