Sold

Listed by: The Foundation Group LLC • Ethan Szmania

Bought with: The Foundation Group LLC

$1,775,000

1059 N State Street, Bellingham, WA 98225

--beds

--baths

18,150sqft

Multi Family

Built in 1908

-- sqft lot

$1,960,800 Zestimate^®

$98/sqft

$1,923 Estimated rent

Home value

$1,960,800

$1.53M - $2.47M

$1,923/mo

Zestimate^® history

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$1,923/mo

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$1,923/mo

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$10,504/mo

Est. payment

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$10,504/mo

Est. payment

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What's special

Retail spacesLarge windowsTall ceilingsCozy built-ins

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.

Facts & features

Interior

Heating

Radiator, See Remarks

Cooling

None

Features

Flooring: Concrete, Hardwood
Has fireplace: No

Interior area

Total structure area: 18,150
Total interior livable area: 18,150 sqft

Property

Parking

Total spaces: 2
Parking features: Open
Uncovered spaces: 2

Features

Patio & porch: Concrete, Hardwood
Has view: Yes
View description: Bay, City, Territorial
Has water view: Yes
Water view: Bay

Lot

Size: 6,969 Square Feet

Details

Parcel number: 3803301370050000
Zoning description: Jurisdiction: City
Special conditions: Standard

Construction

Type & style

Home type: MultiFamily
Architectural style: 10+ Units
Property subtype: Multi Family

Materials

See Remarks
Foundation: Poured Concrete, Slab
Roof: Torch Down

Condition

Fair
Year built: 1908
Major remodel year: 1908

Utilities & green energy

Sewer: Sewer Connected
Water: Public

Community & HOA

Community

Subdivision: Bellingham

Location

Region: Bellingham

Financial & listing details

Price per square foot: $98/sqft
Tax assessed value: $1,729,816
Annual tax amount: $12,023
Offers reviewed: 05/23/2023
Date on market: 9/24/2023
Cumulative days on market: 1032 days
Listing terms: Conventional,Rehab Loan

Price history

Date	Event	Price
10/2/2023	Sold	$1,775,000-7.8%$98/sqft
Source: NWMLS as distributed by MLS GRID #2064358 Report a problem
5/18/2023	Pending sale	$1,925,000$106/sqft
Source: NWMLS as distributed by MLS GRID #NWM2064358 Report a problem
5/8/2023	Listed for sale	$1,925,000$106/sqft
Source: NWMLS as distributed by MLS GRID #NWM2064358 Report a problem

Public tax history

Year	Property taxes	Tax assessment
2024	$14,152 +28.9%	$1,729,816 +22.6%
2023	$10,979 -13.5%	$1,411,454 -6%
2022	$12,693 +5.6%	$1,501,547 +16%
2021	$12,023 -5.6%	$1,294,437
2020	$12,740	$1,294,437 +7%
2019	$12,740 +3.4%	$1,209,902 +14.2%
2018	$12,320 +14.5%	$1,059,857 +5.1%
2017	$10,763 -10.1%	$1,008,399 +9.6%
2016	$11,978 +24.3%	$920,136 +4.2%
2015	$9,636	$882,625
2014	$9,636 -3.2%	$882,625 +7.6%
2013	$9,959	$820,206