Properties for Sale
1059 N State Street
Foundation Group is pleased to present for exclusive sale, the Pacific Building, a mixed-use apartment and retail property in Bellingham, WA. The building is a charming turn-of-the-century structure located in the core of downtown surrounded by walkable amenities, retail, and transportation.
The Pacific Building is perfect for a value-add investor or local owner-user looking to adapt to the expansive storefront retail space. An attractive in-place cap rate of 6.4% gives a potential buyer the flexibility to get conventional debt or a construction loan to maximize upside for the commercial and apartment units.
The building has nine apartment units of which eight are studios ranging in size and one 1Bedroom/1.25Bath. The studio apartments have efficient layouts and are adorned with charming built-in shelving, tall closets, and high ceilings. The commercial tenants are leased to BAAY (Bellingham Arts Academy for Youth) occupying the street level retail of 6,050SqFt plus a mezzanine (roughly 4,000SqFt) and an alley access office that is currently leased to Alexei Ford Design Build (6,000SqFt of finished office space and partially finished workshop and storage). Presently, the retail spaces are leased for roughly $4 and $6/SqFt/year which provides a new investor significant upside in a retail market which commands $18-$25/SqFt + NNN’s.