Office

Bellingham Towers

119 N Commercial St, Bellingham, WA 98225

Listing Price: Request For Offer

Investment Overview

Bellingham Towers is a prominent 15-story office building totaling 86,945 sf and situated on nearly an acre of land in the heart of Downtown Bellingham. The property has remained the tallest building in the city since its construction and offers expansive and unobstructed views of Bellingham Bay on nearly every floor. The
property also includes rare on-site parking in a 27,280 sf, 3-story parking garage on the north end of the building as well as a surface parking lot on the south end.
An additional acre, surface parking lot immediately to the SE, is also available for lease or sale by the seller.

Made up of primarily small office suites, the buildings occupancy has hovered at 95% throughout the last several years. A renovation of the entire 7th floor is
underway, creating a higher-than-normal vacancy, and providing for immediate investor upside upon lease-up of that floor.

Within the last 6 years, substantial improvements have been made to the property totaling over $1.8 million, and a significant portion of such has been contributed to major renovations of various office suites and floors throughout the building. Additional improvements include new roofs on the 14th, 15th and 2nd floors; installation of air conditioning throughout the 9th and 12th floors; lobby upgrades, LED light upgrade, new security camera system, and installation of fiber optic cable. Puget Sound Energy also installed a new transformer in the buildings basement (and removed the old), and the city of Bellingham upgraded all utilities and vaults, which included grounding all power and telephone lines in the alley.

Potential new revenue generating improvements for the property could include (1) the installation of parking lifts on the 3rd floor of the parking garage to accommodate the high-demand for parking in the area; (2) addition of air conditioning to all floors throughout the building; (3) construction of an approximately 3,000/sf
residential penthouse addition above the 15th floor; and (4) the addition of patios/decks on select view units.

Situated on an entire half block, the propertys open parking lot and parking garage offer significant development potential. Zoned Commercial Core (CC) and located within the Downtown Districts Urban Village, the zoning allows for dense development with a variety of permitted uses including but not limited to multifamily,
office, and hospitality. There is no density limit, no limit on lot coverage, no requirement for open space or usable space. There is also no height limit or setback requirement as the property is not abutting any residential zoning. The property also lies within the exempt parking overlay, thus it is exempt from parking requirements. Redevelopment of the parking lots is further encouraged by the property being located within an Opportunity Zone.

Investment Highlights

  • PROMINENT DOWNTOWN OFFICE BUILDING
  • VALUE-ADD OPPORTUNITY
  • BELOW-MARKET RENTS
  • COVERED LAND PLAY/DEVELOPMENT POTENTIAL
  • SIGNIFICANT CAPITAL IMPROVEMENTS
  • ON-SITE GARAGE & SURFACE PARKING

Exclusively Listed By

  • Timothy Ufkes

    Senior Vice President Investments

    (206) 826-5693

    Email Timothy

    License(s): WA: 13506

    Seattle

  • Brian Mayer

    Vice President Investments

    Email Brian

    License(s): WA: 108682

    Seattle

  • Rich Day

    Senior Associate

    Email Rich

    License(s): WA: 110473

    Seattle

Financing By

Investment Highlights

  • PROMINENT DOWNTOWN OFFICE BUILDING
  • VALUE-ADD OPPORTUNITY
  • BELOW-MARKET RENTS
  • COVERED LAND PLAY/DEVELOPMENT POTENTIAL
  • SIGNIFICANT CAPITAL IMPROVEMENTS
  • ON-SITE GARAGE & SURFACE PARKING

Investment Overview

Bellingham Towers is a prominent 15-story office building totaling 86,945 sf and situated on nearly an acre of land in the heart of Downtown Bellingham. The property has remained the tallest building in the city since its construction and offers expansive and unobstructed views of Bellingham Bay on nearly every floor. The
property also includes rare on-site parking in a 27,280 sf, 3-story parking garage on the north end of the building as well as a surface parking lot on the south end.
An additional acre, surface parking lot immediately to the SE, is also available for lease or sale by the seller.

Made up of primarily small office suites, the buildings occupancy has hovered at 95% throughout the last several years. A renovation of the entire 7th floor is
underway, creating a higher-than-normal vacancy, and providing for immediate investor upside upon lease-up of that floor.

Within the last 6 years, substantial improvements have been made to the property totaling over $1.8 million, and a significant portion of such has been contributed to major renovations of various office suites and floors throughout the building. Additional improvements include new roofs on the 14th, 15th and 2nd floors; installation of air conditioning throughout the 9th and 12th floors; lobby upgrades, LED light upgrade, new security camera system, and installation of fiber optic cable. Puget Sound Energy also installed a new transformer in the buildings basement (and removed the old), and the city of Bellingham upgraded all utilities and vaults, which included grounding all power and telephone lines in the alley.

Potential new revenue generating improvements for the property could include (1) the installation of parking lifts on the 3rd floor of the parking garage to accommodate the high-demand for parking in the area; (2) addition of air conditioning to all floors throughout the building; (3) construction of an approximately 3,000/sf
residential penthouse addition above the 15th floor; and (4) the addition of patios/decks on select view units.

Situated on an entire half block, the propertys open parking lot and parking garage offer significant development potential. Zoned Commercial Core (CC) and located within the Downtown Districts Urban Village, the zoning allows for dense development with a variety of permitted uses including but not limited to multifamily,
office, and hospitality. There is no density limit, no limit on lot coverage, no requirement for open space or usable space. There is also no height limit or setback requirement as the property is not abutting any residential zoning. The property also lies within the exempt parking overlay, thus it is exempt from parking requirements. Redevelopment of the parking lots is further encouraged by the property being located within an Opportunity Zone.

Exclusively Listed By

  • Timothy Ufkes

    Senior Vice President Investments

    (206) 826-5693

    Email Timothy

    License(s): WA: 13506

    Seattle

  • Brian Mayer

    Vice President Investments

    Email Brian

    License(s): WA: 108682

    Seattle

  • Rich Day

    Senior Associate

    Email Rich

    License(s): WA: 110473

    Seattle

Financing By

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