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Office Warehouse

Irongate Industrial Building

1788 Midway Ln, Bellingham, WA 98226

Listing Price: $3,725,000

Cap Rate
5.94%
Gross SF
24,580
Price/Gross SF
$151.55
Lot Size
1.05 acres
Year Built
1996
Rentable SF
24,580

Investment Overview

Marcus & Millichap is pleased to offer for sale the Irongate Industrial Building, a 24,580 square-foot warehouse located in the Irongate Neighborhood northeast of downtown Bellingham, WA. The property was built in 1996, received a small expansion in 2007, and has remained well-maintained throughout ownership. The Property is home to a single local tenant intending to sign a lease at closing for the duration of three years, allowing a for an owner-user to take occupancy after expiration or to lease to a new tenant. The property is a prime fit for manufacturing, distribution, and light-industrial use as it provides clear span space and 16% office square footage. Located just two miles from Interstate-5, the Irongate Neighborhood serves a large majority of the industrial users of the Bellingham area and contributes to the 99% occupancy status of the North-Whatcom County market. The industrial supply in Bellingham underserves users looking for 15,000 to 30,000 SF despite the need for manufacturing and distribution capability on a larger scale, offering future leasing upside to a new investor. Tenants and users benefit from nearby import and export capability through the Port of Bellingham, Interstate-5, and a sub-one-hour drive to the US-Canada border.

Investment Highlights

  • Single-Tenant Industrial Opportunity
  • Three-Year Leaseback with an Absolute Net Lease
  • Distribution Capability Through the Port of Bellingham, Interstate-5, and the US-Canada Border
  • 1% Vacancy Submarket
  • High Clearance and Clear Span Warehouse Space

Exclusively Listed By

Financing By

  • Tammy Linden

    First Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

Office Warehouse

Irongate Industrial Building

Listing Price: $3,725,000

Cap Rate
5.94%
Gross SF
24,580
Price/Gross SF
$151.55
Lot Size
1.05 acres
Year Built
1996
Rentable SF
24,580

Investment Highlights

  • Single-Tenant Industrial Opportunity
  • Three-Year Leaseback with an Absolute Net Lease
  • Distribution Capability Through the Port of Bellingham, Interstate-5, and the US-Canada Border
  • 1% Vacancy Submarket
  • High Clearance and Clear Span Warehouse Space

Investment Overview

Marcus & Millichap is pleased to offer for sale the Irongate Industrial Building, a 24,580 square-foot warehouse located in the Irongate Neighborhood northeast of downtown Bellingham, WA. The property was built in 1996, received a small expansion in 2007, and has remained well-maintained throughout ownership. The Property is home to a single local tenant intending to sign a lease at closing for the duration of three years, allowing a for an owner-user to take occupancy after expiration or to lease to a new tenant. The property is a prime fit for manufacturing, distribution, and light-industrial use as it provides clear span space and 16% office square footage. Located just two miles from Interstate-5, the Irongate Neighborhood serves a large majority of the industrial users of the Bellingham area and contributes to the 99% occupancy status of the North-Whatcom County market. The industrial supply in Bellingham underserves users looking for 15,000 to 30,000 SF despite the need for manufacturing and distribution capability on a larger scale, offering future leasing upside to a new investor. Tenants and users benefit from nearby import and export capability through the Port of Bellingham, Interstate-5, and a sub-one-hour drive to the US-Canada border.

Exclusively Listed By

Financing By

  • Tammy Linden

    First Vice President Capital Markets

    Direct:

    Email Tammy

    Seattle, WA

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