May 22, 2013
View my new listing for sale at 120 Prospect Street, Bellingham, WA 98225,
and currently listed at 699000.Click here to view the U.S. Site: Find out more Link
Classic Greek revival brick office building in central commercial, historic district of Bellingham. Located 2 blocks from City Court House and City administration buildings, this is a prime professional office building with an impressive street presence. The flex office use of a well appointed law office reception area and conference room could be shared by incoming professional office tenants. Offices suites range in size from 500 sf up to 2,200+ sf.
Zoning allows for most any type of commercial and muti-residential use with few restrictions and development requirements. Formerly permitted in 1947 for 11 residential apt. units. The .15 acre site is under built where a large side street area can be built on to the lot line with no height nor density restrictions. Current tenant configuration and available office spaces allow for a 8% or better CAP rate upon full occupancy.
ATTENTION DEVELOPERS - a rare development opportunity exists with the acquisition of two adjoining properties resulting in a 32,234 sq.ft. land assembly with with no building height limitations, no building setbacks and unsurpassable views of Bellingham Bay. See aerial photo.
Prime location - directly across the street from the iconic old City Hall, now Whatcom Museum. Bordering Maritime Heritage Park, nearby City Courthouse and future development of City owned waterfront. Tremendous upside potential to maintain or develop as an office, retail, or residential complex in the best location chosen for the original City Hall site.