Rare development/commercial opportunity in the heart of Old Town Bellingham. This prime site previously had approved permits for a 50-unit multifamily apartment project, continues to qualify for the Multi-Family Housing Tax Exemption (MFTE), offering strong financial upside for developers pursuing new residential density in a high-demand urban corridor. The history of prior entitlements provides a proven roadmap for redevelopment, allowing flexibility for a revised or expanded vision. The existing improvements support a broad range of permitted commercial uses including retail, office, creative or design studios, service-based businesses, light production, and mixed commercial occupancy. This flexibility allows an investor or owner-user to generate income by leasing the property over several years while completing design, entitlement, or capital planning for future redevelopment. The property is strategically located minutes from Downtown Bellingham, the Waterfront District, and Western Washington University, with easy access to major transit routes, employment centers, and surrounding neighborhoods. Old Town continues to experience revitalization, with an 84-unit multifamily development currently underway nearby, reinforcing strong housing demand and long-term growth momentum. A rare combination of MFTE eligibility, proven development feasibility, flexible interim commercial use, and a highly desirable central location for investors, developers, or owner-operators.
Listing Provided Courtesy of Daniel Sebryakov, KW Lake Washington So
General Information
NWM2456055
Commercial Industrial
61
DOM
10018.8 SqFt
0
1977
Commerc
Whatcom
Commercial Sale
Commercial Industrial
Listing Provided Courtesy of Daniel Sebryakov, KW Lake Washington So
Krishna Realty data last checked: Feb 21, 2026 23:04 | Listing last modified Jan 26, 2026 17:38,
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Residence Information
0
Composition, See Remarks
70 - Industrial
1977
Poured Concrete, See
Features and Utilities
Cement/Concrete, See Remarks, Wood Products
Public
Sewer Connected
Financial
Cash Out, Conventional, Lease Purchase, See Remarks
11-26-2025
Comparable Information
61
61
Cash Out, Conventional, Lease Purchase, See Remarks
Rare development/commercial opportunity in the heart of Old Town Bellingham. This prime site previously had approved permits for a 50-unit multifamily apartment project, continues to qualify for the Multi-Family Housing Tax Exemption (MFTE), offering strong financial upside for developers pursuing new residential density in a high-demand urban corridor. The history of prior entitlements provides a proven roadmap for redevelopment, allowing flexibility for a revised or expanded vision. The existing improvements support a broad range of permitted commercial uses including retail, office, creative or design studios, service-based businesses, light production, and mixed commercial occupancy. This flexibility allows an investor or owner-user to generate income by leasing the property over several years while completing design, entitlement, or capital planning for future redevelopment. The property is strategically located minutes from Downtown Bellingham, the Waterfront District, and Western Washington University, with easy access to major transit routes, employment centers, and surrounding neighborhoods. Old Town continues to experience revitalization, with an 84-unit multifamily development currently underway nearby, reinforcing strong housing demand and long-term growth momentum. A rare combination of MFTE eligibility, proven development feasibility, flexible interim commercial use, and a highly desirable central location for investors, developers, or owner-operators.