The Pacific Building located in downtown Bellingham is a charming brick structure consisting of 9 apartments and two large retail spaces. This value-add opportunity is listed over a 6% cap rate trending to over 11% on conservative proforma numbers. Building has been kept up very well and appears to be structurally sound but may need seismic reinforcement in the future (URM, buyer to verify). Apartments feature tall ceilings, millwork, cozy built-ins, large windows with second story territorial views of DT Bellingham. Retail spaces pose as the most significant value-add component. Roof is 15 years old, retail spaces are sprinkled, electrical is copper with newer panels / meters, plumbing mostly original.
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