Your commercial property’s value comes from three things buyers look at closely: the income it produces, what similar properties have recently sold for and what it would cost to replace. Fill out the short form below and we will put together a no cost value review for your property in Bellingham, Whatcom County or Skagit County, based on local sales and current market conditions.
Request Your Commercial Property Value Review
Tell us about your property and we will follow up with an estimate of its value in today’s market.
What Commercial Property Is Selling For Today
Bellingham’s commercial market has been active. From mid-April through early October 2026, 35 commercial and multifamily properties sold in Bellingham on the Northwest MLS, from $150,000 to $12.5 million, at a median of 97.8% of list price. Apartment buildings sold at a median of $837,500, and office, retail and industrial buildings at a median of $1.08 million. See the full numbers, current asking prices by property type and our latest reports on the Bellingham commercial real estate market page.
Three Ways Commercial Property Is Valued
Commercial property is valued using the income approach, the sales comparison approach and the cost approach. Each one works best for certain property types, and a good value review leans on the approach that fits your property.
Income Approach
The income approach is the most common way to value income producing property such as apartment buildings, office, retail and industrial buildings with tenants. It divides the property’s net operating income by a market cap rate. For example, a property with $30,000 in annual net operating income and a 10% cap rate is valued at $300,000. Cap rates come from recent sales of similar properties in the area.
Sales Comparison Approach
The sales comparison approach looks at what similar nearby properties have sold for, usually compared by price per square foot. We then adjust for differences such as location, age, condition, upgrades, parking and zoning. This approach works especially well for owner user buildings and land.
Cost Approach
The cost approach adds the value of the land to the cost of building a similar structure today, then subtracts for the building’s age and wear. It is most useful for newer buildings and special purpose properties that rarely sell, such as churches or schools.
Ready to Sell?
A value review is the first step toward a successful sale. Read our step by step guide to selling commercial real estate in Bellingham, or browse current listings on our Bellingham, Whatcom County and Skagit County commercial real estate pages.
See some of the commercial properties we have sold for our clients across Whatcom County.
Commercial Property Value FAQ
How much is my commercial property worth?
It depends on the income the property produces, recent sales of similar properties, its condition, location and zoning. Fill out the form on this page or call us at (360) 223-4501 for a no cost value review of your property in Bellingham, Whatcom County or Skagit County.
How is commercial real estate valued?
Commercial real estate is valued using three approaches: the income approach, which divides net operating income by a cap rate; the sales comparison approach, which compares recent sales of similar properties; and the cost approach, which adds land value to the cost of replacing the building, less depreciation.
What are commercial properties selling for in Bellingham?
From mid-April through early October 2026, 35 commercial and multifamily properties sold in Bellingham on the Northwest MLS, from $150,000 to $12.5 million, with a median of $915,000 and a median of 97.8% of list price.
Want to know what your property is worth?
Helping owners across Bellingham, Whatcom County and Skagit County
