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$1,650,000 Just Listed
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Property Description
Prime Downtown Bellingham Investment and Future Development Opportunity LAG # Rare offering in the heart of downtown Bellingham. 5,500 SF fully occupied, 2-tenant building located within the downtown urban village zoning and within a designated Opportunity Zone. Current NOI reflects an 8% CAP. Anchor tenants IKI Izakaya Bar and Accomplice are part of the strongest retail block of Bellingham! Other businesses include Old World Deli, The Racket, GreenHouse, Buffalo Exchange, Makeworth Coffee, Pedino, Bry's Kitchen and Rock & Rye.
Full Property Details
Full Property Details for 1232 N State St
General
- Price: $1,650,000
- Status: Active
- Type: Industrial
- Source: NWMLS
- MLS ID: 2523536
- Updated: 5/14/2026
- Added to Site: 2 day(s) ago
Rental Information
- Complex Features: Sprinklered
Interior
- Flooring: Concrete
Location
- Area: 860 - Bellingham
- County: Whatcom
- Subdivision: Downtown
- Driving Directions: GPS
Structural Information
- Structure Type: Unspecified
- Foundation: Poured Concrete
- Roof: Torch Down
- Year Built: 1894
Lot Features
- Lot Size (Acres): 0.24
- Lot Size (Sq. Ft.): 10,454
- Zoning: Commercial
Financial Considerations
- Terms: Cash, Conventional
Disclosures and Reports
- Special Conditions: None
- Property ID: 3803302150550000
Listed by Amia Froese | Saratoga Commercial R.E. | (360) 676-4866
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Schools
Schools serving 1232 N State St
School District:Bellingham School District
| Name | Grades | Distance |
|---|---|---|
Lowell Elementary School, Bellingham, WA 935 14th Street, Bellingham, WA 98225 | PK-5 | 1.9 mi |
Fairhaven Middle School 110 Parkridge Road, Bellingham, WA 98225 | 6-8 | 2.6 mi |
Sehome High School 2700 Bill McDonald Parkway, Bellingham, WA 98225 | 9-12 | 1.4 mi |
Disclaimer:
School attendance boundaries provided by ATTOM Data Solutions and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 1232 N State St
Date
Details
Price
Change
Source
5/14/2026
Listed
$1,650,000
50%
MLS
8/05/2019
Sold
$1,100,000
—
Public Record
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 1232 N State St
Year
Property Taxes
Change
Tax Assessment
Change
2025
$11,926
13%
$1,458,190
13%
2024
$10,520
3%
$1,286,294
-6%
2021
$10,193
-12%
$1,368,397
17%
2023
$11,568
13%
$1,170,247
13%
2021
$10,193
2%
$1,035,651
6%
2020
$9,946
14%
$976,819
14%
2019
$8,690
-10%
$855,679
5%
2018
$9,670
15%
$814,134
10%
2017
$8,443
9%
$742,875
4%
2016
$7,780
6%
$712,590
6%
2013
$7,332
—
$672,246
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 1232 N State St
1232 N State Street, Bellingham, WA 98225 (MLS# 2523536) is a Industrial property. 1232 N State Street is currently listed for $1,650,000 and was received on May 14, 2026. Want to learn more about 1232 N State Street? Do you have questions about finding other Industrial real estate for sale in Sehome? You can browse all Sehome real estate or contact a Coldwell Banker agent to request more information.

