24.44 Acre - Prime Bellingham Industrial Park Location

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1 24.44 Acre - Prime Bellingham Industrial Park Location EXCLUSIVELY REPRESENTED BY KC Coonc, Managing Broker Commercial Sales & Leasing KC@NorthSoundCommercial.com Ryan Martin, Broker Commercial Leasing & Marketing Ryan@NorthSoundCommercial.com Bellingham WA Industrial 2891 E Bakerview Rd, Bellingham FOR SALE: $2,499, Acres Light Industrial 12,600 SF Steel Building Located in Bellingham Limits City Sewer & Water Available Strong Local Industrial Market Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch 1200 Old Fairhaven Parkway Suite 106, Bellingham WA Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify.

2 24.44 Acre - Prime Bellingham Industrial Park Location EXCLUSIVELY REPRESENTED BY KC Coonc, Managing Broker Commercial Sales & Leasing KC@NorthSoundCommercial.com Ryan Martin, Broker Commercial Leasing & Marketing Ryan@NorthSoundCommercial.com Bellingham WA Industrial 2891 E Bakerview Rd, Bellingham acres of prime light industrial property within Bellingham City Limits. Close to I-5 near Hannegan & Bakerview intersection in Irongate Industrial Park. Excellent development opportunity for a industrial park. All City services available but not connected, including practically unlimited power. 12,600 sq ft building is included with the sale. Windermere Real Estate/Whatcom, Inc. - Fairhaven Branch 1200 Old Fairhaven Parkway Suite 106, Bellingham WA Information contained herein has been obtained from sources deemed reliable, but not guaranteed. Buyer to Verify.

3 Improvements Description of Improvements Improvement Description Property Type: Agricultural/Industrial Overview: All metal General Building Class: D Construction: All metal Construction Quality: Fair Year Built: 1996 Effective Age: 12 years Remaining Useful Life: 33 years Condition: Fair Appeal/Appearance: Fair Areas, Ratios, & Numbers: None Number of Stories: One Gross Building Area: 12,600 square feet Gross Leasable Area: 12,600 square feet Number of Units: One Building Efficiency Ratio: 5.1:1 land to building ratio based on usable land area. Foundation, Frame, & Exterior Foundation: Concrete Basement/Sublevels: None Structural Frame: Steel Exterior: Concrete (5 foot) and steel Windows: Brushed aluminum single pane Roof/Cover: Metal Interior Interior Layout: Primarily open Floor Cover: Gravel and concrete Walls: Non-insulated metal Ceilings & Ceilings Height: Blanket insulated metal with 18 foot ceiling heights Lightning: Minimal fluorescent Restrooms: One half bath Other: None

4 Mechanical Systems Heating: None Cooling: None Sprinkler: None Security: None Parking Parking Type & Number of Spaces: Asphalt paved but not striped Parking Ratio: Asphalt paved but not striped Property Analysis Design & Functional Utility: Typical for all metal structures Deferred Maintenance: None Capital Improvements: None Comments: The building, it appears, was originally constructed as an all metal agricultural type structure. In regards to the interior floor it has uneven levels and 2 strips being 14 feet wide by 90 feet long which are gravel surfaced, not concrete. These need to be filled in with full concrete floors, the east and west walls of the structure need to be finished with metal clad siding. There are five truck door openings on the south side of the structure where there are no truck doors installed. These truck doors need to be installed in order to be utilized as industrial. There are two openings that measured 10 x 10 to openings that measured 14 x 10 and one opening measuring 16 x16. Also, blanket insulation needs to be installed on the wall surfaces. The electrical system is relatively minimal and needs to be up graded. Near the middle of the structure there is an open metal superstructure, which appears to have been constructed as a future mezzanine containing 1,150 square feet.

5 Bellingham WA - Industrial Market Report KC Coonc Managing Broker

6 Overview ABSORPTION, DELIVERIES, VACANCY OCCUPANCY & RENTAL RATES Page 2

7 Overview VACANCY & RENTAL RATES SUMMARY STATISTICS Availability Survey 5-Year Avg Rent Per SF $8.12 $7.52 Vacancy Rate 7.8% 5.8% Vacant SF 303, ,158 Availability Rate 9.2% 9.9% Available SF 359, ,964 Sublet SF 0 0 Months on Market Inventory Survey 5-Year Avg Existing Buildings Existing SF 3,916,286 3,790, Mo. Const. Starts 0 48,174 Under Construction 0 16, Mo. Deliveries 0 36,155 Demand Survey 5-Year Avg 12 Mo. Absorption SF 0 31, Mo. Leasing SF 0 86,478 Sales Past Year 5-Year Avg Sale Price Per SF $74 $59 Asking Price Per SF $137 $117 Sales Volume (Mil.) $48 $18 Cap Rate 6.3% 6.7% Page 3

8 Rental Rates ASKING RENT PER SF DIRECT & SUBLET RENTAL RATES Page 4

9 Vacancy & Availability VACANCY RATE SUBLEASE VACANCY RATE Page 5

10 Vacancy & Availability AVAILABILITY RATE AVAILABILITY & VACANCY RATE Page 6

11 Vacancy & Availability OCCUPANCY RATE PERCENT LEASED RATE Page 7

12 Vacancy & Availability OCCUPANCY & PERCENT LEASED VACANT SF Page 8

13 Vacancy & Availability AVAILABLE SF MONTHS ON MARKET DISTRIBUTION Page 9

14 Leasing Demand NET ABSORPTION NET ABSORPTION AS % OF INVENTORY Page 10

15 Leasing Demand LEASING ACTIVITY MONTHS ON MARKET Page 11

16 Leasing Demand MONTHS TO LEASE MONTHS VACANT Page 12

17 Leasing Demand PROBABILITY OF LEASING IN MONTHS Page 13

18 Construction Activity CONSTRUCTION STARTS CONSTRUCTION DELIVERIES Page 14

19 Construction Activity UNDER CONSTRUCTION Page 15

20 Sales Volume SALES VOLUME SALES VOLUME BY STAR RATING Page 16

21 Sales Pricing AVERAGE SALE PRICE PER SF SALE TO ASKING PRICE DIFFERENTIAL Page 17

22 Sales Pricing CAP RATE CAP RATE BY STAR RATING Page 18

23 Sales Pricing MONTHS TO SALE PROBABILITY OF SELLING IN MONTHS Page 19

24 For Sale FOR SALE TOTAL LISTINGS FOR SALE TOTAL SF Page 20

25 For Sale ASKING PRICE PER SF Page 21

26 Buyers & Sellers TOP BUYERS TOP SELLERS Page 22

27 Buyers & Sellers SALES VOLUME BY BUYER TYPE SALES VOLUME BY SELLER TYPE Page 23

28 Brokers TOP BUYER BROKERS TOP SELLER BROKERS Page 24