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3101-3129 Old Fairhaven Pkwy
Bellingham, WA 98225
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© 2024 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
Contact us.
ACRE PROPERTY
0.39
Year BUilt
1967
Units
18
Strategic Location Near Western Washington University: Fairhaven Plaza is ideally located just one mile from Western Washington University, providing a steady customer base of approximately 10,700 off-campus students and 2,500 employees, making it an attractive investment opportunity with consistent foot traffic and high rental demand; this property is located at the intersection of I-5 and State Highway 11, offering direct freeway access and connectivity to downtown Bellingham and Seattle.
Turnkey Multifamily Community: Built in 2023, this turnkey asset consists of 86 apartment units, offering a diverse unit mix of studios, one-bedroom, and two-bedroom open concept layouts, appealing to a broad segment of the renter population.
Top-Tier Amenities: Community amenities include a courtyard with a fire pit, bocce ball court, a fitness center, and tenant lounge; in-unit amenities feature tray ceilings, open concept floor plans, quartz countertops, stainless-steel appliances, and shaker-style cabinetry.
Significant Upside Potential: Recent leasing activity shows a promising upward trend, with the most recent five leases increasing by 2.73% from in-place rents; by implementing modest increases of 5% on average, there is an opportunity to increase NOI by further pushing rents to market rate while increasing established RUBS collections.
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Kenny Dudunakis
Senior Managing Director
WA CRE #30749
206.521.7216 kenny.dudunakis@berkadia.com
Email
Peter Dudunakis
Associate Director
WA CRE #24008898
206.795.4169
peter.dudunakis@berkadia.com
Email
George Pallis
Director
WA CRE #138339
206.801.3070
george.pallis@berkadia.com
Email
David Sorensen
Managing Director
WA CRE #26603
206.801.3102 david.sorensen@berkadia.com
Email
Ben Johnson
Managing Director
WA CRE #114515
206.801.3144 ben.johnson@berkadia.com
Email
INVESTMENT SALES
411 108th Avenue NE
Suite 1080
Bellevue, WA 98004
425.230.2565
berkadia.com
berkadia.com/northwest
Bellevue Office
Allan Freedman
Managing director
allan.freedman@berkadia.com
310.741.2426
Email
MORTGAGE BANKING
BEn HArris
Senior director
ben.harris@berkadia.com
310.209.3236
Email
86-Unit Prime Turnkey Mixed-Use Asset with Phenomenal Retail Cash Flow
Michael Manolides
Senior Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
Chad Blenz
Senior Director
206.491.2008
chad.blenz@berkadia.com
Brandon Lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
MORTGAGE BANKING
multifamily INVESTMENT ADVISORS
Our Team
3101-3129 Old Fairhaven Pkwy
Bellingham, WA 98225
2005-2019
2023
86
49,053 SF
570 SF
4 Buildings | 9 Suites
24,853
91 Garage Spaces + 160 +/- Surface Spaces
6.4/1,000SF
3703072524990000
157,687 SF / 3.62 acres
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Commercial years built
multifamily year built
multifamily units
multifamily nrsf
average unit size
commercial units
commercial sf
parking
commercial parking ratio
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county
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Chad Blenz
Senior Director
206.491.3826
chad.blenz@berkadia.com
Jay Timpani
Managing Director
206.999.3206
jay.timpani@berkadia.com
Steven Chattin
Managing Director
425.269.3826
steven.chattin@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
INVESTMENT ADVISORS
MORTGAGE BANKING
Our team
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
contact
Phone: 206.521.7220
Fax: 206.521.7222
Seattle office
601 Union St, Suite 3909
Seattle, WA 98101
bellevue office
411 108th Avenue NE, Suite 1080
Bellevue, WA 98004
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Controlled Building Access
Community Lounge & Recreational Room
24-Hour Fitness Center
Controlled-Access Underground Parking Garage (Remote Entry)*
Two Elevators
Rentable Storage Units
Courtyard with Community Barbecues, Fire Pit, and Bocce Ball Court
Concierge Services and On-Site Property Management
Interior Mail and Parcel Room
Dedicated Bicycle Storage
*Additional Grade-Level Surface Parking Available
Community amenities
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connor lemley
Associate Director
206.455.1592
connor.lemley@berkadia.com
Michael Manolides
Associate Director
253.670.2143
michael.manolides@berkadia.com
david sorensen
Managing Director
206.351.5222
david.sorensen@berkadia.com
Commercial Income with Low-Risk Retail Tenant Profile: The property generates an additional $600,000+ in net operating income from 25,000 NRSF of triple-net (NNN) retail tenants across four additional buildings; retail is anchored by Starbucks, Anytime Fitness, Subway, and multiple healthcare tenants.
Strong Income Demographics: Located in an economically vibrant area, average household incomes exceed $93,000 annually; Bellingham’s total non-farm employment has increased by 11.5% since 2020, supported by the government, private education, healthcare, and professional services sectors; the area is increasingly popular for private companies looking to expand into more affordable markets.
Diverse Income Streams: This rare turnkey asset offers robust cash flows from both multifamily and commercial assets; additional income is generated through surface parking lot and dedicated underground garage parking, storage income, operating expense reimbursements, and utility recovery.
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Stainless Steel Appliances
Quartz Countertops
Pre-Wired High-Speed Fiber Internet Access
Ample Closet Space
In-Unit Washers & Dryers in All Units
Range, Refrigerators, Dishwashers, and Built-In Microwaves
Private Walk-Out Balconies in Select Units
Vinyl Plank Flooring
Shaker Style Cabinets
Ceiling Fans
Above Standard Height Tray Ceilings
Sliding Glass Doors and Ample Natural Lighting
Open Concept Floor Plans
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top tier unit amenities
unit mix
commercial overview
Fairhaven Plaza supplements its multifamily community with nearly 25,000 square feet of retail space comprised of a freestanding Starbucks and three multi-tenant retail buildings. The property maintains long-standing 100% occupancy, and its diverse commercial tenant profile mirrors the overall dynamics of the Bellingham market, comprising healthcare, food & beverage, and wellness sectors. In 2024, consumers within a two-mile radius spent over $415 million with food and beverage sales accounting for $110 million. The property generates over $600,000 in additional net income, and the NNN lease structure provides protection from rising operational expenses.
Essential Tenant Mix: The center is comprised of 62% medical users, 20% fitness, and 18% food and beverage, anchored by national brands including Starbucks, Anytime Fitness, and Subway providing a stable, services-oriented rent roll.
Strong Historical Occupancy: Over 90% of the retail tenants have remained in place since the center was built, demonstrating exceptional tenant retention and long-term occupancy stability.
Recoverable Expense Upside: Immediate upside potential by aligning NNN reimbursements with contractual lease terms, ensuring full recovery of operating expenses.
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Newer Construction: Recently built, the property offers institutional-quality construction with little to no deferred maintenance. Well-maintained by long-term local ownership, the asset presents a true turnkey opportunity.
Protection from Rising Expenses: Tenant’s operate on NNN lease structures, limiting landlord’s exposure to rising expenses.
Retail Sub-Market Vacancy: Well located in a highly desirable market. According to CoStar, retail vacancy within Bellingham is less than 3%.
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maggie verger
Vice President
206.600.8500
maggie.verger@kidder.com
kevin verger
Vice President
206.946.9425
kevin.verger@kidder.com
retail INVESTMENT ADVISORS
Partnered up with The Verger Retail Team at Kidder Mathews
Strategic Location Near Western Washington University: Fairhaven Plaza is ideally located just one mile from Western Washington University, providing a steady customer base of approximately 10,700 off-campus students and 2,500 employees, making it an attractive investment opportunity with consistent foot traffic and high rental demand; this property is located at the intersection of I-5 and State Highway 11, offering direct freeway access and connectivity to downtown Bellingham and Seattle.
Turnkey Multifamily Community: Built in 2023, this turnkey asset consists of 86 apartment units, offering a diverse unit mix of studios, one-bedroom, and two-bedroom open concept layouts, appealing to a broad segment of the renter population.
Top-Tier Amenities: Community amenities include a courtyard with a fire pit, bocce ball court, a fitness center, and tenant lounge; in-unit amenities feature tray ceilings, open concept floor plans, quartz countertops, stainless-steel appliances, and shaker-style cabinetry.
Significant Upside Potential: Recent leasing activity shows a promising upward trend, with the most recent five leases increasing by 2.73% from in-place rents; by implementing modest increases of 5% on average, there is an opportunity to increase NOI by further pushing rents to market rate while increasing established RUBS collections.
Commercial Income with Low-Risk Retail Tenant Profile: The property generates an additional $600,000+ in net operating income from 25,000 NRSF of triple-net (NNN) retail tenants across four additional buildings; retail is anchored by Starbucks, Anytime Fitness, Subway, and multiple healthcare tenants.
Strong Income Demographics: Located in an economically vibrant area, average household incomes exceed $93,000 annually; Bellingham’s total non-farm employment has increased by 11.5% since 2020, supported by the government, private education, healthcare, and professional services sectors; the area is increasingly popular for private companies looking to expand into more affordable markets.
Diverse Income Streams: This rare turnkey asset offers robust cash flows from both multifamily and commercial assets; additional income is generated through surface parking lot and dedicated underground garage parking, storage income, operating expense reimbursements, and utility recovery.
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brandon lawler
Senior Director
206.484.8114
brandon.lawler@berkadia.com
Mitchell Belcher
Managing Director
425.891.9594
mitchell.belcher@berkadia.com
multifamily INVESTMENT ADVISORS
