Property Details
2124 Woburn Street
Bellingham, WA 98229
$875,000
Active
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Property Overview
Located in a desirable area of Bellingham, this income-producing property offers strong current cash flow with exceptional long-term development potential. The property includes a recently updated 3-bedroom, 1-bath home renting for $2,500/month and a fully remodeled 2-bedroom, 1-bath apartment bringing $1,600/month. Tenants pay all utilities, and both units feature fully fenced yards and ample off-street parking, creating a low-maintenance investment with a cap rate exceeding 5% at current rents. An unfinished space ready to be built out into a studio apartment provides an immediate value-add opportunity to increase income. The real upside is the development potential. Zoning aligned with the city’s Middle Housing Ordinance allows for 16+ units, ideal for clusters of fourplex-style buildings. With improved street frontage and alley access, the property offers flexibility for phased redevelopment or a larger future project. The large grassy area north of the home may even provide the opportunity to subdivide, build another home, or pursue a smaller development project down the road. Located just minutes from Whatcom Falls Park and the Interurban Trail, the location supports strong rental demand from residents who value Bellingham’s outdoor lifestyle. Hold for income, add a third unit, subdivide, or plan future redevelopment—this is an investment with immediate performance and long-term upside.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
Whatcom
Neighborhood
Roosevelt
Listed
Mar 11, 2026
Financial Summary
Cap Rate
5.00%
Net Operating Income
$43,879
Gross Scheduled Income
$50,400
Gross Rent Multiplier
17.00
Total Expenses
$6,521
Building & Use
Building Sq Ft
2,312
Leasable Area
2,312 sqft
Total Units
2
Lot Size
15,246 sqft
Year Built
1916
Exterior & Lot
Lot Size
0.35 sqft
Year Built
1916
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Alley, Curbs, Paved, Sidewalk
Exterior Features
Wood, Wood Products
Location
City
Bellingham
County
Whatcom
Coordinates
48.75861, -122.44494
Additional Information
Tax Year
2026
Annual Taxes
$4,804
Possession
Array
Based on information submitted to the MLS GRID as of April 26, 2026 3:00 PM. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
