2124 Woburn Street, Bellingham, WA 98229

• 5 beds |
• 2 baths |
• 2,312 sqft

Property Description

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.

Listing Status:

Active

Data Last Updated:

May 21, 2026 at 3:19AM

Listing Office:

RE/MAX Whatcom County, Inc. : 360-647-1313

Listing Agent:

Rachael Wilson : 360-647-1313

MLS ID:

2490486

Interior

• General: Dbl Pane/Storm Window
• Appliances: DishwasherDryerMicrowaveRefrigeratorWasher
• Basement: None
• Flooring: Ceramic TileSoftwoodVinylCarpet
• A/C: None
• Heating: Forced Air
• Fireplace: Fireplaces: 0

Exterior

• General: WoodWood Products
• Parking: DrivewayOff StreetParking spaces: 8

Construction

• Roofing: Composition
• General: OneConcrete RibbonSlab

Location

• HOA Amenities: 0.0
• Originating MLS: nwmls
• School District: Bellingham
• County: Whatcom

Lot

• Topography: Level
• Zoning: 3803295044900000

Utilities

• Water: Public
• Sewer: Sewer Connected

Financial

• Source: nwmls