This is an exceptional investment opportunity in Bellingham's thriving Samish Way Urban Village, a designated federal Opportunity Zone. With plans to build 45-55 studio units (initial plans show 40, with potential for an additional 10-15 units), this project offers lucrative potential in a vibrant, mixed-use neighborhood near Western Washington University.The… Read More location is ideal—nestled between I-5 and the Sehome/York neighborhoods, the Samish Way Urban Village is designed for 5-7 story developments that promote density, walkability, and connectivity. Nearby, the Samish Commons project is already setting the tone with affordable housing, commercial spaces, and enhanced pedestrian pathways.Investors will also benefit from Bellingham’s 8-year Multi-Family Tax Exemption (MFTE) program, available in this area. This incentive provides a property tax exemption on new residential improvements for projects with at least five units, without affordability requirements—a rare opportunity to maximize market-rate returns. At approximately $18K per unit, the numbers make this project even more compelling.Whether developed as high-demand condos or rental apartments, this property aligns with market trends and offers significant tax advantages, including Opportunity Zone incentives for long-term gains. Don't miss your chance to capitalize on this prime location and robust growth potential. Read Less
Listing Snapshot
Cumulative Days On Market
92
Days on Website
92
Last Updated
Property Type
Land
Lot Size
0.26 Acres
Property Tax
$1,365
MLS Number
2494767
Source: Home Junction
30 Days Snapshot Of 98225
$693k
+3%
(avg) sold price
39
+8%
homes sold
67
+3%
(avg) days on market
Snapshot
Area Map
Additional Details
Property Access
Road Surface: "Paved"
Building
Building Area Total: 0, Building Area Units: Square Feet, Building Name: Carters 2nd Add To Fairhaven, Calculated Square Footage: 0, Elevation Units: Feet, Living Area: 0, Structure Type: "None"
Utilities: "Electricity Available", "Natural Gas Available", Electricity Status: Available, Gas Status: Available, Water Source: "Available", "In Street"
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