2124 Woburn Street | Bellingham, WA 98229

1,272 SF Main Home

Partially-finished 1,040 SF ADU

15,246 SF Lot

3 BD / 1 BA (Main)

2 BD/ 1 BA (ADU)

Ample Off-Street Parking

Great Investment Opportunity

Perfect for Multi-Generational Living

Offered at $875,000

Located in a high-opportunity area of Bellingham, this income-producing property with significant development upside presents a compelling opportunity for investors looking to secure cash flow today while positioning for long-term growth.

The property currently includes a recently updated 3-bedroom, 1-bath home generating $2,500 per month and a fully remodeled 2-bedroom, 1-bath apartment bringing in $1,600 per month. Both units feature private fenced yards, ample off-street parking, and tenants paying all utilities, creating a low-maintenance investment with a cap rate already exceeding 5% at current rents.

An unfinished space ready to be built out as a studio apartment offers an immediate value-add opportunity, allowing investors to increase income with a relatively straightforward improvement.

What makes this property especially attractive is the long-term development potential. With zoning that supports 16+ units under Bellingham’s middle housing ordinance, the site is well suited for clusters of fourplex-style buildings. The combination of improved street frontage and alley access opens the door to multiple development strategies—from phased redevelopment while maintaining income to a larger future project.

Additionally, the expansive grassy area north of the home offers the possibility to subdivide, sell, or develop separately, creating a smaller project that could help offset acquisition or development costs.

For investors seeking stable current income, clear value-add potential, and strong future development upside in Bellingham, this property checks every box. Hold, improve, subdivide, or redevelop—the flexibility here is rare.

Contact us for development details and additional information.