The Feasibility Study is ready for a Developer, or an Investor, who is looking in Bellingham's highly desired South Hill Neighborhood, and have views of the Bay, Islands, and Mountains. A short walk away is the Fairhaven Historic District, downtown Bellingham, our Farmer's Market, WWU, and access to Bellingham's scenic 32-mile trail system. Each of the two existing mirror-image units offers a private entrance, one-bedroom, full bath, kitchen, and living room, making it equally suited for an owner-occupant looking to offset their mortgage, or an investor seeking steady, reliable rental returns. Currently, the two units produce $2,900 per month. The development study allows for two more units, which will increase the cash flow significantly! The demand for rentals here is consistent and strong - and the waterfront northwest lifestyle appeal, makes attracting quality tenants effortless. In summary, whether you're looking for a live-in investment, building a rental portfolio, or positioning for future redevelopment, this is a versatile asset in one of Bellingham's most sought-after corridors. With views, walkability, and land value all in one. Finding a South Hill, or Fairhaven property like this, is very rare. With climate change, rising temperatures in most southern states, the Pacific Northwest will continue to grow, why not make this property part of your portfolio! If you would like additional information and the development feasibility report, just ask your broker for one.