Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    5911 Lagoon Lane NW Gig Harbor, WA 98335

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $250,000

    Waterfront lot for recreational use and future development.

    Type:Land or Vacant Lot
    Lot size:
    0.13 Acres
    Added:
    Apr 18, 2023
    Days on Market:
    1107
    Last Refresh:
    Apr 5 at 10:13 pm

    Property Features for 5911 Lagoon Lane NW

    General Information

    Standard status
    Active
    Lot size
    0.13 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    EMILY NILES

    Listing agent EMILY NILES

    Listing office PROPERTIESNW OF GIG HARBOR LTD

    Listing date Apr 18, 2023

    Source Corcoran

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of PROPERTIESNW OF GIG HARBOR LTD

    Overview

    Waterfront Lot on Wollochet Bay

    This waterfront lot presents an opportunity to construct a custom home. Situated on a tranquil dead-end road, the property offers a peaceful setting on Wollochet Bay. The site is suitable for recreational activities such as kayaking, paddleboarding, and boating. This lot can be utilized for immediate enjoyment and serve as a long-term waterfront investment while planning for future development.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Big Box & Wholesale Store Hair Salon Department Store Skin Care Clinic Food Market Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.616
    Latitude
    47.2959

    Nearby Similar for Sale

    • $18
      2,999 SF

      Gig Harbor Flex Space Available

      Office, retail, and flex spaces available in Gig Harbor.
      11901 137th Ave NW, Gig Harbor, WA 98329
      View Details
    • $800,000
      2,380 SF

      Soundview Drive Office Investment

      Well-maintained 2,380 SF office building with 6 units.
      5800 Soundview Drive, Gig Harbor, WA 98335
      View Details
    • $18
      24,473 SF

      Gig Harbor Flex Space Available

      Office, retail, and flex spaces for sale in Gig Harbor.
      11901 137th Ave NW, Gig Harbor, WA 98329
      View Details
    • $1.10
      320,000 SF

      Gig Harbor Industrial Park

      320,000 SF industrial park in Gig Harbor, Washington.
      9644-9684 Bujacich Road NW, Gig Harbor, WA 98332
      View Details
    • $995,000
      3,078 SF

      Versatile Commercial Property in Purdy

      Commercial property in Purdy with excellent visibility and ample parking.
      14619 Purdy Dr NW, Gig Harbor, WA
      View Details
    • $1,450,000
      3,488 SF

      Established Auto Repair Business Opportunity

      Profitable auto repair business and real estate for sale.
      9707 Key Peninsula Hwy NW, Gig Harbor, WA
      View Details
    • $1.10
      320,000 SF

      Gig Harbor Industrial Property For Sale

      320,000 SF industrial property in Gig Harbor, Washington.
      9644-9684 Bujacich Road NW, Gig Harbor, WA 98332
      View Details
    • $400,000

      Private Wooded Acres with RV Hookups

      10-acre wooded parcel with electricity and RV hookups.
      12815 154th Avenue NW, Gig Harbor, WA 98329
      View Details
    • $450,000
      6,583 SF

      Historic Commercial Property in Key Center

      Two-story commercial building with office and storage space for sale.
      15420 92nd St KP N, Gig Harbor, WA 98349
      View Details
    • $400,000

      Private Wooded Acres with Utilities

      10-acre wooded parcel with electricity and RV hookups.
      12815 154th Avenue Northwest, Gig Harbor, WA 98329
      View Details
    • $175,000

      7.5 Acres Vacant Land

      7.5 acres of vacant land with Minter Creek.
      12402 131st Street NW, Gig Harbor, WA 98329
      View Details
    • $739,000

      Gig Harbor Commercial/Residential Opportunity

      Commercial or residential opportunity in the heart of Gig Harbor.
      4309 Burnham Drive, Gig Harbor, WA 98332
      View Details

    FAQs

    What type of property is this?
    Waterfront Land - Waterfront lot for recreational use and future development.
    Where is this waterfront land located?
    The property is located at 5911 Lagoon Lane NW Gig Harbor, WA.
    What is the asking price?
    The asking price for this property is $250,000.
    What are key features of this property?
    This property features: Waterfront lot on Wollochet Bay; Opportunity to build a custom dream home; Peaceful setting on a quiet dead‑end road
    (253) 851-2511
    We can help!
    Listing Contact
    EMILY NILES
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!