Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Belfair Flex Space with Storage Title is generated by Realmo AI

    22721 NE Hwy 3, Belfair, WA

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Heated shop with office, storage, and fenced yard.

    Type:INDUSTRIAL
    Property size:
    1,658 SF
    Lot size:
    4.15 Acres
    Added:
    Nov 17, 2025
    Days on Market:
    181
    Last Refresh:
    Apr 5 at 8:42 pm

    Property Features for 22721 NE Hwy 3

    General Information

    Standard status
    Active
    Size
    1,658 SF
    Lot size
    4.15 Acres
    Property subtype
    INDUSTRIAL

    Spaces For Lease

    at 22721 NE Hwy 3 Contact us

    We can help!

    Listing Contact
    Shivani Sterling

    Listing agent Shivani Sterling

    Listing office Key Choice Commercial

    Listing date Nov 17, 2025

    Source Moodyscre

    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 Key Choice Commercial

    HighLights

    • Heated & insulated shop space for year‑round comfort.
    • Benefit from two grade‑level overhead doors for easy access.
    • Office/reception area included, ready for your business needs.
    • Low NNN costs (approximately $0.34/SF/Month).
    • Separate covered, fenced storage area.
    • High daily traffic count (approximately 20,000).

    Overview

    This property, formerly White Barn Metal Works, is situated near the center of Belfair. Constructed in 1989 and fully remodeled in 2009, the building offers a heated and insulated shop space, an office and reception area, a restroom, storage facilities, and a mezzanine. Two grade-level overhead doors provide access to the shop. A separate covered and fenced storage area is included with the property. The location on Highway 3, between Sherwood Creek Children's Center and Habitat for Humanity, benefits from a daily traffic count of approximately 20,000.
    Location Intelligence

    Current Use by Public Records

    Flex space

    Similar Places Nearby

    • BJ's Barbecue — belfair, wa 98528

    Map

    City
    Belfair
    County
    Mason
    State
    Washington
    Longitude
    -122.827
    Latitude
    47.4515

    Nearby Similar for Lease

    • $4,000/Mo
      2,500 SF

      Retail Property on State Route

      Commercial property on State Route 3 in Belfair, WA.
      23771 NE WA 3, Belfair, WA
      View Details
    • Contact for pricing
      1,995 SF

      Retail Space Available For Rent

      Retail property with 1995 square feet available for lease.
      23771 Washington 3, Belfair, WA, 98528
      View Details
    • $0.01 SF/Yr
      1,400,000 SF

      Belfair Warehouse Space Available

      Large industrial warehouse and distribution space for lease.
      25400 State Route 3, Belfair, WA
      View Details
    • $22 SF/Yr
      23,783 SF

      Retail Space Available for Lease

      Retail property available for lease in Belfair, Washington.
      23961-23969 NE Hwy 3, Belfair, WA
      View Details

    FAQs

    What type of property is this?
    Flex space - Heated shop with office, storage, and fenced yard.
    Where is this flex space located?
    The property is located at 22721 NE Hwy 3 Belfair, WA.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Heated & insulated shop space for year‑round comfort.; Benefit from two grade‑level overhead doors for easy access.; Office/reception area included, ready for your business needs.
    (425) 658-3288 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Shivani Sterling
    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

    Thank You for Inquiry
    22721 NE Hwy 3, Belfair, WA
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!