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

    231 Otto St Port Townsend, WA 98368

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,839,000

    12,547 SF industrial and office space near Port Townsend.

    Type:Commercial
    Property size:
    12,547 SF
    Added:
    Feb 25, 2026
    Days on Market:
    54
    Last Refresh:
    Apr 5 at 8:26 pm

    Property Features for 231 Otto St

    General Information

    Standard status
    Active
    Size
    12,547 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1983

    We can help!

    Listing Contact
    RICK CADWELL

    Listing agent RICK CADWELL

    Listing office CADWELL REAL ESTATE

    Listing date Feb 25, 2026

    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 CADWELL REAL ESTATE

    Overview

    High-Bay Industrial and Office Space

    This property features 12,547 square feet of high-bay industrial and office space located on the outskirts of Port Townsend. It includes high bay grade level roll-up doors and benefits from heavy power. A new roof has been installed. Note that there is a temporary tenant currently in place, so please do not disturb them. Square footage should be confirmed by the buyer.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Suggested Use

    Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hotel & Motel Gym & Fitness Center Auto Parts Store Department Store Kitchen & Bath Showroom Accounting Firm

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

    Similar Places Nearby

    • In-Season Catering — 274 Otto St # D, Port Townsend, WA 98368

    Location Insight

    • Map
    • Local Demand
    City
    Port Townsend
    County
    Jefferson
    State
    Washington
    Longitude
    -122.814
    Latitude
    48.0844

    Nearby Similar for Sale

    • $1,159,000
      7,500 SF

      Industrial Warehouse in Port Townsend

      7500 SF warehouse with heavy power and new roof.
      211 Otto St, Port Townsend, WA 98368
      View Details
    • $123,333
      12,300 SF

      Updated Home in Uptown

      Updated 3 bed/2 bath home in Uptown Port Townsend.
      1738 Washington St, Port Townsend, WA 98368
      View Details
    • $2,100,000
      13,284 SF

      Historic Victorian Building in Downtown

      Victorian building with retail and office spaces in prime location.
      844 Water St, Port Townsend, WA 98368
      View Details
    • $935,000

      Mixed-Use Condominium in Historic District

      Four-unit mixed-use property in Port Townsend's Fountain District.
      922 Washington Street, Port Townsend, WA 98368
      View Details
    • $1,625,000
      8,628 SF

      Historic Building in Downtown Port

      Iconic building in historic downtown Port Townsend for sale.
      802 Washington Street, Port Townsend, WA 98368
      View Details
    • $3,250,000

      Port Townsend Commercial Investment Opportunity

      Five buildings, 27,624 sqft, 2.4 acres, fully leased.
      205 Otto St, Port Townsend, WA 98368
      View Details
    • $459,000

      Main Level Office Space

      Prime office space in the Nordland Building for sale.
      1215 Lawrence Street #102, Port Townsend, WA 98368
      View Details
    • $459,000

      Main Level Office Space

      Prime office space in elevator building, ideal for professional business.
      1215 Lawrence Street 102, Port Townsend, WA 98368
      View Details
    • $899,000
      2,000 SF

      Uptown Office Space Available

      Over 2,000 sq. ft. of office space in Uptown.
      1215 101-102 Lawrence, Port Townsend, WA 98368
      View Details
    • $459,000
      1,172 SF

      Nordland Building Office Space

      Main level office space in Port Townsend's Nordland Building.
      1215 Lawrence Street 101, Port Townsend, WA 98368
      View Details
    • $1,300,000
      3,808 SF

      Commercial Building on High-Traffic Intersection

      Commercial building with showroom, storage, and secure fenced area.
      3059 W Sims Way, Port Townsend, WA 98368
      View Details
    • $1,500,000

      Historic Mixed-Use Building For Sale

      Downtown Port Townsend mixed-use building with retail and residential units.
      1020 Water Street, Port Townsend, WA 98368
      View Details

    FAQs

    What type of property is this?
    Flex space - 12,547 SF industrial and office space near Port Townsend.
    Where is this flex space located?
    The property is located at 231 Otto St Port Townsend, WA.
    What is the asking price?
    The asking price for this property is $1,839,000.
    What are key features of this property?
    This property features: 12,547 SF of high‑bay industrial and office space; New roof; Heavy power
    We can help!
    Listing Contact
    RICK CADWELL
    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!