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    Waterfront Land on Wollochet Bay Title is generated by Realmo AI

    2622 East Bay Drive, Gig Harbor, WA 98335

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    For Sale
    $2,000,000

    1.98-acre waterfront canvas with utilities on Wollochet Bay.

    Lot size:
    1.99 Acres
    Added:
    Mar 20, 2026
    Days on Market:
    54
    Last Refresh:
    Mar 20 at 8:27 pm

    Property Features for 2622 East Bay Drive

    General Information

    Standard status
    Active
    Lot size
    1.99 Acres

    We can help!

    Listing Contact
    PAIGE SCHULTE
    PAIGE SCHULTE

    Listing agent PAIGE SCHULTE

    Listing office NEIGHBORHOOD EXPERTS REAL EST.

    Listing date Mar 20, 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 NEIGHBORHOOD EXPERTS REAL EST.

    HighLights

    • 60 feet of west‑facing waterfront on Wollochet Bay with Olympic Mountain sunset views.
    • 1.98‑acre lot surrounded by multi‑million dollar estates.
    • All major hurdles cleared: Geotechnical report, survey, septic, power, and shared well on the lot.
    • Grandfathered footprints allow preservation of setbacks or new construction.
    • Prime location: 7 minutes to Narrows Bridge, 10 minutes to Uptown Shopping, 15 minutes to downtown Gig Harbor.
    • Wollochet Bay offers calm waters, abundant wildlife (eagles, seals), and privacy.

    Overview

    This 1.98-acre property features sixty feet of west-facing waterfront on Wollochet Bay, offering views of the Olympic Mountains. The lot is situated on the sunny side of the bay, surrounded by high-value estates. The property includes a completed geotechnical report, survey, septic system, power, and a shared two-party well. Existing structures on the lot establish grandfathered footprints, which can be preserved to protect setbacks, or the buyer can start from scratch. The lot is open, relatively level with a gentle slope, and offers privacy. The current utility easement can be adjusted. Wollochet Bay is known as one of the most protected waterways on Puget Sound. The location is seven minutes from the Narrows Bridge, ten minutes from Uptown Shopping, and fifteen minutes from downtown Gig Harbor. The property is intended for residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Auto Repair Shop Hotel & Motel Food Market Accounting Firm Storage Facility

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

    Location Insight

    • Map
    • Local Demand
    City
    Gig Harbor
    County
    Pierce
    State
    Washington
    Longitude
    -122.5915186
    Latitude
    47.281477

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    FAQs

    What type of property is this?
    Waterfront Land - 1.98-acre waterfront canvas with utilities on Wollochet Bay.
    Where is this waterfront land located?
    The property is located at 2622 East Bay Drive Gig Harbor, WA.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: 60 feet of west‑facing waterfront on Wollochet Bay with **Olympic Mountain sunset views**.; **1.98‑acre lot** surrounded by multi‑million dollar estates.; All major hurdles cleared: Geotechnical report, survey, septic, power, and shared well on the lot.
    (253) 313-4093
    We can help!
    Listing Contact
    PAIGE SCHULTE
    PAIGE SCHULTE
    Learn More
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    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
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