Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Historic Building in Downtown Port Title is generated by Realmo AI

    802 Washington Street, Port Townsend, WA 98368

    View on Map
    Claim this Listing
    For Sale
    $1,625,000

    Iconic building in historic downtown Port Townsend for sale.

    Type:Commercial
    Property size:
    8,628 SF
    Lot size:
    0.39 Acres
    Price / SF:
    $188/SF
    Added:
    Feb 11, 2025
    Days on Market:
    478
    Last Refresh:
    May 10 at 8:34 pm

    Property Features for 802 Washington Street

    General Information

    Standard status
    Active
    Size
    8,628 SF
    Lot size
    0.39 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1917

    We can help!

    Listing Contact
    CHARLIE ARTHUR

    Listing agent CHARLIE ARTHUR

    Listing office RE/MAX FIRST INC PORT TOWNSEND

    Listing date Feb 11, 2025

    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 RE/MAX FIRST INC PORT TOWNSEND

    HighLights

    • Iconic historic building in the heart of downtown Port Townsend.
    • Expansive 8,628 sq. ft. main level plus 6,588 sq. ft. lower level.
    • Extra lot included for parking.
    • Strong tenant with loyal clientele.
    • Well‑preserved landmark built in 1917.
    • Partial water views.

    Overview

    This historic building is located in the heart of downtown Port Townsend. The property features an expansive main level of 8,628 square feet, plus a 6,588-square-foot lower level. A staircase connects the levels. The building includes ample storage and usable attic space. The property includes an extra lot for parking and offers partial water views. The property is currently occupied by a tenant with a loyal clientele. The property is suitable for retail use.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

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

    Similar Places Nearby

    • Sweet Seed Flower Farm — Port Townsend, WA 98368
    • Cochrans Flowers & Gifts — 609 Polk St, Port Townsend, WA 98368

    Location Insight

    • Map
    • Local Demand
    City
    Port Townsend
    County
    Jefferson
    State
    Washington
    Longitude
    -122.757
    Latitude
    48.1156

    Nearby Similar for Sale

    • $1,900,000
      10,000 SF

      Multi-Tenant Retail Strip Center

      Multi-tenant retail strip center in Port Townsend with available vacant units for leasing under commercial zoning.
      2427 W Sims Way, Port Townsend, WA 98368-9999
      View Details
    • $1,900,000
      10,000 SF

      Port Townsend Commercial Investment Opportunity

      Multi-tenant commercial property with high visibility and income potential.
      2427 W Sims Way, Port Townsend, WA 98368
      View Details
    • $1,839,000
      12,547 SF

      High-Bay Industrial and Office Space

      12,547 SF industrial and office space near Port Townsend.
      231 Otto St, Port Townsend, WA 98368
      View Details
    • $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
    • $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
    • $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
    • $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
    • $849,000
      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
    • $429,000

      Main Level Office Space

      Prime office space in the Nordland Building for sale.
      1215 Lawrence Street #102, Port Townsend, WA 98368
      View Details
    • $429,000

      Main Level Office Space

      Prime office space in elevator building, ideal for professional business.
      1215 Lawrence Street 102, Port Townsend, WA 98368
      View Details

    FAQs

    What type of property is this?
    Storefront property - Iconic building in historic downtown Port Townsend for sale.
    Where is this storefront property located?
    The property is located at 802 Washington Street Port Townsend, WA.
    What is the asking price?
    The asking price for this property is $1,625,000.
    What are key features of this property?
    This property features: Iconic historic building in the heart of downtown Port Townsend.; Expansive 8,628 sq. ft. main level plus 6,588 sq. ft. lower level.; Extra lot included for parking.
    (360) 385-6499
    We can help!
    Listing Contact
    CHARLIE ARTHUR
    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
    802 Washington Street, Port Townsend, WA 98368
    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!