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    1215 Lawrence St 101 Port Townsend, WA 98368

    Sponsored
    For Sale
    $589,000

    Prime Port Townsend commercial land, $589,000.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    406
    This exceptional commercial land opportunity is located at 1215 Lawrence Street 101, Port Townsend, WA 98368. Priced at $589,000, this property presents a unique investment prospect in a thriving Jefferson County location. While the land itself has no listed square footage or units, the property's address is within the Nordland Building, suggesting potential development or redevelopment opportunities. The building offers convenient amenities, including an elevator. The adjacent commercial space (1,172 sq ft) within the Nordland Building, while not included in this land sale, provides context for the potential of this location. This space features four private offices, three with windows, a private bathroom, and peek-a-boo views of Port Townsend Bay. Its suitability for various professional uses, such as physical therapy practices or law firms, highlights the area's demand for commercial space. This land parcel offers investors a chance to capitalize on the desirability of Port Townsend's commercial real estate market. The property's address is verified, and its location within the Nordland Building provides access to existing infrastructure and building amenities. Further investigation into zoning and development possibilities is recommended. This is a rare opportunity to acquire commercial land in a prime Port Townsend location.

    Property Features for 1215 Lawrence St 101

    General Information

    Property type
    Land

    We can help!

    Listing Contact
    Nicole Blasucci
    Nicole Blasucci

    Learn more

    HighLights

    • Prime Port Townsend commercial land at 1215 Lawrence Street 101, WA 98368, priced at $589,000.
    • Located within the Nordland Building, offering access to building amenities including an elevator.
    • Adjacent 1,172 sq ft commercial space (not included) showcases the area's demand, featuring private offices and bay views.
    • Potential for development or redevelopment; zoning and development possibilities require further investigation.
    • Rare opportunity to capitalize on Port Townsend's desirable commercial real estate market.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Port Townsend
    County
    JEFFERSON
    State
    Washington
    Longitude
    -122.7627785
    Latitude
    48.1163408

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    FAQs

    What type of property is this?
    Land - Prime Port Townsend commercial land, $589,000.
    Where is this land located?
    The property is located at 1215 Lawrence St 101 Port Townsend, WA.
    What is the asking price?
    The asking price for this property is $589,000.
    What are key features of this property?
    This property features: Prime Port Townsend commercial land at 1215 Lawrence Street 101, WA 98368, priced at $589,000.; Located within the Nordland Building, offering access to building amenities including an elevator.; Adjacent 1,172 sq ft commercial space (not included) showcases the area's demand, featuring private offices and bay views.
    (360) 390-4933
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    1215 Lawrence St 101 Port Townsend, WA 98368
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    Port Townsend, WA 98368
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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
    1215 Lawrence St 101 Port Townsend, WA 98368
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    We can help!
    Listing Contact
    Nicole Blasucci
    Nicole Blasucci
    Real Estate License ID: WA
    (360) 390-4933
    Learn more
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