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    Port Townsend Land Opportunity Title is generated by Realmo AI

    9999 Discovery Road, Port Townsend, WA 98368

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    Claim this Listing
    For Sale
    $370,000

    1 - 6 Acres - Port Townsend, WA

    Lot size:
    2.24 Acres
    Added:
    Aug 29, 2025
    Days on Market:
    273
    Last Refresh:
    May 28 at 5:06 pm

    Property Features for 9999 Discovery Road

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Residential
    Standard status
    Active
    APN
    001094008
    Lot size
    2.24 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    740

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    MaryAnn Miller
    MaryAnn Miller

    Listing agent MaryAnn Miller License #91968

    Listing office The Agency Port Townsend 1215 Lawrence Street, Port Townsend, WA

    Listing date Aug 29, 2025

    MLS# 400615 Listing URL

    Copyright © 2026 Olympic Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime 2.24 acre R‑III zoned parcel for multifamily development.
    • Rare opportunity to develop much‑needed housing in high‑demand Port Townsend.
    • R‑III zoning allows for various housing types like duplexes and townhomes.
    • Partially cleared with building site identified.
    • Utilities are close by.
    • Located in Port Townsend, a desirable Victorian seaport and arts community.

    Overview

    This 2.24-acre parcel in Port Townsend, WA, presents a development opportunity. Zoned R-III (Medium Density Multifamily), the site is designed for smaller-scale multifamily structures, including duplexes and townhomes. The property is partially cleared and has a building site. All utilities are located nearby. Port Townsend is a Victorian seaport and arts community on the Olympic Peninsula, known for its historic architecture, maritime legacy, and vibrant cultural scene. The town offers a blend of historic charm and a thriving arts and festival atmosphere, with a lively culinary scene featuring local cuisine. This property offers the opportunity to develop much-needed housing in a community with high demand.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Gym & Fitness Center Auto Parts Store Skin Care Clinic Cafe & Coffee Shop Travel Agency

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

    Location Insight

    • Map
    • Local Demand
    City
    Port Townsend
    County
    Jefferson
    State
    Washington
    Longitude
    -122.82051
    Latitude
    48.048926

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    FAQs

    What type of property is this?
    Residential land & home lot - 2.24 acre R-III zoned parcel in high-demand Port Townsend.
    Where is this residential land & home lot located?
    The property is located at 9999 Discovery Road Port Townsend, WA.
    What is the asking price?
    The asking price for this property is $370,000.
    What are key features of this property?
    This property features: Prime 2.24 acre R‑III zoned parcel for multifamily development.; Rare opportunity to develop much‑needed housing in high‑demand Port Townsend.; R‑III zoning allows for various housing types like duplexes and townhomes.
    (360) 774-6900
    We can help!
    Listing Contact
    MaryAnn Miller
    MaryAnn Miller
    Real Estate License ID: 91968
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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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