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    23940 State Route 3 Belfair, WA 98528
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    23940 State Route 3 Belfair, WA 98528

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    • Retail properties & Spaces
    • 17,350 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 23940 State Route 3

    Property size
    17,350 SF
    Property type
    Retail properties & Spaces
    Property subtype
    Drug stores

    Description

    This exceptional 17,350 square foot free-standing retail building, ideally situated in Belfair, Washington, presents a unique investment opportunity. Currently configured as a pharmacy/drug store, this property boasts a highly visible location on a lighted intersection off State Route 3, ensuring excellent exposure to a substantial customer base. The building features a convenient drive-thru for added customer convenience. Ample parking is provided with 63 easily accessible stalls, offering convenient ingress and egress for patrons. The property benefits from its strategic placement across from a Safeway grocery store, ensuring high foot traffic and visibility within a thriving retail corridor. Belfair itself offers a blend of small-town charm and access to outdoor recreation, located just 30 miles northwest of Tacoma. The community enjoys a diverse economy encompassing retail, healthcare, and construction, with a growing presence of professional and technical services. This property is surrounded by established neighborhoods experiencing population growth, making it an attractive investment for long-term stability and potential appreciation. The building's size and features make it suitable for a variety of retail uses, offering flexibility for future tenants or owners.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Belfair
    County
    Mason
    State
    Washington
    Longitude
    -122.823
    Latitude
    47.4525

    Comparable in this City

    • Value Estimation
      $5,895,000
      17,134 SF

      23940 State Rte 3rd 3

      DRUG STORE, PHARMACY • 17,134 SF
      23940 State Rte 3rd 3, Belfair, WA 98528-9697
      View Details
    • Value Estimation by Request
      15,173 SF

      23969 Hwy

      Individual retail properties • 15,173 SF
      23969 Hwy, Belfair, WA 98528
      View Details
    • Value Estimation
      $1,000,000
      5,818 SF

      151 State Rte 300

      NURSERY, GREENHOUSE, FLORIST • 5,818 SF
      151 State Rte 300, Belfair, WA 98528-9615
      View Details
    • Value Estimation by Request
      200 SF

      91 Lakeway Dr

      NURSERY, GREENHOUSE, FLORIST • 200 SF
      91 Lakeway Dr, Belfair, WA 98528
      View Details
    • Value Estimation
      $1,550,000
      6,976 SF

      23030 State Rte 3rd 3

      NURSERY, GREENHOUSE, FLORIST • 6,976 SF
      23030 State Rte 3rd 3, Belfair, WA 98528-9334
      View Details
    • Value Estimation by Request
      1,188 SF

      23441 State Rte 3rd 3

      NURSERY, GREENHOUSE, FLORIST • 1,188 SF
      23441 State Rte 3rd 3, Belfair, WA 98528
      View Details

    Similar Nearby for Sale

    • $2,300,000
      7,481 SF

      Country Store and Gas Station

      Established store and gas station with diverse income streams.
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      Turnkey Belfair Landmark Opportunity

      Established retail and warehouse space on 1.2 acres.
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    • $2,600,000
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      Belfair Commercial/Industrial Land Available

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      Established Winery for Sale

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      Land with Hood Canal Views

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    Similar Nearby for Lease

    • Contact for pricing
      4,360 SF

      Retail Space Available for Lease

      Retail property available for lease in Belfair, Washington.
      23961-23969 Hwy 3 NE, Belfair, WA 98528
      View Details
    • $4,000 /Mo
      2,500 SF

      Retail Property on State Route

      Commercial property on State Route 3 in Belfair, WA.
      23771 NE Wa 3, Belfair, WA 98528
      View Details
    • Contact for pricing
      1,995 SF

      Retail Space Available For Rent

      Retail property with 1995 square feet available for lease.
      23771 Washington 3, Belfair, WA 98528
      View Details
    • Contact for pricing
      23,500 SF

      Land Available For Lease

      Land available for lease with utilities access and parking.
      22657 Hwy 3 NE, Belfair, WA 98528
      View Details
    • Contact for pricing
      1,400,000 SF

      Belfair Warehouse Space Available

      Large industrial warehouse and distribution space for lease.
      25400 State Route 3, Belfair, WA 98528
      View Details
    • Contact for pricing

      Land Lease on State Route

      Shy acre available for land lease on State Route.
      23191 NE State Route 3, Belfair, WA 98528
      View Details
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    23940 State Route 3
    Belfair, WA 98528
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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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    23940 State Route 3, Belfair, WA, 98528
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