940 Washington StPort Townsend, WA 98368

Property Details for 940 Washington St

Lot size

0.11 AC

Property size (Sq ft)

1,310 SF

Zone code

C-III

Property type

Office properties

Property subtype

Office buildings

APN

989705706

APU

989705706

Description

This 1,311 square foot retail space at 940 Washington Street in Port Townsend, Washington, presents a compelling investment opportunity. Located in the desirable Fountain District, just one block from Water Street (the city's main thoroughfare), this property boasts high visibility and foot traffic. The building features 50 feet of street frontage, two entry doors, and two bathrooms, making it easily divisible for two separate businesses. Built in 1958, the two-story structure sits on a 0.11-acre lot (APN 989705706) and is zoned for commercial use. Included with the sale are site drawings and preliminary reports detailing the potential for a second-story expansion, which could accommodate two apartments. This presents a unique opportunity to either immediately occupy the space with your business or capitalize on the expansion potential to increase revenue streams. The asking price has been reduced, making this an even more attractive proposition for discerning investors. The property's prime location and versatile layout offer significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $354,489

  6.5%

  $327,221

  7%

  $303,848

• Comparable approach

  Method

  Valuation

  Relative Method

  $351,295

  Geo Method

  $252,280

• Alternative Use

  Use

  Valuation

  Residential

  $405,754

  Hospitality

  $371,668

  Educational

  $309,224

  Medical

  $319,858

  Retail

  $481,015

Location Insight

City

Port Townsend

County

Jefferson

State

Washington

Latitude

48.1149

Longitude

-122.758

Property Tax & Assessments

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