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Property profile & analytics
OFF-MARKET
Estimated value
$5,200,000
Investment properties
1004 Water St, Port Townsend, WA 98368-6706
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US90-1999515
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Total area
15,675 SF
Lot
0.14 ac (6,098 SF)
Zoning code
C-III
APN
989703901
UPID
US90-1999515
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$5.11M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.20M
Owner & transaction history
Ih Palace LLC · 3 yrs held
Ih Palace LLC
since 2022
Last sale
$5.3M
7 recorded transactions
Zoning & alternative use
C-III · Port Townsend, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$3.7M
+147.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Port Townsend submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Port Townsend submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$5,010,000
ML approach
$5,105,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$3,720,000
Change: +148% · Conversion: Easy
Blend value · Realmo final
$5.20M
Range $4.68M – $5.72M · ±10% · vs last sale $5.35M (Jun 16 2022)
Last sale anchor
$5.35M
Jun 16 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$332 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$22,572
Tax year 2023
Assessed value
$2,518,060
Assessed 2023
Previous assessed
$2,420,622
+4.0% YoY
Effective rate
0.90%
On assessed value
Assessed land
$576,872
Assessed improvement
$1,941,188
Land market value
$576,872
Improvement market value
$1,941,188
Total market value
$2,518,060
Applied tax rate
110.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Heating
NONE
Total area
15,675 SF
Lot
0.14 ac (6,098 SF)
Zoning code
C-III
APN
989703901
UPID
US90-1999515
Jurisdiction
JEFFERSON
Zoning & alternative use
C-III · Port Townsend, WA
Zoning C-III · permitted uses
C-III · Port Townsend, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Port Townsend. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING
Est. value
$3.7M
MEDICAL BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Heating
NONE
Lot
0.14 ac
Current owner
From public records · entity-resolved
Ih Palace LLC
Entity
Mailing address
1004 WATER ST, PORT TOWNSEND, WA 98368-6706
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 13, 2022
—
Ih Palace LLC
—
Deed
related
$4,320,000 · Mountain Pacific Bank
Aug 25, 2022
—
Ih Palace LLC
Palace Properties LLC
Re-recorded Document
related
—
Jun 16, 2022
$5,345,000
Ih Palace LLC
Palace Properties LLC
Warranty Deed
$4,320,000 · Mountain Pacific Bank
May 2, 2022
—
United States Small Bus Administrat
—
Deed
related
—
Mar 17, 2017
—
Palace Properties LLC
—
Deed
related
$998,600 · Kitsap Bank
Jan 19, 2010
—
Palace Properties LLC
Gair,john J
Quit Claim Deed
related
—
Jan 15, 2010
—
John J Gair
Palace Properties LLC
Quit Claim Deed
related
$1,620,000 · Frontier Bank
Nov 30, 2009
—
John J Gair
—
Loan Modification
related
$1,620,000 · Frontier Bank
Oct 8, 2004
—
Palace Properties LLC
Gair,john J
Quit Claim Deed
related
—
Oct 8, 2004
$436,498
John J Gair
Post,paula A
Quit Claim Deed
related
$1,561,701 · Frontier Bank
Sep 1, 2004
—
John J Gair
Palace Properties LLC
Quit Claim Deed
related
—
—
—
Palace Properties LLC
—
Deed Of Trust
related
$1,583,913 · Kitsap Bank
—
—
Palace Properties LLC
—
Deed Of Trust
related
$815,000 · Evergreen Business Capital
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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