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Property profile & analytics
OFF-MARKET
Estimated value
$2,470,000
Investment properties
1042 Water St, Port Townsend, WA 98368
Entity Owned
4-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-1989619
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Total area
22,000 SF
Lot
0.55 ac (23,958 SF)
Zoning code
C-III
APN
989703907
UPID
US90-1989619
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
$2.40M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.59M
Blend (final)
Blend
$2.47M
Owner & transaction history
Nordland Capital LLC · 4 yrs held
Nordland Capital LLC
since 2022
Last sale
$2.6M
5 recorded transactions
Zoning & alternative use
C-III · Port Townsend, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$3.6M
+68.5%
Restaurant
$3.3M
+56.2%
Office building
$2.9M
+35.4%
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
$2,390,000
ML approach
$2,395,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$2,110,000
Current use
RETAIL STORES
$3,550,000
Change: +68% · Conversion: Easy
RESTAURANT
$3,290,000
Change: +56% · Conversion: Difficult
OFFICE BUILDING
$2,855,000
Change: +35% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,255,000
Change: +7% · Conversion: Difficult
WAREHOUSE, STORAGE
$1,735,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$2.47M
Range $2.22M – $2.72M · ±10% · vs last sale $2.55M (May 18 2022)
Last sale anchor
$2.55M
May 18 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
$112 / 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
$22,789
Tax year 2023
Assessed value
$2,542,268
Assessed 2023
Previous assessed
$2,592,956
-2.0% YoY
Effective rate
0.90%
On assessed value
Assessed land
$1,065,720
Assessed improvement
$1,476,548
Land market value
$1,065,720
Improvement market value
$1,476,548
Total market value
$2,542,268
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
22,000 SF
Lot
0.55 ac (23,958 SF)
Zoning code
C-III
APN
989703907
UPID
US90-1989619
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
COMMERCIAL (GENERAL) Current
Est. value
$2.1M
RETAIL STORES
Est. value
$3.6M
RESTAURANT
Est. value
$3.3M
OFFICE BUILDING
Est. value
$2.9M
AUTO REPAIR, GARAGE
Est. value
$2.3M
WAREHOUSE, STORAGE
Est. value
$1.7M
COMMERCIAL (GENERAL) Current
RETAIL STORES
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
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
0.55 ac
Current owner
From public records · entity-resolved
Nordland Capital LLC
Entity
Mailing address
5 MICHIGAN DR #202, NATICK, MA 01760-1350
Mailing matches property
Different — outreach signal
Owner-occupied
No
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
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 18, 2022
$2,550,000
Nordland Capital LLC
Beverly Malagon
Warranty Deed
$1,841,129 · First Fed Bank
Jul 20, 2016
—
Malagon,beverly Living Trust
Malagon,beverly
Quit Claim Deed
related
—
Jun 14, 2016
—
Malagon,beverly Living Trust
Malagon,beverly
Quit Claim Deed
related
—
Sep 15, 2004
$1,900,000
Beverly J Malagon
Business Plans & Strategies In
Warranty Deed
related
$1,434,000 · Mariners Bk
—
—
Beverly J Malagon
—
Deed Of Trust
related
$25,000 · City Of Port Townsend
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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