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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2040 Mitchell SE Rd Port Orchard, WA 98366-4401

    • Medical offices
    • 1,400 SF
    • 0.80 lot acres
    OFF-MARKET
    Last Sale
    Apr 28, 2023
    $350,000
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    5.5%
    Medical offices
    Location Intelligence
    Property ID
    US90-1754957
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Dr. Andrew Tellington / Oral Surgeon / Dentist
    • Dr. Paul Lingenbrink / Orthodontist
    • West Sound Oral Surgery / Dentist / Oral Surgeon

    Property Details for 2040 Mitchell SE Rd

    Year built
    1963
    Lot size
    0.80 lot acres
    Property size
    1,400 SF
    Zone code
    UM
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    362401-2-011-2008
    APU
    36240120112008

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $455,000
      ML approach
      $440,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $415,000
      6.5%
      $385,000
      7%
      $355,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $455,000
      Market price range: $222k - $455k
      AI Estimate
      $293,000
      Market price range: $90.7k - $327k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $340,000
      Current use
      COMMERCIAL (GENERAL)
      $630,000
      Change: +85% Conversion: Easy
      RETAIL STORES
      $385,000
      Change: +13% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $355,000
      Change: +5% Conversion: Difficult
      OFFICE BUILDING
      $350,000
      Change: +3% Conversion: Easy
      WAREHOUSE, STORAGE
      $285,000
      Change: -16% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Port Orchard
    County
    Kitsap
    State
    Washington
    Longitude
    -122.629
    Latitude
    47.5299
    CBSA code
    14740
    CBSA name
    BREMERTON-SILVERDALE, WA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $3,371
    $82,420
    $327,310
    $409,730
    -
    $82,420
    $327,310
    $409,730

    Comparable in this City

    • Value Estimation
      $4,500,000
      6,392 SF

      1880 Pottery Ave

      MEDICAL BUILDING • 6,392 SF
      1880 Pottery Ave, Port Orchard, WA 98366-2518
      View Details
    • Value Estimation
      $970,000
      2,901 SF

      1890 Pottery Ave

      MEDICAL BUILDING • 2,901 SF
      1890 Pottery Ave, Port Orchard, WA 98366-2510
      View Details
    • Value Estimation
      $500,000
      1,797 SF

      4601 Bethel SE Rd

      MEDICAL BUILDING • 1,797 SF
      4601 Bethel SE Rd, Port Orchard, WA 98366-1253
      View Details
    • Value Estimation
      $450,000
      1,934 SF

      2914 Mitchell SE Rd

      MEDICAL BUILDING • 1,934 SF
      2914 Mitchell SE Rd, Port Orchard, WA 98366-4428
      View Details
    • Value Estimation
      $400,000
      3,654 SF

      1570 Woodridge SE Dr

      MEDICAL BUILDING • 3,654 SF
      1570 Woodridge SE Dr, Port Orchard, WA 98366-3818
      View Details
    • Value Estimation
      $230,000
      1.89 Acres

      Port

      MEDICAL BUILDING • 1.89 Acres
      Port, Orchard, WA 98366
      View Details

    Similar Nearby for Sale

    • $999,999
      3,840 SF

      Well-Maintained Office Building with Garage

      Two-story office building with flexible layout and detached garage/shop.
      1550 SE Port Orchard Blvd, Port Orchard, WA 98366
      View Details
    • $1,300,000
      3,840 SF

      Well-Maintained Office Building with Garage

      Two-story office building with flexible layout and detached garage.
      1550 Woodridge Dr SE, Port Orchard, WA 98366
      View Details
    • $1,550,000

      Port Orchard Pristine Office Building

      High-quality, fully leased office building with significant upside potential.
      2465 Bethel Ave, Port Orchard, WA 98366
      View Details
    • $1,250,000
      9,079 SF

      Mixed-Use Development Opportunity

      Mixed-use zoned property in downtown Port Orchard.
      100-160 Bethel Ave, Port Orchard, WA 98366
      View Details
    • $970,000

      Two-Story Office Building For Sale

      Two-story office building near Highway 16 and Port Orchard Medical Center.
      104 Tremont St, Port Orchard, WA 98366
      View Details
    • $5,600,000
      69,346 SF

      Bi-Mart Anchored Shopping Center

      Anchored shopping center in high-growth Seattle suburb.
      1353-1397 Olney Ave SE, Port Orchard, WA 98366
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      8,508 SF

      Class A Medical Office Space in Port Orchard

      Prime Port Orchard medical suites, 821-4,403 sq ft.
      450 Kitsap Blvd, Port Orchard, WA 98366
      View Details
    • Contact for pricing
      6,000 SF

      Tremont Medical District Office Space

      Office space for rent in Tremont Medical District.
      1922 Pottery Ave, Port Orchard, WA 98366
      View Details
    • $0.75 SF/Yr
      3,132 SF

      Port Orchard Office Space Available

      Office space available for rent in Port Orchard, Washington.
      9654 SE Southworth Dr, Port Orchard, WA 98366
      View Details
    • $25 SF/Yr
      1,860 SF

      Updated Office Space For Lease

      Updated office space with private entrance and ensuite bathroom.
      1140 Bethel Ave, Port Orchard, WA 98366
      View Details
    • $500 /Mo
      997 SF

      Executive Office Suites For Lease

      Executive office suites available for lease with utilities included.
      813 Division St, Port Orchard, WA 98366
      View Details
    • $400 /Mo
      660 SF

      Port Orchard Office Space Available

      Ground floor office suite in central Port Orchard location.
      2501-2507 SE Mile Hill Dr, Port Orchard, WA 98366
      View Details
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    2040 Mitchell SE Rd
    Port Orchard, WA 98366-4401
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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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