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Property profile & analytics
OFF-MARKET
Estimated value
$710,000
Turn key restaurants
225 Adams St, Port Townsend, WA 98368-5705
Entity Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-2029623
Property profile
Verified
Property type
Turn key restaurants
Use group
RESTAURANT
Total area
3,300 SF
Lot
0.08 ac (3,485 SF)
Zoning code
C-III
APN
989704103
UPID
US90-2029623
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
$725k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$710k
Owner & transaction history
Khu Larb LLC · 1 yrs held
Khu Larb LLC
since 2025
Last sale
$700,000
6 recorded transactions
Zoning & alternative use
C-III · Port Townsend, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$785,000
+58.6%
Retail stores
$535,000
+7.9%
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
$845,000
ML approach
$725,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$495,000
Current use
MEDICAL BUILDING
$785,000
Change: +59% · Conversion: Difficult
RETAIL STORES
$535,000
Change: +8% · Conversion: Easy
OFFICE BUILDING
$430,000
Change: -13% · Conversion: Moderate
Blend value · Realmo final
$710k
Range $639k – $781k · ±10% · vs last sale $700k (Jun 27 2025)
Last sale anchor
$700k
Jun 27 2025
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
$215 / 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
$4,713
Tax year 2023
Assessed value
$524,896
Assessed 2023
Previous assessed
$507,371
+3.5% YoY
Effective rate
0.90%
On assessed value
Assessed land
$261,875
Assessed improvement
$263,021
Land market value
$261,875
Improvement market value
$263,021
Total market value
$524,896
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
Turn key restaurants
Use group
RESTAURANT
Status
Off-Market
Heating
NONE
Total area
3,300 SF
Lot
0.08 ac (3,485 SF)
Zoning code
C-III
APN
989704103
UPID
US90-2029623
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
RESTAURANT Current
Est. value
$495,000
MEDICAL BUILDING
Est. value
$785,000
RETAIL STORES
Est. value
$535,000
OFFICE BUILDING
Est. value
$430,000
RESTAURANT Current
MEDICAL BUILDING
RETAIL STORES
OFFICE 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
0.08 ac
Current owner
From public records · entity-resolved
Khu Larb LLC
Entity
Mailing address
150 NW OREGON AVE, BEND, OR 97703-2711
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 27, 2025
$700,000
Khu Larb LLC
Paul Itti
Warranty Deed
—
—
—
Paul Itti
—
Deed Of Trust
related
$38,515 · 1002 Nw Wall Street LLC
—
—
Paul Itti
—
Loan Modification
related
$275,000 · Davos Cap
—
—
Paul Itti
—
Deed Of Trust
related
$135,000 · Joseph M Carman
—
—
Paul Itti
—
Deed Of Trust
related
$40,000 · Mariners Bank
—
—
Paul Itti
—
Deed Of Trust
related
$275,000 · Davos Cap
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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