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Property profile & analytics
OFF-MARKET
Estimated value
$765,000
Apartment buildings
228 Logan St Port Townsend, WA 98368-2258
Individually Owned
1-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US90-2589967
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Total area
9,836 SF
Lot
0.69 ac (30,056 SF)
Zoning code
R-III(MF)
APN
948328701
UPID
US90-2589967
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
$775k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$765k
Owner & transaction history
Mike C Teregis · 1 yrs held
Mike C Teregis
since 2025
Last sale
$761,500
4 recorded transactions
Zoning & alternative use
R-III(MF) · Port Townsend, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The R-III district accommodates smaller scale multifamily structures (e.g., five to 12 dwellings per structure) at a minimum density of 10 units and a maximum of up to 16 units per 40,000 square feet of land area
Zone name
Medium Density Multifamily
General category
RESIDENTIAL
Zone area
149.34 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$1.0M
+68.4%
Commercial (general)
$940,000
+57.5%
Warehouse, storage
$775,000
+29.7%
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
$945,000
ML approach
$775,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$600,000
Current use
AUTO REPAIR, GARAGE
$1,010,000
Change: +68% · Conversion: Difficult
COMMERCIAL (GENERAL)
$940,000
Change: +57% · Conversion: Moderate
WAREHOUSE, STORAGE
$775,000
Change: +30% · Conversion: Difficult
Blend value · Realmo final
$765k
Range $689k – $842k · ±10% · vs last sale $762k (May 22 2025)
Last sale anchor
$762k
May 22 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
$78 / 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
$11,345
Tax year 2023
Assessed value
$1,265,020
Assessed 2023
Previous assessed
$1,216,226
+4.0% YoY
Effective rate
0.90%
On assessed value
Assessed land
$450,348
Assessed improvement
$814,672
Land market value
$450,348
Improvement market value
$814,672
Total market value
$1,265,020
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Heating
NONE
Total area
9,836 SF
Lot
0.69 ac (30,056 SF)
Zoning code
R-III(MF)
APN
948328701
UPID
US90-2589967
Jurisdiction
JEFFERSON
Zoning & alternative use
R-III(MF) · Port Townsend, WAZoning R-III(MF) · permitted uses
R-III(MF) · Port Townsend, WA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The R-III district accommodates smaller scale multifamily structures (e.g., five to 12 dwellings per structure) at a minimum density of 10 units and a maximum of up to 16 units per 40,000 square feet of land area
Zone name
Medium Density Multifamily
General category
RESIDENTIAL
Zone area
149.34 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$600,000
AUTO REPAIR, GARAGE
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$940,000
WAREHOUSE, STORAGE
Est. value
$775,000
APARTMENT HOUSE (5+ UNITS) Current
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
0.69 ac
Current owner
From public records · entity-resolved
Mike C Teregis
Individual
Mailing address
5671 W MCLEAN RD, COEUR D ALENE, ID 83814-9384
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 22, 2025
$313
Mike C Teregis
Mike C Teregis
Quitclaim Deed
related
—
Oct 3, 2019
—
Michael C Teregis
—
Deed
related
$465,000 · Citadel Svcng Corp
Jan 19, 2005
$761,500
Mike C Teregis
Vertkes Tatarian
Warranty Deed
$456,900 · New Century Mortgage Corp
—
—
Michael C Teregis
—
Deed Of Trust
related
$465,000 · Citadel Svcng Corp
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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