Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    23322 State Rte 3rd 3 Belfair, WA 98528-8320
    Back to Search
    Property profile & analytics

    23322 State Rte 3rd 3, Belfair, WA 98528-8320

    View on Map
    • Motels
    • 8,824 SF
    • 2.68 lot acres
    Off-Market
    Last Sale Jun 11, 2025
    $2,452,184
    Property ID
    US90-0813127
    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.
    Value Estimations
    $2,450,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Motels

    Property Details for 23322 State Rte 3rd 3

    Year built
    1988
    Lot size
    2.68 lot acres
    Property type
    Motels
    APN
    12332-50-00011
    APU
    123325000011

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 11, 2025 $2,452,184 Dubbwa-2 LLC San Ae INC Warranty Deed $2.6M · Commonwealth Business Bank
    Mar 31, 2025 $2,452,184 San Ae INC Sonkim Corporation Warranty Deed $1M · Mountain Pacific Bank
    Apr 27, 2017 $1,100,000 Sonkim Corp Golden Treasury II LLC Warranty Deed $1M
    Apr 25, 2007 $1,180,000 Golden Treasury II LLC Soo Hong Chang Warranty Deed $750k · Shinhan Bank America
    — — Chang S Hong — Deed Of Trust · related $15k · City Bank
    — — Chang S Hong — Deed Of Trust · related $16k · City Bank
    — — Chang S Hong — Deed Of Trust · related $50k · City Bank
    — — Chang S Hong — Deed Of Trust · related $35k · City Bank

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $1,880,000
      RESTAURANT
      $1,825,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Belfair
    County
    Mason
    State
    Washington
    Longitude
    -122.829
    Latitude
    47.4453
    CBSA code
    43220
    CBSA name
    SHELTON, WA MICROPOLITAN 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
    2023
    $14,921
    $270,080
    $1,791,385
    $2,061,465
    -
    $270,080
    $1,791,385
    $2,061,465

    Comparable in this City

    • Value Estimation by Request
      4,160 SF

      130 Dulalip Lndg

      HOTEL/MOTEL
      130 Dulalip Lndg, Belfair, WA 98528-8417
      View Details
    • Value Estimation by Request
      44.30 Acres

      300 Coon S Dr

      CAMPGROUND, RV PARK
      300 Coon S Dr, Belfair, WA 98528-7522
      View Details
    • Value Estimation by Request
      15,173 SF

      23969 Hwy

      Individual retail properties
      23969 Hwy, Belfair, WA 98528
      View Details
    • Value Estimation by Request
      0.27 Acres

      Belfair, WA 98528

      VACANT COMMERCIAL LAND
      Belfair, WA 98528
      View Details
    • Value Estimation by Request
      1.00 Acre

      Belfair, WA 98528

      RETAIL STORES (PERSONAL SERVICES)
      Belfair, WA 98528
      View Details
    • Value Estimation by Request
      0.10 Acres

      Belfair, WA 98528

      INDUSTRIAL - VACANT LAND
      Belfair, WA 98528
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      7,481 SF

      Country Store and Gas Station

      Established store and gas station with diverse income streams.
      3530 NE Old Belfair Hwy, Belfair, WA 98528
      View Details
    • $1,800,000

      Established Winery for Sale

      Profitable Wine Business, Turnkey Operation
      21 Old Belfair Hwy, Belfair, WA 98528
      View Details
    • Contact for pricing

      5 Acre Wooded Land Parcel

      5 acre Belfair land with trails and septic system.
      51 East Carols Pl, Belfair, WA 98528
      View Details
    • Contact for pricing

      Land with Hood Canal Views

      Over one-acre lot with views of Hood Canal and Olympics.
      301 W J Way, Belfair, WA 98528
      View Details
    • $1,800,000

      Turnkey Belfair Landmark Opportunity

      Established retail and warehouse space on 1.2 acres.
      461 Northeast Old Belfair Hwy, Belfair, WA 98528
      View Details
    • Contact for pricing

      Fuel Station with Convenience Store

      Reconfiguration with preliminary approval to add a 2-pump, 2-tank fuel station with canopy along street frontage.
      3571 North Shore Rd, Belfair, WA 98528
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      23,500 SF

      Land Available For Lease

      Land available for lease with utilities access and parking.
      22657 Hwy 3 NE, Belfair, WA 98528
      View Details
    • Contact for pricing
      2,500 SF

      Retail Property on State Route

      Commercial property on State Route 3 in Belfair, WA.
      23771 NE Wa 3, Belfair, WA 98528
      View Details
    • Contact for pricing
      1,400,000 SF

      Belfair Warehouse Space Available

      Large industrial warehouse and distribution space for lease.
      25400 State Route 3, Belfair, WA 98528
      View Details
    • Contact for pricing
      4,360 SF

      Retail Space Available for Lease

      Retail property available for lease in Belfair, Washington.
      23961-23969 Hwy 3 NE, Belfair, WA 98528
      View Details
    • Contact for pricing

      Land Lease on State Route

      Shy acre available for land lease on State Route.
      23191 NE State Route 3, Belfair, WA 98528
      View Details
    • Contact for pricing
      1,995 SF

      Retail Space Available For Rent

      Retail property with 1995 square feet available for lease.
      23771 Washington 3, Belfair, WA 98528
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    23322 State Rte 3rd 3
    Belfair, WA 98528-8320
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    23322 State Rte 3rd 3, Belfair, WA, 98528
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!