Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$5,895,000
Drug stores
23940 State Rte 3rd 3 Belfair, WA 98528-9697
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US90-1557715
Property profile
Verified
Property type
Drug stores
Use group
DRUG STORE, PHARMACY
Year built
2008
Total area
17,134 SF
Lot
2.12 ac (92,347 SF)
APN
12329-41-90230
UPID
US90-1557715
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
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$5.90M
Owner & transaction history
Grocery Outlet Belfair LLC
Grocery Outlet Belfair LLC
since 2025
Last sale
$5.9M
6 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Belfair submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Belfair 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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$3,655,000
Change: 0% · Conversion: Easy
RESTAURANT
$3,545,000
Change: 0% · Conversion: Easy
Blend value · Realmo final
$5.90M
Range $5.31M – $6.48M · ±10% · vs last sale $5.89M (Dec 23 2025)
Last sale anchor
$5.89M
Dec 23 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
$344 / 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
$27,176
Tax year 2023
Assessed value
$3,760,565
Assessed 2023
Previous assessed
$3,483,145
+8.0% YoY
Effective rate
0.72%
On assessed value
Assessed land
$651,370
Assessed improvement
$3,109,195
Land market value
$651,370
Improvement market value
$3,109,195
Total market value
$3,760,565
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
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
Drug stores
Use group
DRUG STORE, PHARMACY
Status
Off-Market
Year built
2008
Heating
HEAT PUMP
Stories
1
Total area
17,134 SF
Lot
2.12 ac (92,347 SF)
APN
12329-41-90230
UPID
US90-1557715
Jurisdiction
MASON
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL)
Est. value
$3.7M
RESTAURANT
Est. value
$3.5M
COMMERCIAL (GENERAL)
RESTAURANT
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
Year built
2008
Heating
HEAT PUMP
Stories
1
Lot
2.12 ac
Current owner
From public records · entity-resolved
Grocery Outlet Belfair LLC
Entity
Mailing address
200 NEWBERRY CMNS, ETTERS, PA 17319-9363
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
Dec 23, 2025
$5,893,970
Grocery Outlet Belfair LLC
Belhoof LLC
Warranty Deed
$3,550,000 · Heritage Southeast Bank
Jan 28, 2025
—
Grocery Outlet INC
Belhoof LLC
Deed
—
Dec 6, 2024
$3,026,441
Belhoof LLC
Be Fair LLC
Warranty Deed
$3,380,000 · Oregon State Cu
Aug 1, 2023
—
Be Fair LLC
—
Deed
related
$4,200,000 · Boeing Employees Cu
Dec 18, 2006
$1,250,000
Be Fair LLC
Ronald A Wright
Warranty Deed
$6,191,019 · City Bank
—
—
Be Fair LLC
—
Deed Of Trust
related
$5,250,000 · Starwood Mortgage Capital LLC
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 23940 State Rte 3rd 3?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
