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    23940 State Rte 3rd 3 Belfair, WA 98528-9697
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    Property profile & analytics

    23940 State Rte 3rd 3 Belfair, WA 98528-9697

    View on Map
    • Drug stores
    • 17,134 SF
    • 2.12 lot acres
    Off-Market
    Last Sale Dec 23, 2025
    $5,893,970
    Property ID
    US90-1557715
    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
    $5,895,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Drug stores

    Property Details for 23940 State Rte 3rd 3

    Year built
    2008
    Lot size
    2.12 lot acres
    Property size
    17,134 SF
    Property type
    Drug stores
    APN
    12329-41-90230
    APU
    123294190230

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,655,000
      RESTAURANT
      $3,545,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Belfair
    County
    Mason
    State
    Washington
    Longitude
    -122.823
    Latitude
    47.4526
    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
    $27,176
    $651,370
    $3,109,195
    $3,760,565
    -
    $651,370
    $3,109,195
    $3,760,565

    Comparable in this City

    • Value Estimation by Request
      17,350 SF

      23940 State Route 3

      Individual retail properties • 17,350 SF
      23940 State Route 3, Belfair, WA 98528
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    • Value Estimation
      $530,000
      3,576 SF

      24180 State Rte 3rd 3

      FINANCIAL BUILDING • 3,576 SF
      24180 State Rte 3rd 3, Belfair, WA 98528
      View Details
    • Value Estimation by Request
      3,000 SF

      1471 Msn Crk Rd

      SHOW ROOM, WAREHOUSE • 3,000 SF
      1471 Msn Crk Rd, Belfair, WA 98528
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    • Value Estimation by Request
      864 SF

      81 Belfair St

      SHOW ROOM, WAREHOUSE • 864 SF
      81 Belfair St, Belfair, WA 98528-9739
      View Details
    • Value Estimation by Request
      3,000 SF

      Belfair, WA 98528

      SHOW ROOM, WAREHOUSE • 3,000 SF
      Belfair, WA 98528
      View Details
    • Value Estimation by Request
      2,304 SF

      3571 Nen Shr Rd

      CONVENIENCE STORE • 2,304 SF
      3571 Nen Shr Rd, Belfair, WA 98528-9432
      View Details

    Similar Nearby for Sale

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      Country Store and Gas Station

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      Land with Hood Canal Views

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    Similar Nearby for Lease

    • $4,000 /Mo
      2,500 SF

      Retail Property on State Route

      Commercial property on State Route 3 in Belfair, WA.
      23771 NE Wa 3, Belfair, WA 98528
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      1,995 SF

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      Retail property with 1995 square feet available for lease.
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      4,360 SF

      Retail Space Available for Lease

      Retail property available for lease in Belfair, Washington.
      23961-23969 Hwy 3 NE, Belfair, WA 98528
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      23,500 SF

      Land Available For Lease

      Land available for lease with utilities access and parking.
      22657 Hwy 3 NE, Belfair, WA 98528
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    • 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

      Land Lease on State Route

      Shy acre available for land lease on State Route.
      23191 NE State Route 3, Belfair, WA 98528
      View Details
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    Belfair, WA 98528-9697
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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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