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Property profile & analytics
OFF-MARKET
Estimated value
$1,290,000
Banks
734 Water St, Port Townsend, WA 98368-5791
Entity Owned
5-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-2043812
Property profile
Verified
Property type
Banks
Use group
FINANCIAL BUILDING
Total area
6,127 SF
Lot
0.28 ac (12,197 SF)
Zoning code
C-III
APN
989704206
UPID
US90-2043812
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
$1.27M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.29M
Owner & transaction history
1st Security Bank Of Washington · 5 yrs held
1st Security Bank Of Washington
since 2021
Last sale
$1.3M
4 recorded transactions
Zoning & alternative use
C-III · Port Townsend, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$1.5M
+78.7%
Retail stores
$990,000
+21.5%
Restaurant
$915,000
+12.6%
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
$1,170,000
ML approach
$1,265,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
FINANCIAL BUILDING
$815,000
Current use
MEDICAL BUILDING
$1,455,000
Change: +79% · Conversion: Difficult
RETAIL STORES
$990,000
Change: +21% · Conversion: Difficult
RESTAURANT
$915,000
Change: +13% · Conversion: Difficult
OFFICE BUILDING
$795,000
Change: -2% · Conversion: Difficult
Blend value · Realmo final
$1.29M
Range $1.16M – $1.42M · ±10% · vs last sale $1.30M (Jun 14 2021)
Last sale anchor
$1.30M
Jun 14 2021
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
$211 / 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
$9,577
Tax year 2023
Assessed value
$1,067,795
Assessed 2023
Previous assessed
$1,037,368
+2.9% YoY
Effective rate
0.90%
On assessed value
Assessed land
$533,836
Assessed improvement
$533,959
Land market value
$533,836
Improvement market value
$533,959
Total market value
$1,067,795
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
Banks
Use group
FINANCIAL BUILDING
Status
Off-Market
Heating
HEAT PUMP
Bathrooms
4
Total area
6,127 SF
Lot
0.28 ac (12,197 SF)
Zoning code
C-III
APN
989704206
UPID
US90-2043812
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
FINANCIAL BUILDING Current
Est. value
$815,000
MEDICAL BUILDING
Est. value
$1.5M
RETAIL STORES
Est. value
$990,000
RESTAURANT
Est. value
$915,000
OFFICE BUILDING
Est. value
$795,000
FINANCIAL BUILDING Current
MEDICAL BUILDING
RETAIL STORES
RESTAURANT
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
HEAT PUMP
Bathrooms
4
Lot
0.28 ac
Current owner
From public records · entity-resolved
1st Security Bank Of Washington
Entity
Free & Clear · 5 yrs held
Mailing address
6920 220TH ST SW, MOUNTLAKE TERRACE, WA 98043-2177
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2021
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
Jun 14, 2021
$1,300,000
1st Security Bank Of Washington
Lexington Investments LLC
Special Warranty Deed
—
Nov 17, 2015
$588,281
Lexington Investments LLC
First States Invtrs 5200 LLC
Grant Deed
—
May 19, 2005
—
First States Invtrs 5200 LLC
—
Deed Of Trust
related
$304,000,000 · German American Capital Corp
Oct 14, 2004
$926,718
First State Investors 5200 LLC
Bank Of America NA
Grant Deed
related
—
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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