Back to Search
Property profile & analytics
OFF-MARKET
Office buildings
804 Water St Port Townsend, WA 98368-5731
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US90-1976983
Property summary
AI-generated overview
This exceptional 55x110' corner lot at 804 Water Street in Port Townsend, Washington (98368) presents a unique redevelopment opportunity. Priced at $2,500,000, this commercial land parcel boasts breathtaking, unobstructed views of Port Townsend Bay and the vineyards beyond. Its prime location directly across from the local City Park is unparalleled. The property currently features parking underneath the existing structure, as well as in an open area. Note that a concrete ramp, while part of this parcel, is currently used by neighboring properties. The existing building is not included in the sale
Property profile
Verified
Property type
Office buildings
Use group
PROFESSIONAL BUILDING
Total area
2,267 SF
Lot
0.14 ac (6,098 SF)
Zoning code
C-III
APN
989704101
UPID
US90-1976983
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
by Request
Owner & transaction history
Smith Building LLC · 8 yrs held
Smith Building LLC
since 2018
2 recorded transactions
Zoning & alternative use
C-III · Port Townsend, WA
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 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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
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
$8,401
Tax year 2023
Assessed value
$936,482
Assessed 2023
Previous assessed
$913,873
+2.5% YoY
Effective rate
0.90%
On assessed value
Assessed land
$566,696
Assessed improvement
$369,786
Land market value
$566,696
Improvement market value
$369,786
Total market value
$936,482
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
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
Office buildings
Use group
PROFESSIONAL BUILDING
Status
Off-Market
Heating
NONE
Total area
2,267 SF
Lot
0.14 ac (6,098 SF)
Zoning code
C-III
APN
989704101
UPID
US90-1976983
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.
Building & site characteristics
From public records
Heating
NONE
Lot
0.14 ac
Current owner
From public records · entity-resolved
Smith Building LLC
Entity
Mailing address
PO BOX 591, PORT TOWNSEND, WA 98368-0591
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 7, 2018
$600,281
Smith Building LLC
Smith Eleanor G
Grant Deed
$794,000 · Live Oak Bkg
Sep 14, 2009
—
Eleanor G Smith
Smith,homer S JR
Quit Claim 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.
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 804 Water St?
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.
