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Property profile & analytics
FOR SALE
Investment properties
844 Water St, Port Townsend, WA 98368
Entity Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US90-1870199
No photos on file
For Sale
$2,100,000
844 Water St, Port Townsend, WA 98368
View Listing →
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Total area
12,508 SF
Lot
0.14 ac (6,098 SF)
Zoning code
C-III
APN
989704108
UPID
US90-1870199
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
$1.45M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.08M
Blend (final)
Blend
$1.49M
Owner & transaction history
Metis Group LLC · 1 yrs held
Metis Group LLC
since 2025
Last sale
$1.5M
4 recorded transactions
Zoning & alternative use
C-III · Port Townsend, WA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.0M
+68.5%
Restaurant
$1.9M
+56.2%
Office building
$1.6M
+35.4%
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
$1,475,000
ML approach
$1,450,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,200,000
Current use
RETAIL STORES
$2,020,000
Change: +68% · Conversion: Easy
RESTAURANT
$1,870,000
Change: +56% · Conversion: Difficult
OFFICE BUILDING
$1,620,000
Change: +35% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,280,000
Change: +7% · Conversion: Difficult
WAREHOUSE, STORAGE
$985,000
Change: -18% · Conversion: Difficult
Blend value · Realmo final
$1.49M
Range $1.34M – $1.64M · ±10% · vs last sale $1.52M (Jun 26 2025)
Last sale anchor
$1.52M
Jun 26 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
$119 / 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
$15,475
Tax year 2023
Assessed value
$1,726,042
Assessed 2023
Previous assessed
$1,669,864
+3.4% YoY
Effective rate
0.90%
On assessed value
Assessed land
$651,300
Assessed improvement
$1,074,742
Land market value
$651,300
Improvement market value
$1,074,742
Total market value
$1,726,042
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
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
For Sale
Heating
NONE
Total area
12,508 SF
Lot
0.14 ac (6,098 SF)
Zoning code
C-III
APN
989704108
UPID
US90-1870199
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
COMMERCIAL (GENERAL) Current
Est. value
$1.2M
RETAIL STORES
Est. value
$2.0M
RESTAURANT
Est. value
$1.9M
OFFICE BUILDING
Est. value
$1.6M
AUTO REPAIR, GARAGE
Est. value
$1.3M
WAREHOUSE, STORAGE
Est. value
$985,000
COMMERCIAL (GENERAL) Current
RETAIL STORES
RESTAURANT
OFFICE BUILDING
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
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
NONE
Lot
0.14 ac
Current owner
From public records · entity-resolved
Metis Group LLC
Entity
Free & Clear · 1 yrs held
Mailing address
4150 85TH AVE SE, MERCER ISLAND, WA 98040-4020
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
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 26, 2025
$1,519,052
Metis Group LLC
Port Townsend LLC
Warranty Deed
—
Jun 9, 2021
$1,760,000
Port Townsend LLC
John G Sheard
Warranty Deed
$860,000 · Coila Sheard Living Trust
Apr 5, 2012
—
Sheard Coila Living Trust
Sheard,coila
Quit Claim Deed
related
—
Apr 13, 2004
—
Sheard,coila Trust
Sheard,coila
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
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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