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    844 Water St Port Townsend, WA 98368
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    Property profile & analytics

    844 Water St Port Townsend, WA 98368

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    • Investment properties
    • 12,508 SF
    • 0.14 lot acres
    For Sale
    $2,100,000
    View Listing →
    Historic Victorian Building in Downtown For Sale
    $2,100,000
    13,284 SF

    Historic Victorian Building in Downtown

    Victorian building with retail and office spaces in prime location.

    844 Water St, Port Townsend, WA 98368
    View Listing
    Property ID
    US90-1870199
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Investment properties

    Property Details for 844 Water St

    Lot size
    0.14 lot acres
    Property size
    12,508 SF
    Zone code
    C-III
    Property type
    Investment properties
    Property subtype
    Live-work space
    APN
    989704108
    APU
    989704108

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,475,000
      ML approach
      $1,450,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,077,000
      Market price range: $407k - $2.02M

    • 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

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

    Location Insight

    • Map
    • Local Demand
    City
    Port Townsend
    County
    Jefferson
    State
    Washington
    Longitude
    -122.756
    Latitude
    48.1147

    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
    $15,475
    $651,300
    $1,074,742
    $1,726,042
    -
    $651,300
    $1,074,742
    $1,726,042

    Comparable in this City

    • Value Estimation
      $5,845,000
      29,250 SF

      129 Taylor St

      OFFICE/RESIDENTIAL (MIXED USE) • 29,250 SF
      129 Taylor St, Port Townsend, WA 98368-5748
      View Details
    • Value Estimation
      $1,210,000
      4,950 SF

      919 Washington St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,950 SF
      919 Washington St, Port Townsend, WA 98368-5721
      View Details
    • Value Estimation by Request
      3,794 SF

      810 Water St

      OFFICE/RESIDENTIAL (MIXED USE) • 3,794 SF
      810 Water St, Port Townsend, WA 98368-5769
      View Details
    • Value Estimation by Request
      13,650 SF

      1012 Lawrence St

      OFFICE/RESIDENTIAL (MIXED USE) • 13,650 SF
      1012 Lawrence St, Port Townsend, WA 98368-6524
      View Details
    • Value Estimation by Request
      4,119 SF

      918 Water St

      OFFICE/RESIDENTIAL (MIXED USE) • 4,119 SF
      918 Water St, Port Townsend, WA 98368-5733
      View Details
    • Value Estimation by Request
      0.14 Acres

      Port

      OFFICE/RESIDENTIAL (MIXED USE) • 0.14 Acres
      Port, Townsend, WA 98368
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Mixed-Use Condominium in Historic District

      Four-unit mixed-use property in Port Townsend's Fountain District.
      922 Washington St, Port Townsend, WA 98368
      View Details
    • $3,250,000

      Port Townsend Commercial Investment Opportunity

      Five buildings, 27,624 sqft, 2.4 acres, fully leased.
      205 Otto St, Port Townsend, WA 98368
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      Historic Mixed-Use Building For Sale

      Downtown Port Townsend mixed-use building with retail and residential units.
      1020 Water St, Port Townsend, WA 98368
      View Details
    • Contact for pricing

      Port Townsend Mixed-Use Development Land

      Acre+ mixed-use commercial land in growing Port Townsend area.
      2740 Discovery Rd, Port Townsend, WA 98368
      View Details
    • $275,000

      Port Townsend Double Lots Ready

      Double lots in Port Townsend ready to build your dream home.
      5679 Sheridan St #6, Port Townsend, WA 98368
      View Details
    • $1,159,000

      Industrial Warehouse in Port Townsend

      7500 SF warehouse with heavy power and new roof.
      211 Otto St, Port Townsend, WA 98368
      View Details

    Similar Nearby for Lease

    • $2,250 /Mo
      2,500 SF

      Industrial Space Near Highway 20

      Industrial space with open floor plan and highway access.
      205 Otto St, Port Townsend, WA 98368
      View Details
    • $4,750 /Mo
      5,450 SF

      Aircraft Hangar with Office Space

      Commercial aircraft hangar with high-end amenities and office space for lease.
      191 Airport Rd, Port Townsend, WA 98368
      View Details
    • $4,751 /Mo
      5,450 SF

      Aircraft Hangar with Office Space

      4,050 SF hangar with 1,400 SF office space for lease.
      191 Airport Rd, Port Townsend, WA 98368
      View Details
    • $21,600
      1,440 SF

      Versatile Commercial Space in Port Townsend

      Functional commercial space ideal for various trades and businesses.
      151 Fredericks St, Port Townsend, WA 98368
      View Details
    • $4,050 /Mo
      4,500 SF

      Flexible Industrial Building Available

      Industrial building with cannabis use approved, 2500-4500 SF available.
      203 Otto St, Port Townsend, WA 98368
      View Details
    View Listing
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    844 Water St
    Port Townsend, WA 98368
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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.

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