936 Water St Port Townsend, WA 98368-5733
This exceptional Port Townsend property offers a unique investment opportunity encompassing a thriving retail business, "Abracadabra," boasting over $700,000 in annual sales. The business is housed in a building featuring four occupied apartments generating over $90,000 in annual rental income. The retail space itself is charming and well-established, featuring handmade wood countertops and displays, ample storage, and prominent window displays on a prime commercial street. The building includes private parking for added convenience. The land itself is located at 936 Water Street, Port Townsend, WA 98368, in Jefferson County. This is a rare chance to acquire a turnkey operation with both strong retail and rental income streams, situated in a desirable location. The property is listed at $1,875,000 and presents a compelling opportunity for investors seeking a blend of commercial and residential income. The business's vibrant atmosphere and consistent sales history, coupled with the reliable rental income from the apartments, make this a truly attractive investment prospect. The property's location on what is considered the "golden block" of the business district ensures high visibility and foot traffic. This is a rare opportunity to acquire a well-established and profitable business along with a multi-unit rental property in a thriving waterfront community.
multifamily residential properties outside the C-III historic commercial district that are being developed, redeveloped, or expanded shall be reduced by two spaces for each on -street parking space provided adjacent to a site. The design, placement, and proposed construction standard of on -street parking spaces will be reviewed and approved by the public wo…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Property description
Physical attributes from public recordsZoning & alternative use
C-III · Port Townsend, WAmultifamily residential properties outside the C-III historic commercial district that are being developed, redeveloped, or expanded shall be reduced by two spaces for each on -street parking space provided adjacent to a site. The design, placement, and proposed construction standard of on -street parking spaces will be reviewed and approved by the public works director. Due to the high level of traffic, on -street parking may not be possible along Sims Way or other streets as determined by public works. D. To promote adaptive reuse and preservation of historic buildings as defined under Chapter 17.08 PTMC, the recommended required number of off-street parking spaces shall be reduced by the number of on -street parking spaces when the proposal retains or upgrades the historic classification and the proposed use is: 1. A bed and breakfast inn or a tourist home; or 2. Multifamily dwelling; or 3. Boarding house. E. One on-street parking space may be counted towards recommended required parking for single-family dwelling units if it meets the city’s engineered design standards, unless otherwise waived by the public works director. On-street parking must be located on that portion of the public street right -of-way which is abutting the front and side lot lines of the property. In such instances, one on -street parking space shall be counted for each continuous 20 feet of abutting street frontage, less the 20 feet closest to each street intersection and any frontage which may not be Port Townsend Municipal Code
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
