940 Washington St Port Townsend, WA 98368-5722
This 1,311 square foot retail space at 940 Washington Street in Port Townsend, Washington, presents a compelling investment opportunity. Located in the desirable Fountain District, just one block from Water Street (the city's main thoroughfare), this property boasts high visibility and foot traffic. The building features 50 feet of street frontage, two entry doors, and two bathrooms, making it easily divisible for two separate businesses. Built in 1958, the two-story structure sits on a 0.11-acre lot (APN 989705706) and is zoned for commercial use. Included with the sale are site drawings and preliminary reports detailing the potential for a second-story expansion, which could accommodate two apartments. This presents a unique opportunity to either immediately occupy the space with your business or capitalize on the expansion potential to increase revenue streams. The asking price has been reduced, making this an even more attractive proposition for discerning investors. The property's prime location and versatile layout offer significant upside potential.
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.
