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    Property profile & analytics

    Port Townsend, WA 98368

    • Office buildings
    • 2,884 SF
    • 0.57 lot acres
    OFF-MARKET
    Last Sale
    Jun 30, 2023
    $579,691
    Value Estimations
    $600,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US90-2595028
    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.

    Current Use by Public Records

    • Isalis / (Bike/Boat/Book/etc) Store
    • Party City / Party Supply Store / (Bike/Boat/Book/etc) Store
    • Skunk Funk / Big Box & Wholesale Store
    • Carl's Trading Co / Hat Shop
    • Bushka's Kitchen LLC / (Bike/Boat/Book/etc) Store

    Property Details for Port

    Lot size
    0.57 lot acres
    Property size
    2,884 SF
    Zone code
    RR-5
    Property type
    Office buildings
    APN
    1342035
    APU
    1342035

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $730,000
      ML approach
      $645,000

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $375,000
      Current use
      MEDICAL BUILDING
      $685,000
      Change: +83% Conversion: Easy
      RETAIL STORES
      $465,000
      Change: +24% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Townsend
    County
    Jefferson
    State
    Washington
    Longitude
    -122.797
    Latitude
    48.0497

    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
    $2,614
    $114,932
    $209,165
    $324,097
    -
    $114,932
    $209,165
    $324,097

    Comparable in this City

    • Value Estimation by Request
      0.37 Acres

      1220 Water St

      PROFESSIONAL BUILDING • 0.37 Acres
      1220 Water St, Port Townsend, WA 98368-6710
      View Details
    • Value Estimation by Request
      1,310 SF

      940 Washington St

      PROFESSIONAL BUILDING • 1,310 SF
      940 Washington St, Port Townsend, WA 98368-5722
      View Details
    • Value Estimation by Request
      6,802 SF

      2409 Jefferson St

      PROFESSIONAL BUILDING • 6,802 SF
      2409 Jefferson St, Port Townsend, WA 98368-4637
      View Details
    • Value Estimation
      $630,000
      4,608 SF

      2132 2134th Kearney St

      PROFESSIONAL BUILDING • 4,608 SF
      2132 2134th Kearney St, Port Townsend, WA 98368
      View Details
    • Value Estimation by Request
      3.57 Acres

      9495 State Rte 20

      PROFESSIONAL BUILDING • 3.57 Acres
      9495 State Rte 20, Port Townsend, WA 98368-9361
      View Details
    • Value Estimation
      $560,000
      5,723 SF

      625 Tyler St

      PROFESSIONAL BUILDING • 5,723 SF
      625 Tyler St, Port Townsend, WA 98368-6536
      View Details

    Similar Nearby for Sale

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      12,547 SF

      High-Bay Industrial and Office Space

      12,547 SF industrial and office space near Port Townsend.
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    • Contact for pricing

      Nordland Building Prime Office Space

      Main level office space in elevator building with bay views.
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    • $2,100,000
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      Historic Victorian Building in Downtown

      Victorian building with retail and office spaces in prime location.
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      Commercial Land and Building Opportunity

      Commercial land with building on a highly traveled intersection.
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    • Contact for pricing

      Uptown Office Space Available

      Over 2,000 sq. ft. of office space in Uptown.
      1215 Lawrence St, Port Townsend, WA 98368
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    • $949,950
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      Commercial Hangar with Office Space

      Commercial hangar with office, pilot's lounge, and mountain views.
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    Similar Nearby for Lease

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      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
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    • $32,745
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      Versatile Commercial Space in Port Townsend

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

      Flexible Industrial Building Available

      Industrial building with cannabis use approved, 2500-4500 SF available.
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      View Details
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    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.

    More about this property
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