936 Water StPort Townsend, WA 98368

Property Details for 936 Water St

Lot size

0.08 AC

Property size (Sq ft)

3,480 SF

Zone code

C-III

Property type

Investment properties

Property subtype

Live-work space

APN

989704008

APU

989704008

Description

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.

• CAP approach

  CAP return

  Valuation

  6%

  $938,677

  6.5%

  $866,471

  7%

  $804,580

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,057,827

  Geo Method

  $670,178

• Alternative Use

  Use

  Valuation

  Residential

  $1,074,424

  Hospitality

  $984,167

  Educational

  $818,815

  Medical

  $846,976

  Retail

  $1,273,713

Location Insight

City

Port Townsend

County

Jefferson

State

Washington

Latitude

48.1143

Longitude

-122.757

Property Tax & Assessments

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