936 Water StPort Townsend, WA 98368

  • Mixed-use properties
  • 3,480 SF
For Sale
$1,875,000 View listing

Property Details for 936 Water St

Lot size
0.08 AC
Property size (Sq ft)
3,480 SF
Zone code
C-III
Property type
Mixed-use properties
Property subtype
Other investment properties
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
936 Water St, Port Townsend, Washington

Location Insight

City
Port Townsend
County
Jefferson
State
Washington
Latitude
48.1143
Longitude
-122.757

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
$6,248
$296,600
$399,654
$696,254
-
$296,600
$399,654
$696,254

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