Discover a rare and unique investment opportunity in the City of Port Townsend. This R-IV Multi-Family parcel is positioned at the corner of Rainier Street and Discovery Road. Much of the critical infrastructure is already established, including utilities in the street, brand-new sidewalks along Discovery Road, and integrated walking trails on Rainier Street that enhance the site's future curb appeal and walkability. This property benefits from R-IV high-density zoning and the City of Port Townsend's Multi-Family Tax Exemption (MFTE) programs. These incentives provide a clear path to maximizing ROI in a high-demand housing market. The R-IV zoning allows for 10-24 dwellings per structure, with a total density range of 15 to 48 units per 40,000 square feet (~1 acre). Whether you envision a residential complex or a maximum-density apartment project, this site offers the rare combination of established infrastructure, tax advantages, and a premier location. Secure one of Port Townsend's high-density parcels in this vibrant community and bring your vision to life.
| MLS # | 2528497 |
|---|---|
| Listing Type | For Sale |
| Building Name | Phillip's Addition |
| Sub-Type | Resale |
| Status | Active |
| Days On Site | 127 |
| Listing Provided By | Windermere R.E. Port Townsend | Andreas George Andreadis |
| Zoning | R-IV |
|---|---|
| Acreage | 1.17 |
| Property View | Yes |
| Property | 838 |
|---|
| State | WA |
|---|---|
| County | Jefferson |
| City | Port Townsend |
| Zip Code | 98368 |
| Area | 480 Port Townsend |
| Community Name | Port Townsend |
| School District | Port Townsend High |
| Elementary School | Salish Coast Elementary |
| High School | Port Townsend High |
| Listing VS Median (in Port Townsend) | |
Price: $375,000 low | high Med: $478,950 On site: 127 low | high Med: 24.5 | |
| State | WA |
|---|---|
| County | Jefferson |
| City | Port Townsend |
| Zip Code | 98368 |
| Area | 480 Port Townsend |
| Community Name | Port Townsend |
| School District | Port Townsend High |
| Elementary School | Salish Coast Elementary |
| High School | Port Townsend High |
| Listing VS Median (in Port Townsend) | |
Price: $375,000 low | high Med: $478,950 On site: 127 low | high Med: 24.5 | |