$400,000
Est. $2,018/mo99 Xx Rainier Street, Port Townsend, WA 98368
• Listed 2026-05-22•16 days on market
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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.
Open houses
No upcoming open houses scheduled for this property.
$450,000
+$50,000 over list price
Nearby comparable homes
RexMont uses 2 strongest recent nearby sales, priced between $385K and $515K.3 outlier sales were excluded from this snapshot.
Rental earnings
$1,350/mo
Screening estimate from the comp-supported value. Verify with rent comps before underwriting.

$515,000Last sold price
2475 15th Street, Port Townsend, WA 98368

$385,000Last sold price
1323 8th Street, Port Townsend, WA 98368
Estimate is a comp-supported screen, not an appraisal or broker price opinion. Ask RexMont for a property-specific pricing review before writing or accepting an offer.
99 Xx Rainier Street, Port Townsend, WA 98368
Estimates only and not guaranteed. Consult a RexMont agent for accurate, personalized guidance before making an offer. RexMont OfferEdge™ · © 2026 RexMont Real Estate. Proprietary tool.
Neighborhood mobility
6 programs may be available to provide you with up to $55,000 in down payment assistance, depending on your specific information.
$2,188 per month
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MLS GRID Disclaimer
Based on information submitted to the MLS GRID as of May 22, 2026 at 03:31pm (date and time MLS GRID Data was obtained). All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
© 2026 Northwest Multiple Listing Service. All rights reserved.
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Listed by Andreas George Andreadis • Windermere R.E. Port Townsend
Listing updated: May 22, 2026 at 03:31pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2528497
Port Townsend is a balanced market.
Supply and demand are roughly in balance. Neither side has a clear edge.
Offer insight: Well-priced homes draw multiple offers; others sell close to asking.
List to sale price: The average home sells for about 1% below list price.
Time on market: The average home goes pending in around 19 days.
$464,950 Sold
1 week ago
3 bd•2.5 ba
1612 Lorraine Way, Port Townsend, WA 98368
0%
Over list
—
Days on market
0.2 mi
Distance
$175,000 Sold
4 weeks ago
•Single Family
1525 Grant, Port Townsend, WA 98368
13%
Under list
—
Days on market
0.7 mi
Distance
$525,000 Sold
8 weeks ago
4 bd•2.5 ba•~1,952 sq ft•Single Family
2422 Cliff Street, Port Townsend, WA 98368
0%
Over list
—
Days on market
0.6 mi
Distance
$499,950 Sold
2 months ago
4 bd•3 ba•~2,066 sq ft•Single Family
2606 Wonderland Way, Port Townsend, WA 98368
0%
Over list
—
Days on market
0.3 mi
Distance
$472,250 Sold
5 months ago
2 bd•1 ba•~1,148 sq ft•Single Family
652 Mcpherson Street, Port Townsend, WA 98368
11%
Under list
—
Days on market
0.4 mi
Distance
Closed sales from MLS GRID / NWMLS within the past 6 months, matched on property type and within 1 mile. Comps approximate.
Want a deeper read on this market?
Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Jun 2026
Port Townsend #50 School District
Assigned schools for this property per the listing's MLS data. School district boundaries change — verify the exact assigned schools with the district before purchasing.