Updated Fourplex with
For Sale
$695,000
113 N Cleveland Ave, Wenatchee, WA 98801
Residential High zoning, separate utility meters, and alley access support straightforward property operations.
Property Size2,874 SF
Price / SF$241.82
Days on Market114
Property Features for 113 N Cleveland Ave
General Information
Standard status
Active
Size
2,874 SF
Property subtype
Multi-Family
Zoning
Residential High
Additional Details
Cap Rate
8.89%
Multifamily Units
4
Amenities
coin-operated laundry
Building Details
Year Built
1918
Listing Agency:
John L. Scott Wenatchee
Listed By:
Nicole Begin · License #24001784
(509) 662-4772
Source:
Viewhomesinpugetsound
Added: Jun 11
Changed: Oct 1
Last Checked: Oct 1 at 12:06PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of John L. Scott Wenatchee
Investment Insights
Based on property information with market context.
This four-unit residential income property at 113 N Cleveland Ave in Wenatchee includes separately metered units, off-street parking, coin-operated laundry, and alley access. The building has received multiple updates and has been maintained over time, providing an established configuration for rental operations.
The property is positioned in Wenatchee with access to shopping, employment, and transportation. Residential High zoning applies to the site. The reported cap rate is 8.89%, and the property’s unit-level utility metering helps distinguish owner-paid services from tenant consumption.
The property is positioned in Wenatchee with access to shopping, employment, and transportation. Residential High zoning applies to the site. The reported cap rate is 8.89%, and the property’s unit-level utility metering helps distinguish owner-paid services from tenant consumption.
Key Highlights
- Four‑unit property with an 8.89% cap rate
- Separately metered residential units
- Coin‑operated laundry on site
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,780
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.86%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$675,600
$675.6K
Cap Rate 7%
$482,571
$482.6K
Cap Rate 9%
$375,333
$375.3K
Market Conditions
NOI Build-Up for 2,874 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$50.0K $17.40/SF
− Vacancy
−$1.8K −$0.61/SF
EGI
$48.3K $16.79/SF
− OpEx
−$14.5K −$5.04/SF
NOI
$33.8K $11.75/SF
Area
Chelan County, WA
Vacancy
3.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$675,600
Cap Rate 7%
$482,571
Cap Rate 9%
$375,333
Alternative Uses
Best Use
Multifamily LT 5
$482.6K
$422.3K – $563.0K
NOI $33,780 @ 7.0% cap · market cap 4.86%
Second Best
Apartment 5plus
$407.4K
$356.5K – $475.3K
NOI $28,519 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$753.8K
$659.6K – $879.5K
NOI $52,767 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,669
Businesses Nearby
Explore this area
Business Placement
Demographics for 98801, WA
44,970
Population
18,034
Households
2.5
Avg Household Size
39
Median Age
31%
College-Educated
85%
High-School Grad
153.6 sq mi
ZIP Area
293
Density / Sq Mi
$74,768
Median Household Income
$41,216
Median Earnings
$1,200
Median Rent
$429,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Residential High zoning, separate utility meters, and alley access support straightforward property operations.
Where is this quadplex located?
The property is located at 113 N Cleveland Ave Wenatchee, WA.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four‑unit property with an 8.89% cap rate; Separately metered residential units; Coin‑operated laundry on site
