Renovated Quadplex with Lake
For Sale
$1,350,000
57 Katalpa, Manson, WA 98831
A renovated multiunit property includes a standalone loft, garage/shop space, and panoramic lake views.
Property Size3,298 SF
Price / SF$409.34
Days on Market24
Property Features for 57 Katalpa
General Information
Standard status
Active
Size
3,298 SF
Property subtype
Multi-family
Building Details
Year Built
1997
Listing Agency:
Windermere RE/Lk Chelan Midtwn
(509) 682-5100
Listed By:
Joe Collins
(360) 568-3105
Source:
Century21northhomes
Added: Aug 3
Changed: Aug 24
Last Checked: Aug 25 at 8:41AM
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 Windermere RE/Lk Chelan Midtwn
Investment Insights
Based on property information with market context.
This quadplex includes four apartments plus a separate one-bedroom loft apartment positioned above a two-car garage/shop. The fourplex units have been renovated within the past 4 years and feature individual fireplaces, large covered decks, panoramic lake views, and dedicated 2 space carports. The property also has a newer roof and updated HVAC systems.
The setting provides 180-degree views of Lake Chelan and Wapato Point. Downtown Manson is just minutes away, with access to restaurants, shopping, wineries, community parks, boat launches, and public swimming areas.
The setting provides 180-degree views of Lake Chelan and Wapato Point. Downtown Manson is just minutes away, with access to restaurants, shopping, wineries, community parks, boat launches, and public swimming areas.
Key Highlights
- Fourplex plus one‑bedroom standalone loft apartment above a two‑car garage/shop
- 180‑degree views of Lake Chelan and Wapato Point
- Every unit renovated within the past 4 years
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
$38,764
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
2.87%
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%
$775,280
$775.3K
Cap Rate 7%
$553,771
$553.8K
Cap Rate 9%
$430,711
$430.7K
Market Conditions
NOI Build-Up for 3,298 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
$57.4K $17.40/SF
− Vacancy
−$2.0K −$0.61/SF
EGI
$55.4K $16.79/SF
− OpEx
−$16.6K −$5.04/SF
NOI
$38.8K $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%
$775,280
Cap Rate 7%
$553,771
Cap Rate 9%
$430,711
Alternative Uses
Best Use
Multifamily LT 5
$553.8K
$484.6K – $646.1K
NOI $38,764 @ 7.0% cap · market cap 2.87%
Second Best
Apartment 5plus
$467.5K
$409.1K – $545.4K
NOI $32,726 @ 7.0% cap · market cap 2.42%
Theoretical Best
Office A
$865.0K
$756.9K – $1.01M
NOI $60,551 @ 7.0% cap · market cap 4.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 98831, WA
3,955
Population
2,253
Households
1.8
Avg Household Size
48
Median Age
32%
College-Educated
78%
High-School Grad
47.0 sq mi
ZIP Area
84
Density / Sq Mi
$73,223
Median Household Income
$34,316
Median Earnings
$1,397
Median Rent
$652,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - A renovated multiunit property includes a standalone loft, garage/shop space, and panoramic lake views.
Where is this quadplex located?
The property is located at 57 Katalpa Manson, WA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: Fourplex plus one‑bedroom standalone loft apartment above a two‑car garage/shop; 180‑degree views of Lake Chelan and Wapato Point; Every unit renovated within the past 4 years
