Updated Quadplex with Lake
For Sale
$839,000
703 Boetzkes Avenue, Manson, WA 98831
Four-unit income property with varied layouts, private outdoor areas, parking, and recreational amenities near downtown Manson.
Property Size2,976 SF
Days on Market29
Property Features for 703 Boetzkes Avenue
General Information
Standard status
Active
Size
2,976 SF
Total Parking Spaces
7
Property subtype
Residential Income
Additional Details
Utilities to Site
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,249
Amenities
in-unit laundry
fire pit
basketball/pickleball court
deck
patio
RV parking
Building Details
Building Size
2,976 SF
Year Built
1943
Units
4
Listing Agency:
Windermere Real Estate/M2, LLC
(425) 338-0600
Listed By:
Nate Saban
(425) 338-0600
Source:
Multifamilyspecialist
Added: Jul 15
Changed: Aug 12
Last Checked: Aug 12 at 11:53AM
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 Real Estate/M2, LLC
Investment Insights
Based on property information with market context.
This quadplex contains four distinct units with a range of layouts and improvements. The upper residence offers three bedrooms, two bathrooms, vaulted ceilings, an open plan, and lake and mountain views. Another unit includes two bedrooms, one bathroom, an updated kitchen, a private patio, and a one-car attached garage. The third residence is a loft-style unit with two bathrooms and an attached shop or flex area. Units 1–3 include in-unit laundry, while the detached accessory dwelling unit features a beach-themed interior, private patio, and fire pit.
The property is at 703 Boetzkes Avenue in Manson, within walking distance of downtown Manson and Lake Chelan. Site amenities include paved parking, RV parking, a basketball and pickleball court, a low-maintenance yard, cable TV, gas availability, and high-speed internet. Built in 1943, the property also includes a deck and shop.
The property is at 703 Boetzkes Avenue in Manson, within walking distance of downtown Manson and Lake Chelan. Site amenities include paved parking, RV parking, a basketball and pickleball court, a low-maintenance yard, cable TV, gas availability, and high-speed internet. Built in 1943, the property also includes a deck and shop.
Key Highlights
- Four total units with varied layouts, including a 3‑bedroom, 2‑bath upper unit
- Upper unit features vaulted ceilings, an open floor plan, and lake and mountain views
- Unit 2 includes an updated kitchen, private patio, and 1‑car attached garage
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
$34,979
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
4.17%
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%
$699,580
$699.6K
Cap Rate 7%
$499,700
$499.7K
Cap Rate 9%
$388,656
$388.7K
Market Conditions
NOI Build-Up for 2,976 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
$51.8K $17.40/SF
− Vacancy
−$1.8K −$0.61/SF
EGI
$50.0K $16.79/SF
− OpEx
−$15.0K −$5.04/SF
NOI
$35.0K $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%
$699,580
Cap Rate 7%
$499,700
Cap Rate 9%
$388,656
Alternative Uses
Best Use
Multifamily LT 5
$499.7K
$437.2K – $583.0K
NOI $34,979 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$421.9K
$369.1K – $492.2K
NOI $29,531 @ 7.0% cap · market cap 3.52%
Theoretical Best
Office A
$780.6K
$683.0K – $910.7K
NOI $54,639 @ 7.0% cap · market cap 6.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
132
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 - Four-unit income property with varied layouts, private outdoor areas, parking, and recreational amenities near downtown Manson.
Where is this quadplex located?
The property is located at 703 Boetzkes Avenue Manson, WA.
What is the asking price?
The asking price for this property is $839,000.
What are key features of this property?
This property features: Four total units with varied layouts, including a 3‑bedroom, 2‑bath upper unit; Upper unit features vaulted ceilings, an open floor plan, and lake and mountain views; Unit 2 includes an updated kitchen, private patio, and 1‑car attached garage
