Climate-Controlled Garage
For Sale
Contact for pricing
73 E Shop Avenue #B18, Chelan, WA 98816
Private garage condominium with dedicated power, HVAC, and a separate pedestrian entrance.
Property Size653 SF
Price / SF$300.15
Days on Market62
Property Features for 73 E Shop Avenue #B18
General Information
Standard status
Active
Size
653 SF
Total Parking Spaces
4
Property subtype
Special Purpose
Additional Details
Power
125 amps
Building Details
Year Built
2026
Stories
1
Units
58
Listing Agency:
Latham Realty Unlimited
(360) 795-5277
Listed By:
Jeff Latham · License #25265
Source:
Crexi
Added: Jun 30
Changed: Aug 30
Last Checked: Aug 30 at 6:16AM
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 Latham Realty Unlimited
Investment Insights
Based on property information with market context.
This garage condominium provides 652.5 square feet within a 14.5-by-45-foot unit. The space is equipped with climate control, heating, and air conditioning, along with 125-amp electrical service for a range of storage and hobby applications. A separate man door provides convenient walk-in access.
Located at 73 E Shop Avenue in Chelan, Washington, the unit is near Lake Chelan. Completed in 2026, it offers a dedicated enclosed space that can accommodate the property’s stated storage, recreational, and business uses.
Located at 73 E Shop Avenue in Chelan, Washington, the unit is near Lake Chelan. Completed in 2026, it offers a dedicated enclosed space that can accommodate the property’s stated storage, recreational, and business uses.
Key Highlights
- 652.5‑square‑foot garage condominium
- 14.5 x 45‑foot unit dimensions
- Climate control with heating and air conditioning
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
$7,497
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
3.82%
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%
$149,940
$149.9K
Cap Rate 7%
$107,100
$107.1K
Cap Rate 9%
$83,300
$83.3K
Market Conditions
NOI Build-Up for 653 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
$12.5K $19.20/SF
− Vacancy
−$1.0K −$1.54/SF
EGI
$11.5K $17.66/SF
− OpEx
−$4.0K −$6.18/SF
NOI
$7.5K $11.48/SF
Area
Chelan County, WA
Vacancy
8.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$149,940
Cap Rate 7%
$107,100
Cap Rate 9%
$83,300
Alternative Uses
Best Use
Flex RnD
$107.1K
$93.7K – $125.0K
NOI $7,497 @ 7.0% cap · market cap 3.82%
Second Best
Industrial
$78.5K
$68.7K – $91.6K
NOI $5,494 @ 7.0% cap · market cap 2.80%
Theoretical Best
Office A
$171.3K
$149.9K – $199.8K
NOI $11,989 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
124
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 98816, WA
7,067
Population
5,398
Households
1.3
Avg Household Size
47
Median Age
24%
College-Educated
81%
High-School Grad
494.2 sq mi
ZIP Area
14
Density / Sq Mi
$73,807
Median Household Income
$40,565
Median Earnings
$1,332
Median Rent
$450,500
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Private garage condominium with dedicated power, HVAC, and a separate pedestrian entrance.
Where is this parking lot & garage located?
The property is located at 73 E Shop Avenue #B18 Chelan, WA.
What is the asking price?
The asking price for this property is $196,000.
What are key features of this property?
This property features: 652.5‑square‑foot garage condominium; 14.5 x 45‑foot unit dimensions; Climate control with heating and air conditioning
