Climate-Controlled Garage
For Sale
$351,000
Pending
B4-73 E Shop Ave, Chelan, WA 98816
Secure private garage condominium with heating, air conditioning, utility plumbing, and access to shared community amenities.
Property Size1,050 SF
Days on Market260
Property Features for B4-73 E Shop Ave
General Information
Standard status
Pending
Size
1,050 SF
Warehouse & Industrial
Warehouse Space
1,050 SF
Power
125 amps
Conditioned Warehouse
Yes
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$3,405
Amenities
climate control
125 amp electrical service
24/7 security
gated access
private clubhouse
heat
A/C
pass through door
Listing Agency:
Latham Realty Unlimited Inc
(360) 795-5277
Listed By:
Jeff T. Latham · License #25265
(360) 795-5277
Source:
Exprealty
Added: Dec 13, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:35PM
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 Inc
Investment Insights
Based on property information with market context.
This 1,050-square-foot garage condominium measures 21x50 and is configured for private vehicle and equipment storage. The completed unit includes heat, A/C, plumbing for water and sewer, and a pass-through door. Climate control and 125 amp electrical service support a range of storage and workshop needs.
The property is within a gated garage community at B4-73 E Shop Ave in Chelan, Washington. Shared amenities include 24/7 security and a private clubhouse with bathrooms and meeting space. Units measuring 14.5x37 and larger are rough plumbed for a bathroom; this unit is also eligible for additional mezzanine, bathroom, and epoxy floor upgrades. Combo units with a 10x10 passthrough are available.
The property is within a gated garage community at B4-73 E Shop Ave in Chelan, Washington. Shared amenities include 24/7 security and a private clubhouse with bathrooms and meeting space. Units measuring 14.5x37 and larger are rough plumbed for a bathroom; this unit is also eligible for additional mezzanine, bathroom, and epoxy floor upgrades. Combo units with a 10x10 passthrough are available.
Key Highlights
- 1,050‑square‑foot garage unit measuring 21x50
- Completed unit includes heat, A/C, water/sewer plumbing, and a pass‑through door
- Climate control and 125 amp electrical service
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
$10,726
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
3.06%
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%
$214,520
$214.5K
Cap Rate 7%
$153,229
$153.2K
Cap Rate 9%
$119,178
$119.2K
Market Conditions
NOI Build-Up for 1,050 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
$13.5K $12.84/SF
− Vacancy
−$863 −$0.82/SF
EGI
$12.6K $12.02/SF
− OpEx
−$1.9K −$1.80/SF
NOI
$10.7K $10.22/SF
Area
Chelan County, WA
Vacancy
6.40%
Lease Rate
$12.84 /SF/Yr
Expense Ratio
15.00%
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%
$214,520
Cap Rate 7%
$153,229
Cap Rate 9%
$119,178
Alternative Uses
Best Use
Warehouse
$153.2K
$134.1K – $178.8K
NOI $10,726 @ 7.0% cap · market cap 3.06%
Second Best
Self Storage
$128.9K
$112.8K – $150.4K
NOI $9,023 @ 7.0% cap · market cap 2.57%
Theoretical Best
Office A
$275.4K
$241.0K – $321.3K
NOI $19,278 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Parking lot & garage - Secure private garage condominium with heating, air conditioning, utility plumbing, and access to shared community amenities.
Where is this parking lot & garage located?
The property is located at B4-73 E Shop Ave Chelan, WA.
What is the asking price?
The asking price for this property is $351,000.
What are key features of this property?
This property features: 1,050‑square‑foot garage unit measuring 21x50; Completed unit includes heat, A/C, water/sewer plumbing, and a pass‑through door; Climate control and 125 amp electrical service
