315 W Gibson AVE - Apartments FOR SALE


Chelan, WA 98816
$2,500,000 USD
509-470-2416
315 W Gibson AVE, Chelan, WA for Sale
$2,500,000 USD
Apartments - FOR SALE
1/20
null | Request Cap Rate

315 W Gibson AVE
Chelan, WA 98816


HIGHLIGHTS

  • 13 separately established condominium units offered as one acquisition
  • Six garage interests provide additional tenant amenities and income potential
  • Existing rental income with value-add upside through continued unit renovations
  • Walking distance to downtown shopping, restaurants, marina, beaches, and entertainment
  • DMR (Downtown Mixed Residential) zoning provides redevelopment and mixed-use potential (buyer to verify)
  • Several units have been substantially updated, with additional renovation potential

OVERVIEW

Westwind combines existing income with thirteen separately established condominium interests, preserving multiple ownership and exit strategies not typically associated with a traditional multifamily acquisition. Offered as a single acquisition, the project provides the ability to continue current operations while retaining the flexibility associated with separate condominium ownership. Located directly across from Don Morse Memorial Park and within walking distance to Lake Chelan, the marina, restaurants, shopping, grocery stores, the Lakeview Drive-In, bowling, recreation amenities, and Link Transit, the property benefits from one of downtown Chelan's most walkable settings. Seller-owned future air rights, six garages, demonstrated renovation upside, and Downtown Mixed Residential zoning provide additional flexibility for future ownership objectives. Buyers may elect to continue operations, enhance income through renovations, pursue individual condominium dispositions over time, hold for long-term appreciation, or independently evaluate future expansion or redevelopment concepts. Buyer to verify all information material to intended use.

FOR SALE DETAILS

PRICE

$2,500,000 USD

PRICE/SF

$119 USD /SF

# OF UNITS

13

PRICE/UNIT

$192,308

CAP RATE

Request Cap Rate

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Westwind Condominium Project

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1956

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.52 AC

LAND SF

22,528 SF

ZONING

DowntownMixedResidential

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Russ McClellanKW FrontlineMore Info
509-470-2416

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Russ McClellanKW FrontlineMore Info
509-470-2416

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.