507 E Wapato Ave

507 E Wapato Ave, Chelan, WA 98816

OFFERING AT $699,000

Opportunity awaits in the heart of Lake Chelan!

Extensively renovated with a studs-out remodel and over $225,000 invested in upgrades, this turnkey property offers the perfect blend of modern comfort, prime location, and income-producing potential. Just blocks from the lake, downtown dining, wineries, and shopping, this home is ideally positioned as either a full-time residence, vacation retreat, or high-performing short-term rental. Even better — it is currently operating as one of the limited STR properties permitted within Chelan’s desirable DMU zoning district.Effectively rebuilt in 2022, this spacious 2,460-square-foot home features 5 bedrooms and 2 bathrooms with thoughtfully designed living spaces throughout. The fully fenced and shaded front yard creates a welcoming outdoor retreat, while the private back patio is designed for entertaining with covered dining, sectional seating around a firepit, and detached storage shed.

Inside, nearly every surface and system has been updated, including flooring, appliances, bathrooms, HVAC, electrical, plumbing, windows, and more. The inviting living room is anchored by a charming bay window framing beautiful mountain views, while the expansive dining area comfortably seats 10 guests. The main floor offers 3 bedrooms and a tiled bath with radiant flooring, with 2 additional light-filled oversized bedrooms upstairs sharing a full bath. A massive unfinished attic presents exceptional potential for future expansion — ideal for additional living space, a bunk room, media room, or play area.

Lovingly redesigned and lovingly maintained, this move-in-ready property offers flexibility, charm, and proven rental performance in one of Washington’s most sought-after vacation destinations. Inspection report and rental income statements available upon request. Schedule your private tour today!

5 BEDROOM | 1.75 BATHROOM | 2,460 SQFT.
MLS 2530295

Key Features & Upgrades

Studs-Out Remodel Completed in 2022 — Over $225,000 Invested in Capital Improvements

Extensively renovated with a comprehensive studs-out remodel completed in 2022, this propertyfeatures over $225,000 in high-quality upgrades, systems modernization, and infrastructureimprovements throughout.

Major Structural & Exterior Improvements

Seismic foundation retrofit completed ($15,000)
Full exterior repaint ($15,000)
New roof installed in 2020 ($18,000)
All-new energy-efficient windows and sliding glass door ($23,000)
New front entry door and rebuilt entry porch ($4,000)
New exterior fencing installed ($7,000)
New gravel driveway and expanded patio area with pavers ($6,000)
Custom irrigated planter dividers added for enhanced privacy and curb appeal ($2,000)
Mature walnut trees professionally trimmed in 2023 ($3,000)

Interior Renovations & Finishes

New drywall and full interior repaint throughout ($30,000)
New staircase and redesigned laundry room ($10,000)
New baseboards, trim package, and interior doors throughout ($12,000)
Updated interior lighting throughout the home ($3,000)
New water-resistant laminate hardwood flooring ($7,000)
New wall-to-wall carpeting with upgraded pad ($3,000)

Mechanical, Electrical & Plumbing Upgrades

New water heater and updated plumbing systems ($8,000)
New furnace and upgraded electrical systems ($15,000)
New heat pump system with central forced air plus ductless mini-split A/C units ($23,000)
Custom protective awning installed over exterior A/C equipment ($2,000)
Sewer line professionally hydro-jetted in 2022 ($1,000)

Kitchen, Bath & Appliance Improvements

Fully renovated upstairs bathroom ($18,000)
Updated main-floor bathroom lighting, fixtures, and toilet ($1,000)
New kitchen appliances and tile backsplash ($4,000)
New washer and dryer included ($2,000)

Landscaping & Irrigation

New sprinkler/irrigation system installed ($7,000)

Additional Highlights

All furnishings available for purchase separately; pricing negotiable
Expansive attic offers strong potential for future conversion to additional living space and addedsquare footage
Full inspection report, permits, and rental income statements available upon request