Printer Friendly

Mandoli sees future in century-old brick building.

Four of the nine units in the apartment building sitting on the quarter-acre parcel at 245 N. Mission, Wenatchee, are occupied.

The other five, Joe Mandoli said, are "unfinished," perhaps a generous way to describe their condition.

Mandoli's goal, and that of the partners and investors in Mission Properties Inc., who purchased the building April 11, is to bring the 1910-era structure back to its former glory.

Just what that means and how long it will take depends on financing.

Mandoli's preference would be to secure grant funding that would allow him to make the apartments available for low income tenants once the renovation is complete.

None of those details are in place yet, though.

A few days after the real estate deal was inked, Mandoli was still getting bids on work that needed to be done to get the brick structure up to par. His rough estimate was in the $180,000 range, with about $100,000 needed just for the building itself, not counting the brick work, roof and other necessities.

Mission Properties Inc. paid $185,000 for the property and the buildings, according to the records on the Chelan County Assessor's Office website. Those records show two buildings on the .25-acre parcel. The main building has 1,960 square feet of space on the main floor, 1,664 square feet upstairs and a 1,616-square-foot basement. The second building, that sits at the back of the lot, is 700 square feet. The assessed value is currently listed at $232,066.

In May 2006, Melvin Simmons purchased the property from Galoot Inc., a Nevada corporation, for $224,500. Patrick Wagner, a member of Galoot Inc., had purchased the property from Lee and Kathy Stoll for $165,000 in 1992. According to an article in the November 1992 issue of the Wenatchee Business Journal, the building originally was a family home that was turned into a 17-unit apartment complex after Kirby Billingsley bought it in the late 1930s. The Stolls purchased it in 1976 and remodeled it into 10 units. They operated their business, Independent Telephone, on the second floor of the building just before they sold it.

Dave Stueck of Northwest Commercial Brokers, who helped put together the latest deal with Mandoli, said the original listing price for the property when it went on the market three years ago was $400,000. At the time, the real estate market was such that the prices were starting to fall.

Mandoli said he made an offer of $365,000 at that time, but it was rejected.

Several months later, the asking price had dropped to $335,000.

The property was taken off the market for a time. It went back on the market about eight months ago, this time with the price being negotiated by the bank.

It was officially listed at $249,000 and an all-cash offer was on the table. That deal eventually fell through.

"This isn't a project for the faint of heart," Mandoli said.

After the cash buyer backed out, Mandoli's investors gave him the go-ahead to negotiate.

Those investors, who prefer to stay behind the scenes, he said, have purchased distressed buildings and renovated them successfully before--both commercial and residential.

"We didn't just watch 'Flip this House' on TV. We have years of experience on the team. I couldn't do this alone," he said.

Mandoli said he sold real estate for about eight years before becoming an investor. And he has taken the time to educate himself in the processes.

"This is not a flip. This will be ours for 20 years," he said.

Sometimes the investment group turns around and sells the buildings for a profit. Sometimes they keep ownership and lease them out.

In this case, it's about more than profit, Mandoli said.

"The investors are looking to be socially responsible," by providing affordable rentals needed in the city and, at the same time, cleaning up the neighborhood.

For the past several years, activities in and around the building have attracted more attention from law enforcement than most neighbors would like to see, Mandoli said.

"Everything came together to allow the deal to happen. It's a win-win for everyone. No one is getting hurt in the deal," he said.

The next step is securing financing for the renovations. Some of the grant applications for the low-income housing funds are due soon, so he is working on those.

Mandoli said if any contractors are interested in bidding on the work or if any investors are interested in finding out more, to give him a call.

If he is unable to secure the grant funding, the option is private financing, which will take longer and most likely would mean having to charge full-market rates for the apartments, he said.

As for the current tenants, Mandoli said, "If they're good tenants, they have nothing to worry about. They will get their pick of any unit when the work is complete."

If they're not good tenants, which he describes as "lawful, who take good care of the units," they won't be tenants for long.

"We don't want the police here. We won't put up with crime. We want the area cleaned up. Those that are left behind will be clean and law-abiding," he said.

If all works well with 245 N. Mission building, Mandoli said he, and his team, could be looking at buying another building next year.

"We want to continuously move forward," he said. "We just don't want to move too quick. We want to be stable before we make another move."

Still, with the prices the way they are, he said, if you have the money, "Now is the best time to buy."

Top properties

The following is a list of upper-end residential and commercial property sales in Chelan and Douglas counties, as compiled by Chet Haney, owner of Cornerstone Realty Services.

Haney publishes the list once a month from his office in Tonasket.

Chelan County Residential $400,000 and above

Seller: U.S. National Bank Association

Buyer: Karl J. Snyder and Abigail A. Snyder

Description: A four-bedroom, five-bathroom house with 2,230 square feet of space on the main floor, 672 square feet upstairs, a 2,165-square-foot finished basement, a fireplace, entry, deck, tile roof and a 1,078-square-foot attached garage. The house was built in 2006 and sits on a 0.79-acre lot.

Address: 123 East Mountain Brook Lane, Wenatchee

Price: $465,199

Date: Feb. 28, 2012

Seller: Richard Moltke and Alice M. Moltke

Buyer: Craig Sorensen and Jorilyn C. Delvo

Description: A three-bedroom, two-and-a-half-bathroom house with 2,279 square feet of space on the main floor, 577 square feet upstairs, a 513-square-foot basement, two-story fireplace, 473-square-foot deck, turret and a 561-square-foot attached garage. The house was built in 1991 and sits on a 0.23-acre lot with 74 feet of Wenatchee River frontage.

Address: 1535 Alpensee Strasse, Leavenworth

Price: $617,000

Date: March 22, 2012

Seller: Burley J. Packwood and Katie Woo

Buyer: Mikhail Fridman and Alina Fridman

Description: A three-bedroom, two-bathroom log house with 1,332 square feet of space on the main floor, a 324-square-foot loft, a two-story fireplace and two decks. The house was built in 1991 and sits on 15.75 acres, which also includes a 1,120-square-foot pole garage, a carport, a small log cabin and storage.

Address: 16550 River Road, Plain

Price: $450,000

Date: Feb. 29, 2012

Seller: U.S. National Bank Association

Buyer: Steven D. Peek and Christine L. Peek

Description: A three-bedroom, three-and-a-half-bathroom house with 1,950 square feet of space on the main floor, a 1,612-square-foot basement, fireplace, 222-square-foot covered porch and 132 square feet of deck. The house was built in 2003 and sits on 1.22 acres, which also includes a 1,564-square-foot garage.

Address: 19105 SR 97A, Chelan

Price: $421,000

Date: March 14, 2012

Seller: Jeffrey J. Eller and Lorily A. Eller

Buyer:. Eric A. Campbell and Nicole D. Campbell

Description: A three-bedroom, two-and-a-half-bathroom house with 1,574 square feet of space on the main floor, 622 square feet upstairs, a deck and a covered deck and a covered porch. The house was built in 1994 and sits on 2.28 acres, which includes a lake view and a 600-square-foot garage.

Address: 317 Highpoint Place, Chelan

Price: $425,000

Date: March 23, 2012

Seller: Jason A. Underwood and Kelly M. Underwood

Buyer:. Larry D. Poirier and Connie K. Poirier

Description: A five-bedroom, four-bathroom house with 2, 114 square feet of space on the main floor, a 2,124-square-foot basement, 432-square-foot patio, deck, covered entry, 662-square-foot attached garage and natural rock landscaping. The house was built in 2005 and sits on a 0.5-acre lot.

Address: 85 Grandview Lane, Chelan

Price: $590,000

Date: March 2, 2012

Seller:. Carol Atienza

Buyer:. G9 Properties LLC

Description: A three-bedroom, two-bathroom house with 1,279 square feet of space on the main floor, a covered entry and dock. The house was built in 1989 and sits on a 0.89-acre lot, which includes a 736-square-foot dock and 56 feet of Lake Chelan waterfront.

Address: 2850 SR 150, Manson

Price: $725,000

Date: March 22, 2012

Chelan County


Seller: Rodney A. Haverfield

Buyer: Jose A.C. Barrera

Description: 0.12 acres of vacant land.

Address: Sunset Highway, Cashmere

Price: $ 100,000

Date: March 27, 2012

Seller: Crunch Pak LLC

Buyer: Mount Cashmere Properties LLC

Description: 0.5 acres, vacant land.

Address: Sunset Highway, Cashmere

Price: $150,000

Date: Feb. 29, 2012

Seller: 305 Sunset Highway LLC

Buyer: Mount Cashmere Properties LLC

Description: 1.69 acres in five parcels, including a 940-square-foot house built in 1924 and a 1,048-square-foot house built in 1910.

Address: 305 Sunset Highway, 305 Foster St., Cashmere

Price: $850,000

Date: Feb. 29, 2012

Seller: Garry Kennard and Monica Kennard

Buyer: Khera Inc.

Description: "Hometown Market," a 8,553-square-foot brick building, built in 1960, remodeled in 1993, with a 440-squarefoot cold room and a 280-square-foot loading dock. The building sits on a 0.5-acre lot.

Address: 300 Aplets Way, Cashmere

Price: $700,000

Date: March 30, 2012

Seller: B&S Holdings

Buyer: Wenatchee School District #246

Description: "Reese's Carpet" a 12,600-square-foot building with 3,500 square feet of canopy and 1,050-square-foot loading dock. The structure was built in 1979 and sits on 0.69 acres.

Address: 1911 N. Wenatchee Ave., Wenatchee

Price: $750,000

Date: March 8, 2012

Chelan County

Orchards, agriculture or vacant property

Seller: Thomas L. McDevitt and Marva L. McDevitt

Buyer: David L. Piper and Andrea R. Piper

Description: 13.24 acres of open and timber land.

Address: Deadman Hill Road, Dryden

Price: $125,000

Date: March 23, 2012

Seller: Edwin (Eddie) A. Fallon and Cherry L. Fallon

Buyer: Mac & Travis LLC

Description: 82.14 acres on 5 parcels. The property includes a house built in 1918, three pole buildings, a carport, barn, three manufactured houses, a mix of cherry, apple and pear orchards.

Address: Parcels border Lower Joe Creek Road, Swanson Gulch and Boyd Loop, Manson

Price: $997,924

Date: March 27, 2012

Douglas County

Residential $400,000 and above

Seller: Witsil Construction Inc.

Buyer: Karl A. Leggett and Jie Zhou

Description: A five-bedroom, four-and-a-half-bathroom house with 2,311 square feet of space on the main floor, a 1,800-squarefoot basement, two decks, a fireplace and a 779-square-foot attached garage. The house was built in 2008 and sits on a 0.85-acre lot.

Address: 33 N. Shore Drive, Chelan

Price: $480,000

Date: March 27, 2012

Douglas County


Seller:. Charles Hankins and Annette Hankins

Buyer: Mayer Ventures LLC

Description: Two brick office buildings, one with 1,796 square feet of space on the main floor and in the basement, the second with 600 square feet of space, both built in 1930 and sitting on a 0.23-acre lot.

Address: 720 Valley Mall Parkway, East Wenatchee

Price: $189,000

Date: March 15, 2012

Seller:. Joseph T. Smith and Mary I. Smith et al

Buyer: Marine RV LLC

Description: A 40-unit RV and mobile home park, with a 1994 26-by-66-foot mobile home and 200-square-foot laundry on 12.82 acres.

Address: 401 Parkway Drive, Rock Island

Price: $900,000

Date: March 15, 2012

Seller: Greg M. Jensen and Pamela K. Jensen

Buyer: R:L2 LLC

Description: Office building ("Farm Credit Services" and a dentist office) with 3,036 square feet of space on the main floor, a 3,036-square-foot basement (with 1,516 square feet of finished space), built in 1981 and sitting on a 0.68-acre lot.

Address: 667 Grant Road, East Wenatchee

Price: $ 1,200,000

Date: March 30, 2012

Seller:, Sandra E. Covey

Buyer: WSDOT

Description: 3.03 acres of vacant land for right of way.

Address: Sunset Highway, East Wenatchee

Price: $663,000

Date: March 30, 2012

Douglas County

Orchards, agriculture or vacant property

Seller: Twin W. Orchard Tracts

Buyer: Roger L. Strohm and Jodi K. Strohm

Description: 15.31 acres, with 14.31 acres in pears.

Address: 228 Vineyard Drive, Orondo

Price: $230,000

Date: March 23. 2012

Building permits

The following commercial building permits, permits for residential projects valued at $250,000 and more or multiple projects by the same owner were issued recently.

Chelan County

William Timmermans, 9790 Blewett Cutoff Road, Peshastin; no cost listed for commercial addition/remodel. Permit issued March I. Contractor: not listed.

Russell Carlson, 3600 Bainard Road, Malaga; $45,000 for pole shop building. Permit issued March 5. Contractor: not listed.

Tsillan Cellars, 310 Paintbrush Road, Chelan; cost not listed for fire sprinklers. Permit issued March 12. Contractor: not listed.

Chelan County Public Utility District; $102,000 for commercial structure at 20 Chelan Falls Road. Permit issued March 15. Contractor: not listed.

Dean and Heather Neff, 1055 S. Lakeshore Road, Chelan; $336,191.90 for a single-family house. Permit issued March 20. Contractor: not listed.

Pete Olson, 7424 Icicle Road, Leavenworth; $401,867 for a single-family house. Permit issued March 21. Contractor: not listed.

Rod Grahms, 4909 Selfs Road, Cashmere; $10,800 for a commercial addition/remodel. Permit issued March 29. Contractor: not listed.

Shippers Properties LLC, 385 E. Penny Road, Wenatchee; $95,000 for commercial addition/remodel. Permit issued March 29. Contractor: not listed.

Douglas County

Mike and Carmen Bos, Snohomish; $485,750 for single family home at 238 Vineyard Drive, Orondo. Permit issued April 13. Contractor: CMC Development Inc.


Wenatchee Housing Authority, 1553-1555 Methow St., Wenatchee; $100,000 for main entry alterations, remodel. Permit issued March 5. Contractor: Owner.

Bill Lewis, 521 S. Chelan Ave., Wenatchee; $3,000 for tenant improvements. Permit issued March 13. Contractor: JRC Construction.

Jiffy Lube, 920 N. Mission St. and 746 S. Mission St., Wenatchee; cost not listed for illuminated "Pennzoir' wall signs. Permits issued March 16. Contractor: Graybeal Signs.

Robert J. Fries, 525-527 Piere St., Wenatchee; parking lot planning permit. Permit issued: March 21. Contractor: Owner.

Rich Interiors, 2131 N. Wenatchee Ave., Wenatchee; $2,600 for exterior face lift. Permit issued March 27. Contractor: Owner.

City of Wenatchee, 129 S. Chelan Ave., Wenatchee; cost not listed for suspended ceiling. Permit issued March 27, Contractor: Gale Contractor Services.

East Wenatchee

Marsha Taylor, 816 Valley Mall Parkway, East Wenatchee; $2,000 for stairway. Permit issued March 5. Contractor: Jim Cleveland.

Valley Parkway LLC, 305 Valley Mall Parkway, East Wenatchee; $8,500 for tenant improvements at Blue Spoon Yogurt. Permit issued: March 23. Contractor: Owner.

Bid results

The following are bid requests and bid results involving local companies or projects that were listed at The Wenatchee Plan and Copy Center last month. The information on the bid requests includes the name of the project, the deadline and the requesting agency. The list of awarded contracts includes the name of the project, its location or the public agency requesting the bid, the apparent low bidder or bid award recipient and the price.

Out for bid

Water main replacement, Ponderosa Community Club, Plain, 2 p.m. May 8. RH2 Engineering.

Bradley Street South, Chelan; 10 a.m. May 9. RH2 Engineers.

Sewer system improvement, phase I, Omak, 2 p.m. May 16. Gray & Osborne.

Design and build concrete comm. building, Douglas County; 2 p.m. May 21. Douglas County Public Utility District.

Peninsula Park swim area improvements, Douglas County; 2 p.m. May 21. Douglas County PUD.

Bids awarded

Stevens Pass variable message signs, King and Chelan counties, WSDOT; apparent low bidder was Northeast Electric LLC. $1,326,305.

Entiat Fire Station new headquarters, Entiat; apparent low bidder was Halme Builders. Price not listed.

Wenatchee Valley College, chiller system Improvements, Wenatchee; apparent low bidder: Holmberg Company of Kirkland. $199,000.

Wastewater system improvements, phase 3, Rock Island; apparent low bidder was KRCI LLC of East Wenatchee. $908,067.40.

Ground maintenance, Douglas County; apparent low bidder was Corrigan's Spraying, Grading and Excavation LLC of Chelan. $184,900.

Licensed contractors

The following is a list of newly registered contractors in Chelan and Douglas counties based on a monthly report from the Washington Department of Labor and Industries. The list includes all new contractors in the area as well as those that have reregistered due to changes in business name or ownership or lapsed registration.

For more information on the contractors, check the Labor and Industries Web site at

Best Drywall

Owner: Ramiro Prado and Juan Antonio Prado

Address: 3344 Saturday Ave., Malaga

License number: BESTDD*882UO

Expiration date: March 20, 2014

Best Rates Contractor

Owner: John D. Cumpton Jr.

Address: 1437 S.E. Tedford, Wenatchee

License number: BESTRRC884DR

Expiration date: March 19, 2014

Chelan Fence

Owner: Gary Shively

Address: 117 Fairway, Chelan

License number: CHELAF*883D9

Expiration date: March 29, 2014

Gallardo's Painting

Owner: Edith Rosales

Address: 307 N. Marilyn Ave., Wenatchee

License number: GALLAP*882DB

Expiration date: March 2, 2014

Miller Family Contractors

Owner: Jill Donelle Miller

Address: 1422 N. Miller St., Suite 5A, Wenatchee

License number: MILLEFC884DT

Expiration date: March 30, 2014

Ovenell's Cabinets

Owner: Stephen P. Ovenell and Kathryn Rae Ovenell

Address: 305 Mission Ave., Cashmere

License number: OVENEC*888DZ

Expiration date: March 9, 2014

Stormy Mountain Concrete

Owner: James Michael Dion, Nicholas Joseph Lysiak and Monico Valadez Zermeno

Address: P.O. Box 1286, Chelan

License number: STORMMC881 DO

Expiration date: March 20, 2014

Tolman Construction

Owner: DJ Tolman Anderson

Address: 3331 Stiss Canyon Road, Wenatchee

License number: TOLMAC*887DL

Expiration date: March 13, 2014

Turner Restoration

Owner: Travis Wayne Turner

Address: 1420 Westwood Ave., Wenatchee

License number: TURNER*884DR

Expiration date: March 19, 2014

Van's Landscaping

Owner: Van T. Tran

Address: 1010 Springwater St., Wenatchee

License number: VANSLL*888DN

Expiration date: March 15, 2014
COPYRIGHT 2012 NCW Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2012 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Real estate & Construction
Author:McDaniels, Nevonne
Publication:Wenatchee Business Journal
Geographic Code:1USA
Date:May 1, 2012
Previous Article:Cashmere Valley Bank.
Next Article:Encourage, inspire employees for return on investment.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters