Case Study – 19510 58th Ave W
Mission Accomplished: 19510 58th Ave W | Land Development Site
OVERVIEW
- 19510 58th Ave W, Lynnwood, WA
- Land Development Site
- 32,670 SF / 0.75 AC
- Seller Representation
- Sale Price: $2,600,000
Outcome
Listed: June 10, 2024
Under Contract: September 6, 2024
Closed: October 31, 2025
The Challenge
The primary challenge was positioning the site competitively despite its distance from Lynnwood’s light rail development activity. High interest rates and construction costs made land acquisitions difficult, reducing the number of multifamily developers able to meet the seller’s target pricing. Additionally, there was uncertainty around Lynnwood’s permitting timelines and the parcel’s size, which limited achievable density. These conditions made it necessary to explore alternatives beyond traditional apartment developers to maximize value.
Our Approach
We analyzed multiple highest-and-best-use scenarios and broadened the buyer pool to include non-traditional users such as townhome builders, commercial owner-users, and specialty operators. By reframing the offering around the site’s access, zoning flexibility, and long-term area growth—not just proximity to light rail—we created renewed interest in a challenging rate environment. Focused outreach to groups still active in this cycle allowed us to bypass the limited multifamily demand and generate competitive engagement. The ultimate buyer was a day care operator.
For more information regarding this case study, please contact:
STUART WILLIAMS
Principal
D (206) 219.1281
swilliams@lee-associates.com
ALEX MUIR
Senior Vice President
D (206) 219.1283
amuir@lee-associates.com
SCOTTY ROWE
Associate
D (425) 818.2655
srowe@lee-associates.com
MCCALLUM MEAD
Associate
D (425) 818.2656
mmead@lee-associates.com