{"id":6732,"date":"2024-02-26T11:51:26","date_gmt":"2024-02-26T19:51:26","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6732"},"modified":"2026-07-07T13:47:16","modified_gmt":"2026-07-07T20:47:16","slug":"case-study-queen-anne-11-unit-with-view-and-penthouse","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2024\/02\/26\/case-study-queen-anne-11-unit-with-view-and-penthouse\/","title":{"rendered":"Case Study &#8211; Queen Anne 11-Unit with View and Penthouse"},"content":{"rendered":"<div id=\"pl-6732\"  class=\"panel-layout\" ><div id=\"pg-6732-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6732-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6732-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6732-0-0-0\" class=\"so-panel widget widget_sow-image panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-6732\"\n\t\t\t\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/20231030-DJI_0232-1024x682.jpg\" width=\"1024\" height=\"682\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/20231030-DJI_0232-1024x682.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/20231030-DJI_0232-300x200.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/20231030-DJI_0232-768x512.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/20231030-DJI_0232-1536x1023.jpg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/20231030-DJI_0232-2048x1365.jpg 2048w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/20231030-DJI_0232-272x182.jpg 272w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"20231030-DJI_0232\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6732-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6732-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6732-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6732-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6732-1-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3><strong><span style=\"color: #009ad9\">Key Deal Points<\/span><\/strong><\/h3>\n<ul style=\"list-style-type: square\">\n<li>Hillside House, 15 Ward St, Seattle<\/li>\n<li>Seller Financing Terms: 3 yr, 30% Down Payment<\/li>\n<li>11-unit with View and Penthouse<\/li>\n<li>Sale Price $3.05M<\/li>\n<li>94% Cap Rate at closing<\/li>\n<li>Represented Seller &amp; Buyer<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6732-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6732-1-1-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>&nbsp;<\/p>\n<blockquote>\n<p><em>Candice, Dea and Chris exceeded my expectations in their competence, professionalism, integrity and aggressive marketing strategy. <\/em><em>I did not expect to get my building's value due to Seattle's pro-crime, anti- landlord political climate. But thanks to Candice's team and contacts, they found the best buyer to <\/em><em>take advantage of seller financing. <\/em><em>I highly recommend Candice, Dea and Chris to anyone concerned about selling their apartment building in these challenging market conditions.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><em>- Lou<\/em><\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6732-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6732-1-1-2\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p><em>For more information regarding this case study, please contact:<\/em><\/p>\n<p><span style=\"color: #009ad9\"><strong>Candice Chevaillier, CCIM<\/strong><\/span><\/p>\n<p>Principal<strong><br \/>\nD\u00a0 <\/strong>(206) 773-2694<br \/>\ncchevaillier@lee-associates.com<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #009ad9\"><strong>Daniel Lim<\/strong><\/span><\/p>\n<p>Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2692<br \/>\ndlim@lee-associates.com<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #009ad9\"><strong>Dea Sumantri<\/strong><\/span><\/p>\n<p>Associate Vice President<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2680<br \/>\ndsumantri@lee-associates.com<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #009ad9\"><b>Chris Larsen<\/b><\/span><\/p>\n<p>Associate<br \/>\n<strong>D<\/strong>\u00a0 (206) 773-2695<br \/>\nclarsen@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6732-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6732-1-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>Challenge<\/strong><\/h2>\n<p>In a competitive real estate landscape, the choice of brokerage team can make all the difference. The Seller sought our expertise after having previously engaged another brokerage team to sell the property, but after six months, those efforts were unsuccessful. Known for our expertise specifically in the Queen Anne market, proven by the successful sale of 45 buildings within this coveted submarket, our team brings a wealth of expertise to the table. While the Hillside House is in a prime location with spectacular views, it also had low rents and income. The main challenge was marketing a low cap rate property in a volatile market in which interest rates had doubled in the last 18 months. With the right strategy and approach, our Lee Multifamily team was confident that with the right marketing, a buyer with vision to remodel the property would be found.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6732-1-2-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"5\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>Action<\/strong><\/h2>\n<p>Recognizing the untapped opportunities overlooked by previous brokers, our Lee Multifamily team identified a couple key areas that could be implemented. The Lee Multifamily team created a well-crafted, targeted marketing campaign and spotlighting a Seller-Financing scenario as a viable solution to bridge the gap between the Seller\u2019s pricing expectations and market feedback.<\/p>\n<p>One of the team\u2019s arrows in the quiver is the targeted rooftop calling initiative. This approach proved effective in the case of Hillside House, where our direct calling campaign led us to the ideal buyer. Notably, this buyer already owned two buildings within the Queen Anne area, and had purchased a property listed by our team previously.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6732-1-2-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"6\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h2><strong>Result<\/strong><\/h2>\n<p>Through a combination of market insight and proactive strategies, not only did the Lee Multifamily team find the right Buyer, but our team also maximized pricing for the Seller. Our previous experience structuring Seller Financing was critical because this sale structure is more nuanced, given an ongoing relationship between buyer and seller. Since our team had worked with the buyer previously, we were able to supply our client with references from the previous sale adding confidence that the buyer had been performing on his other investment.<\/p>\n<p>Through several series of negotiations, the Lee Multifamily team was able to bring both parties to reach an agreement with Seller Financing terms that worked well with both parties.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6732-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6732-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6732-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6732-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6732-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6732-2-0-0\" 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class=\"sow-carousel-item-title\">\n\t\t\t<a\n\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9305\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Multifamily Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t<\/div>\n\t\t<input type=\"hidden\" name=\"instance_hash\" value=\"b2a0768b\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points Hillside House, 15 Ward St, Seattle Seller Financing Terms: 3 yr, 30% Down Payment 11-unit with View and Penthouse Sale Price $3.05M 94% Cap Rate at closing Represented Seller &amp; Buyer &nbsp; Candice, Dea and Chris exceeded my expectations in their competence, professionalism, integrity and aggressive marketing strategy. I did not expect to get my building&#8217;s value due to Seattle&#8217;s pro-crime, anti- landlord political climate. But thanks to Candice&#8217;s team and contacts,&#8230;<\/p>\n","protected":false},"author":39,"featured_media":1965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,1061],"tags":[1103,1126,1104,1105],"class_list":["post-6732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-multifamily","tag-candice-chevaillier","tag-chris-larsen","tag-daniel-lim","tag-dea-sumantri"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.7 (Yoast SEO v28.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Case Study - Queen Anne 11-Unit with View and Penthouse - Lee &amp; Associates Pacific Northwest<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/northwest\/2024\/02\/26\/case-study-queen-anne-11-unit-with-view-and-penthouse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Queen Anne 11-Unit with View and Penthouse\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points Hillside House, 15 Ward St, Seattle Seller Financing Terms: 3 yr, 30% Down Payment 11-unit with View and Penthouse Sale Price $3.05M 94% Cap Rate at closing Represented Seller &amp; Buyer &nbsp; Candice, Dea and Chris exceeded my expectations in their competence, professionalism, integrity and aggressive marketing strategy. I did not expect to get my building&#039;s value due to Seattle&#039;s pro-crime, anti- landlord political climate. But thanks to Candice&#039;s team and contacts,...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2024\/02\/26\/case-study-queen-anne-11-unit-with-view-and-penthouse\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates Pacific Northwest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nwleeassociates\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-26T19:51:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:47:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2020\/03\/Blog-Headers-1024x576_Case-Study.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Ashley Gaquin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:site\" content=\"@NWLeeAssociates\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ashley Gaquin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/02\\\/26\\\/case-study-queen-anne-11-unit-with-view-and-penthouse\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2024\\\/02\\\/26\\\/case-study-queen-anne-11-unit-with-view-and-penthouse\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Case Study &#8211; 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