{"id":6740,"date":"2023-12-22T12:15:35","date_gmt":"2023-12-22T20:15:35","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6740"},"modified":"2026-07-07T13:47:34","modified_gmt":"2026-07-07T20:47:34","slug":"case-study-ballard-5-unit","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2023\/12\/22\/case-study-ballard-5-unit\/","title":{"rendered":"Case Study &#8211; Ballard 5-Unit"},"content":{"rendered":"<div id=\"pl-6740\"  class=\"panel-layout\" ><div id=\"pg-6740-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6740-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6740-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6740-0-0-0\" 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-113ccd71f3e6-6740\"\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\/1541_Building.jpg\" width=\"391\" height=\"384\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/1541_Building.jpg 391w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2024\/12\/1541_Building-300x295.jpg 300w\" sizes=\"(max-width: 391px) 100vw, 391px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6740-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6740-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6740-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6740-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6740-1-1-0\" ><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>1541 NW 52nd St, Seattle<\/li>\n<li>Seller Financing Terms: 5% Interest 3-yr IO, 25% down<\/li>\n<li>5-unit with all two-bedrooms<\/li>\n<li>Sale Price $1.875M<\/li>\n<li>08% Cap Rate<\/li>\n<li>Represented Seller<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6740-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6740-1-1-1\" ><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<blockquote>\n<p><em>I highly recommend <\/em><em>Candice Chevaillier, CCIM and her team, at Lee &amp; Associates. They are professional as well as extremely knowledgeable of the current trends, and with experience. With very creative thinking, they were able to create a plan to help sell our building at the price we wanted. It was amazing that this sale could be <\/em><em>closed in 10 days! If you want to buy, sell or lease a commercial property, they are the professionals to work with.<\/em><\/p>\n<p><em>- Susan and Steve Adams<\/em><\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6740-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6740-1-1-2\" ><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-6740-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6740-1-2-0\" 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>The Lee &amp; Associates Multifamily team brought the Seller\u2019s property to market for the first time in 2018. While there were multiple offers, Seller had a price in mind that the buyers could not meet at the time. Though the property did not sell, our approach to servicing our clients to the highest standards left an impression on the Seller. Fast forward five years, the Seller once again trusted our team to represent them in the marketplace. The team was put to the test, marketing a low cap rate property in a volatile market in which interest rates had doubled in the last 18 months.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6740-1-2-1\" 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>Based on the first marketing experience, the biggest challenge was the low net income. We made recommendations on increasing rents closer to market so that we could achieve the pricing that the Seller wanted. In the last five years, Seller engaged a property management company and though they were able to generate additional income from parking and storage, the rents were still 20% below market. With the conventional interest rates at 7.5% and Seller\u2019s pricing expectations setting the cap rate at 4.04%, it would require creative thinking around the financing. Our team suggested that Seller Financing will of help bridge the gap as well as highlighting the possibility of adding the 6th unit to to support the premium price.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6740-1-2-2\" 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>We received consistent market interest however, potential buyers quickly realized that even with the Seller Financing, it was tough to pencil at the desired pricing. We continued to market the property and many months of working to encourage buyers to strengthen their offer price, the right buyer finally came along. Through several series of negotiations, the Lee Multifamily team was able to bring both parties to reach an agreement and close in just 10 days.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6740-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6740-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6740-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6740-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6740-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6740-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6740 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h4 class=\"sow-headline\">\n\t\t\t\t\t\t<b>NEW<\/b> FROM THE MEDIA CENTER...\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"decoration\">\n\t\t\t\t\t\t<div class=\"decoration-inside\"><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n<\/div><\/div><\/div><div id=\"panel-6740-2-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"8\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-post-carousel so-widget-sow-post-carousel-base-ad93eedad001-6740\"\n\t\t\t\n\t\t>\t<div\n\t\tclass=\"sow-post-carousel-wrapper sow-post-carousel-theme-base\"\n\t\tstyle=\"overflow: hidden; max-width: 100%; min-height: 182px\"\n\t>\n\t\t<div class=\"sow-carousel-title\">\n\t\t\t<div class=\"sow-carousel-navigation \">\n\t\t\t\t\t\t<a href=\"#\" class=\"sow-carousel-next\" title=\"Next\" aria-label=\"Next Posts\" role=\"button\"><\/a>\n\t\t\t\t\t\t<a href=\"#\" class=\"sow-carousel-previous\" title=\"Previous\" aria-label=\"Previous Posts\" 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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-industrial-market-report\/\"\n\t\t\t\tid=\"sow-carousel-id-9315\"\n\t\t\t\t\t\t\t\ttabindex=\"-1\"\n\t\t\t>\n\n\t\t\t\tQ2 2026 Industrial Market Report\t\t\t<\/a>\n\t\t<\/h3>\n\t<\/div>\n\t\t<div class=\"sow-carousel-item\" tabindex=\"-1\" style=\"float: left;\">\n\t\t<div class=\"sow-carousel-thumbnail\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\thref=\"https:\/\/www.lee-associates.com\/northwest\/2026\/09\/16\/q2-2026-multifamily-market-report\/\"\n\t\t\t\t\t\t\t\t\t\tstyle=\"background-image: url( https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2026\/09\/Multifamily-Market-Report-Featured-Image-272x182.png )\"\n\t\t\t\t\taria-labelledby=\"sow-carousel-id-9305\"\n\t\t\t\t\ttabindex=\"-1\"\n\t\t\t\t>\n\t\t\t\t\t<span class=\"overlay\"><\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t<h3 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=\"2ebdb20a\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 1541 NW 52nd St, Seattle Seller Financing Terms: 5% Interest 3-yr IO, 25% down 5-unit with all two-bedrooms Sale Price $1.875M 08% Cap Rate Represented Seller I highly recommend Candice Chevaillier, CCIM and her team, at Lee &amp; Associates. They are professional as well as extremely knowledgeable of the current trends, and with experience. With very creative thinking, they were able to create a plan to help sell our building at the&#8230;<\/p>\n","protected":false},"author":39,"featured_media":1965,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,1061],"tags":[1103,1126,1104,1105],"class_list":["post-6740","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 - Ballard 5-Unit - 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\/2023\/12\/22\/case-study-ballard-5-unit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Ballard 5-Unit\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points 1541 NW 52nd St, Seattle Seller Financing Terms: 5% Interest 3-yr IO, 25% down 5-unit with all two-bedrooms Sale Price $1.875M 08% Cap Rate Represented Seller I highly recommend Candice Chevaillier, CCIM and her team, at Lee &amp; Associates. They are professional as well as extremely knowledgeable of the current trends, and with experience. With very creative thinking, they were able to create a plan to help sell our building at the...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/northwest\/2023\/12\/22\/case-study-ballard-5-unit\/\" \/>\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=\"2023-12-22T20:15:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-07T20:47:34+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\\\/2023\\\/12\\\/22\\\/case-study-ballard-5-unit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/2023\\\/12\\\/22\\\/case-study-ballard-5-unit\\\/\"},\"author\":{\"name\":\"Ashley Gaquin\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/northwest\\\/#\\\/schema\\\/person\\\/9c7412d73ef5a4c0f2a3a46cbe7c6396\"},\"headline\":\"Case Study &#8211; 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