{"id":6758,"date":"2023-03-22T14:11:28","date_gmt":"2023-03-22T21:11:28","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6758"},"modified":"2026-07-07T13:48:00","modified_gmt":"2026-07-07T20:48:00","slug":"case-study-lower-queen-anne-21-units","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2023\/03\/22\/case-study-lower-queen-anne-21-units\/","title":{"rendered":"Case Study &#8211; Lower Queen Anne 21 Units"},"content":{"rendered":"<div id=\"pl-6758\"  class=\"panel-layout\" ><div id=\"pg-6758-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6758-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6758-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6758-0-0-0\" 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-113ccd71f3e6-6758\"\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\/2025\/01\/2023.3-1024x674.jpg\" width=\"1024\" height=\"674\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.3-1024x674.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.3-300x197.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.3-768x505.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2023.3.jpg 1152w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6758-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6758-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6758-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6758-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6758-1-1-0\" ><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>620 Ward St, Seattle<\/li>\n<li>21-Unit Apartment in Lower Queen Anne<\/li>\n<li>Sale Price $7.3M<\/li>\n<li>Cap Rate at close 4.23%<\/li>\n<li>Represented Seller &amp; Buyer<\/li>\n<li>Coordinated 1031 Exchanges for both parties<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6758-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6758-1-1-1\" ><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>I feel lucky to have found Candice and her team at Lee &amp; Associates to sell my multi-family property in Seattle, WA. I was immediately impressed with the diversity of her team and their focus on understanding my goals as a seller. They took the time to understand my property in order to market it successfully and ultimately find the right buyer. I felt completely supported and understood through the entire process and wouldn't hesitate to recommend Candice and her team to anyone looking to sell or buy a multi-family property. I couldn't have asked for a better team of people to work with or a better outcome.<br \/>\n- Craig<\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6758-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6758-1-1-2\" ><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-6758-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6758-1-2-0\" 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 owner reached out to the Lee &amp; Associates Multifamily team for consultation and assistance marketing his apartment after another brokerage team's attempt did not bring a sale. The building was meticulously cared for and in a well-located area within walking distance to Lower Queen amenities. We are honored to be handpicked by the client for this assignment. At the same time, market had shifted since the building had been on market. Ready to take on the challenge of both meeting our client\u2019s pricing expectations and finding the right buyer in a softening market, the team go to work.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6758-1-2-1\" 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>While waiting for the completion of some capital improvement projects, the Multifamily team proactively gathered all the due diligence for the building. The client kept immaculate records on the building. During this preparation period, the team saw an opportunity to add value to the building. Under our council, the seller was able to lower his property assessment by $1M and also exploring a cell tower contract that would boost the net income by $35,000\/year. This creative approach provided additional NOI to be counted towards the value of the building and maintain the building's top value potential<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6758-1-2-2\" 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>In addition to our team\u2019s on-going marketing campaign whichreaches nearly 7000 people in the multifamily community, our team is actively engaged with key players who are active in the market. Our team works with many clients and one of them was in a 1031 exchange. The timing and the equity amount couldn\u2019t have been more perfect.<\/p>\n<p>Our Multifamily team typically create a wide marketing program for listings which is typically most beneficial to the client to have the property marketed to the wider audience. In this case, there was a unique opportunity to have pricing feedback and insight from a recent previous marketing campaign and could weigh that against an offer from a very well qualified 1031 buyer. We worked with both parties to move towards the completion of the capital projects, receive a property tax reduction, and advance the antennae contract. In the end, the buyer purchased the building at full price and the team assisted the execution of successful 1031 exchanges for both buyer and seller.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6758-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6758-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6758-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6758-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6758-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6758-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6758 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-6758-2-0-1\" 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-ad93eedad001-6758\"\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=\"e6b1e647\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 620 Ward St, Seattle 21-Unit Apartment in Lower Queen Anne Sale Price $7.3M Cap Rate at close 4.23% Represented Seller &amp; Buyer Coordinated 1031 Exchanges for both parties &nbsp; I feel lucky to have found Candice and her team at Lee &amp; Associates to sell my multi-family property in Seattle, WA. I was immediately impressed with the diversity of her team and their focus on understanding my goals as a seller. They&#8230;<\/p>\n","protected":false},"author":183,"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-6758","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 - Lower Queen Anne 21 Units - 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\/03\/22\/case-study-lower-queen-anne-21-units\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - Lower Queen Anne 21 Units\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points 620 Ward St, Seattle 21-Unit Apartment in Lower Queen Anne Sale Price $7.3M Cap Rate at close 4.23% Represented Seller &amp; Buyer Coordinated 1031 Exchanges for both parties &nbsp; I feel lucky to have found Candice and her team at Lee &amp; Associates to sell my multi-family property in Seattle, WA. I was immediately impressed with the diversity of her team and their focus on understanding my goals as a seller. 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