{"id":6781,"date":"2022-07-26T15:02:10","date_gmt":"2022-07-26T22:02:10","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6781"},"modified":"2025-01-07T15:02:28","modified_gmt":"2025-01-07T23:02:28","slug":"case-study-7-units-in-queen-anne","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2022\/07\/26\/case-study-7-units-in-queen-anne\/","title":{"rendered":"Case Study &#8211; 7 Units in Queen Anne"},"content":{"rendered":"<div id=\"pl-6781\"  class=\"panel-layout\" ><div id=\"pg-6781-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6781-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6781-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6781-0-0-0\" 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-113ccd71f3e6-6781\"\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\/2022.7-1024x739.jpg\" width=\"1024\" height=\"739\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.7-1024x739.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.7-300x217.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.7-768x555.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/01\/2022.7.jpg 1162w\" 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-6781-1\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6781-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6781-1-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6781-1-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-6781-1-1-0\" ><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>822 3rd Ave N Seattle, WA 98109<\/li>\n<li>7 Unit<\/li>\n<li>Sale Price $1,905,000 - $10,000 over list<\/li>\n<li>Cap Rate 1.35%<\/li>\n<li>Three offers, two with no contingencies<\/li>\n<li>Closed in 84 days<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6781-1-1-1\" class=\"so-panel widget widget_sow-editor\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6781-1-1-1\" ><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>Working with Lee &amp; Associates Multifamily Team was a great experience. Candice and the rest of the team made the process clear and orderly. They were very thorough from the initial information gathering for the property, what market rates were, comparisons of similar properties, and suggested pricing. And since we were new to this process, they were all very patient as we learned about what was involved with each step. We appreciated the candid advice on how to proceed with the actual logistics of putting a multifamily property on the market and how to compare and make a decision once offers were available for review. We learned so much through this experience and credit Lee &amp; Associates Multifamily Team with making it a smooth transition. We also appreciate the information and contacts they provided that helped us in after-sale options, introducing us to trusted sources who were also very informative and helpful. We can\u2019t imagine how this would have all worked out without their expertise!<br \/>\n- Nancy, Sandy, and Steve<\/p>\n<p style=\"text-align: left\">\n<\/blockquote>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6781-1-1-2\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6781-1-1-2\" ><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-6781-1-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6781-1-2-0\" 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>Letting go of a building that one has owned for over 40 years is not an easy decision. Not only was this the client\u2019s first-time experience in selling a property, but it was also letting go a part of her legacy.<br \/>\nBeing a hands-on landlord, she created a strong bond with her tenants over the years. While pricing was crucial, finding the right buyer who would take care of the tenants was just as important to the client.<br \/>\nOnly a few blocks from the Climate Pledge Arena, the building is perfectly located for apartments or urban development. Even with the strong location, pricing the building was a challenge because of the significantly-below-market rents. The Lee &amp; Associates Multifamily team was tasked with finding the right balance of getting the highest price, the right buyer, and taking a thoughtful approach towards the client\u2019s delicate sentiment during her first sale experience.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6781-1-2-1\" 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>Lee &amp; Associates Multifamily team understood that this was our client\u2019s first experience in selling a building, so we took extra steps to make sure that we provided guidance to our client on every step of the sale process. This included exploring client\u2019s 1031 options and facilitating the communications with different strategic vendors.<\/p>\n<p>Our team carefully compiled and verified all of the due diligence materials. With the high-level of care in creating complete documentation for the potential buyers, our team is known for our trustworthiness in the brokerage community. With this reputation, our team was able to minimize contingencies for our client to ensure a smooth and successful closing.<\/p>\n<p>Within less than a month in the market, our team generated successful campaign marketing to a wide range of buyers which included local and out of state investors as well as developers. Our client received 3 offers with the top two offers waiving all contingencies<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6781-1-2-2\" 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>While under contract, the buyer had several changes to the closing date, disrupting the momentum. Despite the challenges, our team\u2019s ability to anticipate any potential roadblocks, come up with proactive solutions and communicate clearly to all parties enabled us to close this transaction successfully.<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6781-1-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6781-2\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6781-2\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6781-2-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6781-2-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6781-2-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6781 so-widget-fittext-wrapper\"\n\t\t\t data-fit-text-compressor=\"0\"\n\t\t><div 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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=\"554bd2cb\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Key Deal Points 822 3rd Ave N Seattle, WA 98109 7 Unit Sale Price $1,905,000 &#8211; $10,000 over list Cap Rate 1.35% Three offers, two with no contingencies Closed in 84 days &nbsp; Working with Lee &amp; Associates Multifamily Team was a great experience. Candice and the rest of the team made the process clear and orderly. They were very thorough from the initial information gathering for the property, what market rates were, comparisons of&#8230;<\/p>\n","protected":false},"author":183,"featured_media":1965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,6,1,1061],"tags":[1103,1126,1104,1105],"class_list":["post-6781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-featured","category-media-center","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 - 7 Units in Queen Anne - 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\/2022\/07\/26\/case-study-7-units-in-queen-anne\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study - 7 Units in Queen Anne\" \/>\n<meta property=\"og:description\" content=\"Key Deal Points 822 3rd Ave N Seattle, WA 98109 7 Unit Sale Price $1,905,000 - $10,000 over list Cap Rate 1.35% Three offers, two with no contingencies Closed in 84 days &nbsp; Working with Lee &amp; Associates Multifamily Team was a great experience. 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