{"id":6949,"date":"2018-07-20T13:40:38","date_gmt":"2018-07-20T20:40:38","guid":{"rendered":"https:\/\/www.lee-associates.com\/northwest\/?p=6949"},"modified":"2025-10-14T15:48:28","modified_gmt":"2025-10-14T22:48:28","slug":"case-study-701-dexter-ave-multifamily-land-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/northwest\/2018\/07\/20\/case-study-701-dexter-ave-multifamily-land-2\/","title":{"rendered":"Case Study &#8211; 701 Dexter"},"content":{"rendered":"<div id=\"pl-6949\"  class=\"panel-layout\" ><div id=\"pg-6949-0\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6949-0\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6949-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-0-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-4776a67521a3-6949\"\n\t\t\t\n\t\t><div class=\"sow-headline-container \">\n\t\t\t\t\t\t\t<h1 class=\"sow-sub-headline\">\n\t\t\t\t\t\tMultifamily Land\t\t\t\t\t\t<\/h1>\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 id=\"panel-6949-0-0-1\" class=\"so-panel widget widget_sow-image panel-last-child\" data-index=\"1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-113ccd71f3e6-6949\"\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\/02\/701-DD-Rendering-cropped-768x421.jpg\" width=\"768\" height=\"421\" srcset=\"https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/701-DD-Rendering-cropped-768x421.jpg 768w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/701-DD-Rendering-cropped-300x164.jpg 300w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/701-DD-Rendering-cropped-1024x561.jpg 1024w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/701-DD-Rendering-cropped-1536x842.jpg 1536w, https:\/\/www.lee-associates.com\/northwest\/wp-content\/uploads\/sites\/74\/2025\/02\/701-DD-Rendering-cropped-2048x1123.jpg 2048w\" sizes=\"(max-width: 768px) 100vw, 768px\" title=\"701 Dexter\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div><div id=\"pg-6949-1\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6949-1\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6949-1-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><\/div><\/div><div id=\"pg-6949-2\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6949-2-0\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><div id=\"pgc-6949-2-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-2-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-6949-2-1-0\" ><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<h2><strong><span style=\"color: #009ad9\">OVERVIEW<\/span><\/strong><\/h2>\n<h4><strong><span style=\"color: #009ad9\">701 DEXTER |701 Dexter Ave N<\/span><\/strong><\/h4>\n<ul style=\"list-style-type: square\">\n<li>701 Dexter Ave N, Seattle, WA<\/li>\n<li class=\"p1\">217,000 SF Development Potential<\/li>\n<li>27,127 SF \/ 0.62 AC<\/li>\n<li>Seller Representation<\/li>\n<li>Sale Price: $33,500,000<\/li>\n<\/ul>\n<\/div>\n<\/div><\/div><\/div><div id=\"panel-6949-2-1-1\" class=\"so-panel widget widget_sow-editor panel-last-child\" data-index=\"3\" ><div class=\"panel-widget-style panel-widget-style-for-6949-2-1-1\" ><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><span style=\"color: #00314690\"><em>\u201cWe were impressed with the team\u2019s<br \/>\nability to sell the story of the Dexter<br \/>\ncorridor, and their analytical<br \/>\ncapabilities in valuing all of the<br \/>\npotential alternatives<\/em><\/span><span style=\"color: #00314690\"><em>.\u201d<\/em><\/span><\/p>\n<p><span style=\"color: #303c42\">- Scott Brucker<br \/>\nUnico Properties<\/span><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6949-2-2\"  class=\"panel-grid-cell panel-grid-cell-mobile-last\" ><div id=\"panel-6949-2-2-0\" 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><span style=\"color: #009ad9\">THE CHALLENGE<\/span><\/strong><\/h2>\n<p>There was an existing 58,681 SF, 6-story older office building on the property. The new zoning would allow you to build 217,000 SF, which was nearly four times the size of the existing building. Thus, before going to market, we analyzed an as is scenario, a major renovation\/conversion, and demolishing the existing building for redevelopment for office, multifamily or a hotel.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6949-2-2-1\" 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><span style=\"color: #009ad9\">OUR APPROACH<\/span><\/strong><\/h2>\n<p>While the analysis indicated the highest and best use was the redevelopment as an office building, we presented all the alternatives to potential buyers. We had massing studies prepared for all the redevelopment alternatives and cost estimates for the renovation scenario.<\/p>\n<\/div>\n<\/div><\/div><div id=\"panel-6949-2-2-2\" 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><span style=\"color: #009ad9\">THE OUTCOME<\/span><\/strong><\/h2>\n<p>We generated 8 offers with all the potential buyers going down the<br \/>\nredevelopment path. Six of the groups\u2019 thought office was the best<br \/>\nredevelopment alternative and ultimately, we selected one of those<br \/>\ngroups as the buyer at 12% over our whisper pricing.<\/p>\n<p><strong>Listed: <\/strong>February 10, 2018<\/p>\n<p><strong>Competing Offers: <\/strong>8 Offers<\/p>\n<p><strong>Under Contract:<\/strong> April 8, 2018<\/p>\n<p><strong>Closed:<\/strong> July 20, 2018<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-6949-2-3\"  class=\"panel-grid-cell panel-grid-cell-empty\" ><\/div><\/div><div id=\"pg-6949-3\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6949-3-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-3-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"7\" ><div class=\"panel-widget-style panel-widget-style-for-6949-3-0-0\" ><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<p><em>For more information regarding this case study, please contact:<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6949-4\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-6949-4-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-4-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"8\" ><div class=\"panel-widget-style panel-widget-style-for-6949-4-0-0\" ><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<p><span style=\"color: #003146\"><strong>STUART WILLIAMS<\/strong><\/span><br \/>\nPrincipal<strong><br \/>\n<\/strong><em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 206.219.1281<br \/>\nswilliams@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6949-4-1\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-4-1-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"9\" ><div class=\"panel-widget-style panel-widget-style-for-6949-4-1-0\" ><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<p><span style=\"color: #003146\"><strong>ALEX MUIR<\/strong><\/span><br \/>\nSenior Vice President<strong><br \/>\n<\/strong><em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 206.219.1283<br \/>\namuir@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6949-4-2\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-4-2-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"10\" ><div class=\"panel-widget-style panel-widget-style-for-6949-4-2-0\" ><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<p><span style=\"color: #003146\"><b>SCOTTY ROWE<\/b><\/span><br \/>\nAssociate<br \/>\n<em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 425.818.2655<br \/>\nsrowe@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><div id=\"pgc-6949-4-3\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-4-3-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"11\" ><div class=\"panel-widget-style panel-widget-style-for-6949-4-3-0\" ><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<p><span style=\"color: #003146\"><b>MCCALLUM MEAD<\/b><\/span><br \/>\nAssociate<br \/>\n<em>Lee &amp; Associates <\/em><em>Pacific Northwest<br \/>\n<\/em>D\u00a0 425.818.2656<br \/>\nmmead@lee-associates.com<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><div id=\"pg-6949-5\"  class=\"panel-grid panel-has-style\" ><div class=\"siteorigin-panels-stretch panel-row-style panel-row-style-for-6949-5\" id=\"blog\" data-stretch-type=\"full\" ><div class=\"so-panels-full-wrapper\" ><div id=\"pgc-6949-5-0\"  class=\"panel-grid-cell\" ><div id=\"panel-6949-5-0-0\" class=\"so-panel widget widget_sow-headline panel-first-child\" data-index=\"12\" ><div class=\"panel-widget-style panel-widget-style-for-6949-5-0-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-headline so-widget-sow-headline-default-f8d8efd972d8-6949 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-6949-5-0-1\" class=\"so-panel widget widget_sow-post-carousel panel-last-child\" data-index=\"13\" 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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=\"cfd6a8c7\"\/>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Multifamily Land OVERVIEW 701 DEXTER |701 Dexter Ave N 701 Dexter Ave N, Seattle, WA 217,000 SF Development Potential 27,127 SF \/ 0.62 AC Seller Representation Sale Price: $33,500,000 \u201cWe were impressed with the team\u2019s ability to sell the story of the Dexter corridor, and their analytical capabilities in valuing all of the potential alternatives.\u201d &#8211; Scott Brucker Unico Properties THE CHALLENGE There was an existing 58,681 SF, 6-story older office building on the property&#8230;.<\/p>\n","protected":false},"author":244,"featured_media":7830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[843,6,1087],"tags":[1101,1165,1121,1090,1148,1145,1100],"class_list":["post-6949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-study","category-featured","category-investment","tag-alex-muir","tag-capital-market-case-study","tag-capital-markets","tag-case-study","tag-mccallum-mead","tag-scotty-rowe","tag-stuart-williams"],"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 - 701 Dexter - 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\" 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