Case Study – Maywood 10 Units in Queen Anne
Key Deal Points
- 1321 4th Ave W, Seattle
- Charming Queen Anne style 10-Unit
- 6 Offers
- Non-Contingent Offer
- Sold at $100k over list
In handling the successful sale of our building, Candice and her team helped us through all the intricate steps with expert advice and attention to detail. Selling an apartment building is far more challenging than selling residential real estate!
- Rob & Beth, Clients
For more information regarding this case study, please contact:
Candice Chevaillier, CCIM
Principal
D (206) 773-2694
cchevaillier@lee-associates.com
Daniel Lim
Vice President
D (206) 773-2692
dlim@lee-associates.com
Dea Sumantri
Associate Vice President
D (206) 773-2680
dsumantri@lee-associates.com
Chris Larsen
Associate
D (206) 773-2695
clarsen@lee-associates.com
Challenge
The owners done a remarkable job preserving the Maywood Apartments’ classic charm while updating the units with modern amenities. After owning the property for 25 years, they were ready to step away from active management. Curious about the value, they ordered an appraisal report prior to selling. To everyone’s surprise, the report came $200K lower than the county’s assessed value. The owners’ goal to sell at a maximum price suddenly became a challenge. The Lee & Associates Multifamily team is tasked to create a story and market Maywood at the price that it deserved and ensure that the owners could retire comfortably.
Action
The Maywood was not only a charming building. It is also located in an amazing location, two blocks from the iconic Kerry Park of Queen Anne. The Lee & Associates Multifamily Team understood that there was a need to create outstanding marketing materials to match the beauty of the building and its location. Our team also listened to the owners’ wishes in minimizing the tenant disruption throughout the sale process. Our team deployed both a targeted and wide exposure marketing strategy to the local and national investors. Within two weeks on the market, we received 6 offers. We created a best and final round that motivated three parties to drop their contingencies and increase their offer prices.
Result
We were able to create a compelling story allowing investors to look past a very recent low appraisal report to support the higher list price. Because of our team’s trustworthiness and clear communication to all parties, we created a competitive environment and drove up the pricing all while fulfilling the owners’ wishes in low disruption to the tenants and maximum sale price.