Case Study – 701 Dexter

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

“We were impressed with the team’s
ability to sell the story of the Dexter
corridor, and their analytical
capabilities in valuing all of the
potential alternatives.”

- Scott Brucker
Unico Properties

THE CHALLENGE

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.

OUR APPROACH

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.

THE OUTCOME

We generated 8 offers with all the potential buyers going down the
redevelopment path. Six of the groups’ thought office was the best
redevelopment alternative and ultimately, we selected one of those
groups as the buyer at 12% over our whisper pricing.

Listed: February 10, 2018

Competing Offers: 8 Offers

Under Contract: April 8, 2018

Closed: July 20, 2018

For more information regarding this case study, please contact:

STUART WILLIAMS
Principal
Lee & Associates Pacific Northwest
D  206.219.1281
swilliams@lee-associates.com

ALEX MUIR
Senior Vice President
Lee & Associates Pacific Northwest
D  206.219.1283
amuir@lee-associates.com

SCOTTY ROWE
Associate
Lee & Associates Pacific Northwest
D  425.818.2655
srowe@lee-associates.com

MCCALLUM MEAD
Associate
Lee & Associates Pacific Northwest
D  425.818.2656
mmead@lee-associates.com