Meadowdale Work Lofts

Property Overview

Meadowdale Work Lofts is a 48,339 SF mixed-use building located at 16825 48th Ave W in Lynnwood, Washington, built in 2008. The property sits on two tax parcels totaling 1.35 acres and contains 175 units with an average unit size of 181 SF. Units range from ground-floor spaces with roll-up doors to fourth-floor units with views and natural light, serving a diverse mix of legal, professional services, and small business tenants. On-site management is present during business hours, and the building operates 24 hours a day via secure keypad access.

Challenge

Our team was engaged to sell a multi-tenant mixed-use property with an unconventional unit structure — 175 small-format units rented on a monthly basis — that required finding a buyer comfortable with the management intensity and income profile of that model. The assignment called for representing both the buyer and the seller, which required careful communication and alignment of expectations on both sides of the transaction.

Action

We began by presenting the opportunity to select investors ahead of broader marketing distribution, targeting buyers with experience in multi-tenant or mixed-use assets who could appreciate the property's stable occupancy, in-place management infrastructure, and near-term rent growth potential. We coordinated due diligence access and guided both parties through the transaction, maintaining clear communication with each side to keep the process on track.

Result

• Represented both the buyer and the seller in the transaction
• Sold the property for $7,330,000, or $152 per SF
• The building was 99% occupied at the time of marketing, supporting a straightforward underwriting process for the buyer
• The in-place management and maintenance team transferred with the asset, providing the buyer with an immediately operational investment