Lee & Associates has brought the Ballard Building, a 99-year-old mixed-use property, to the market for sale. The historic asset, located at 2208 NW Market St., is being offered at an undisclosed price and is positioned as a long-term generational holding opportunity. The assignment is being handled by Lee & Associates professionals Scotty Rowe, Alex Muir, Stuart Williams and McCallum Mead.
The Ballard Building totals approximately 80,000 square feet across six stories and is reported to be 98% occupied. The property combines street-level retail, multiple floors of professional office space and a single penthouse apartment unit, providing a diversified income stream across its commercial and residential components. According to the marketing narrative, the offering is framed as an opportunity to secure a legacy asset at a cost basis well below estimated replacement.
The building’s ground floor is configured with six distinct retail tenancies, giving it a broad mix of street-facing uses. Above the retail podium, four floors are dedicated to professional office suites, with a variety of boutique office users occupying the upper levels. A single penthouse apartment sits at the top of the property, adding a residential component with views over historic Ballard Avenue and the Lake Washington Ship Canal.
In addition to its main floors, the Ballard Building includes a lower-level space that is occupied by Ballard Health Club. This tenancy adds a fitness use to the property and contributes to the building’s diversified rent roll. The combination of lower-level fitness, ground-floor retail and upper-level offices creates a multi-tenant configuration across a range of uses.
Ownership of the building is held by CKM Associates LLP, a partnership comprised of several local Ballard residents. CKM Associates LLP acquired the property in 1983 and has held it for multiple decades, reinforcing the building’s status as a long-term neighborhood asset. With the property now formally listed, Lee & Associates is seeking a buyer that will assume stewardship of the historic building’s mixed-use profile and established tenancy base.
