Lee & Associates has brought the historic Ballard Building to market, presenting a rare opportunity to acquire a nearly fully leased mixed-use property in a long-established neighborhood commercial corridor. The firm has formally listed the 99-year-old asset for sale and is marketing it for an undisclosed price.
The property, located at 2208 NW Market St., is being handled by Lee & Associates professionals Scotty Rowe, Alex Muir, Stuart Williams and McCallum Mead. The team has been engaged to oversee the sale process and position the asset to prospective investors as a long-term hold opportunity.
The six-story building totals approximately 80,000 square feet and is currently 98% occupied. Its ground floor is configured for retail use and is fully leased to six separate tenants, providing a diversified rent roll at street level. The property also includes four floors of professional office suites situated above the retail base, adding an additional layer of income from a mix of smaller-office users.
A single penthouse apartment sits atop the office levels, further diversifying the tenancy and introducing a residential component to the income stream. The building also features a lower level, which is occupied by Ballard Health Club. Taken together, the tenancy spans fitness, retail, office and residential uses, contributing to a stable and varied cash flow profile.
The property is described as a generational legacy asset, combining historic character with a long-established presence overlooking historic Ballard Avenue and the Lake Washington Ship Canal. Its high occupancy and mix of established tenants underpin the marketing narrative that the asset can be acquired at a basis well below current replacement cost. That positioning may appeal to buyers seeking durable income and existing improvements rather than new construction risk.
A local ownership group, CKM Associates LLP, originally purchased the Ballard Building in 1983. CKM Associates is described as a partnership owned by several local Ballard residents, underscoring the asset’s long-term local stewardship over multiple decades. The current sale effort represents a transition opportunity for the property after nearly a century of operation and more than four decades under the same ownership partnership.
