Canal Station — 169 units, 6 stories, built 2007. Get verified HOA data and current listings from Jeff Reynolds.
Ballard • Leary Way NW • Ship Canal Corridor
5440 Leary Way NW • 169 Units • 6 Stories • Built 2007 • Ballard, Seattle
Building Profile
Canal Station is a 169-unit, 6-story condominium at 5440 Leary Way NW in Ballard, built in 2007. Positioned on the Leary Way NW corridor between the Ship Canal waterway and Ballard's commercial core, it is one of the two largest condo buildings in the Ballard registry and a defining property in the neighborhood's mid-2000s development wave.
The Leary Way corridor gives Canal Station residents immediate proximity to the Ship Canal waterfront and the Burke-Gilman Trail, which runs along the canal providing a traffic-free cycling and running route connecting Ballard to the University District, Eastlake, and beyond. The neighborhood's character blends Ballard's industrial heritage — the adjacent canal, boat yards, and maritime businesses — with the contemporary residential energy that arrived with the building's 2007 construction.
At 169 units and 6 stories, Canal Station is large enough to support a well-established HOA infrastructure while remaining meaningfully more intimate than Downtown towers. The building is now 18 years old — an important reserve study checkpoint for buyers to assess capital repair trajectory. Contact Jeff Reynolds for current listings, HOA financials, and a full Ship Canal corridor buyer analysis.
| Building Name | Canal Station |
| Address | 5440 Leary Way NW, Seattle, WA 98107 |
| Neighborhood | Ballard (Leary Way / Ship Canal Corridor) |
| Year Built | 2007 |
| Total Units | 169 |
| Stories | 6 |
| Building Type | Condominium |
| Burke-Gilman Trail | Direct access via canal path |
| HOA Fees | ~$0.72/sf avg · $412–$936/mo confirmed on 10 SCA MLS transactions |
| Rental Restrictions | Contact Jeff Reynolds to verify |
| Registry Status | Pending KC Assessor Verification |
| Nearest Transit | RapidRide D Line (~0.6 mi) |
| Last Verified | March 2026 — SCA Registry |
Current Inventory
Active Canal Station listings updated in real time. With 169 units, inventory turns over regularly — contact Jeff Reynolds for off-market access and advance listing alerts.
View All Ballard Listings & Set Alerts →Due Diligence
Key factors for buyers evaluating Canal Station. Jeff Reynolds reviews each of these in every Ballard buyer consultation.
At 18 years old, Canal Station is approaching the reserve study milestone where major building systems begin entering renewal cycles. Request the current reserve study, fund balance, and last 3 years of HOA meeting minutes. Confirm the reserve contribution rate is adequate for the building's age. Jeff applies a systematic reserve analysis framework to every Canal Station buyer consultation.
The Leary Way NW corridor is distinctly different from Ballard's residential grid or NW Market St commercial core. It retains an industrial character from the adjacent Ship Canal and boat yards — appreciated by buyers who value urban authenticity, but worth experiencing at different times of day before purchasing. Weekend mornings versus weekday commute traffic create very different ambient environments.
Canal Station's proximity to the Burke-Gilman Trail is a genuine lifestyle asset for cycling commuters and outdoor enthusiasts. The trail connects Ballard to the University District in approximately 25 minutes by bike. Confirm your specific unit's proximity to trail access points and assess the cycling commute logistics for your destination before building the trail into your purchase rationale.
At 169 units, Canal Station has the scale to support a professional property management company and a well-funded reserve structure. Larger buildings typically have more stable per-unit HOA costs and less volatility than boutique buildings when capital repairs occur. That said, 169 units also means more owners to align for major decisions — review HOA meeting minutes for any governance friction before purchasing.
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Buyer Questions
Your Agent
Jeff Reynolds has guided Seattle condo buyers for over 20 years, including Ballard's Ship Canal corridor where Canal Station's combination of 2007 construction, trail access, and 169-unit scale creates a specific buyer profile that differs meaningfully from Ballard's residential-grid buildings.
At an 18-year-old building, reserve fund position is the due diligence priority. Jeff applies a systematic reserve study analysis framework — reviewing fund balance, contribution rate, and capital repair trajectory — to every Canal Station buyer consultation. Understanding whether the reserve is adequately funded for a 2007 building's age is a first-order condition before making an offer.
Canal Station's 169-unit size creates a more liquid resale market than Ballard's boutique buildings — more annual transactions means more comparables and more confident pricing. Jeff tracks Canal Station's transaction history, price-per-sq-ft trends, and days-on-market data to give buyers precise market positioning.
jeff.reynolds@compass.com • Compass Seattle
Current listings, HOA financials, and a building-specific buyer analysis.
Free Buyer's Guide
HOA red flags, reserve study analysis, vintage-specific considerations, and the 12 questions every Seattle condo buyer should ask before making an offer.
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