Welcome to Lesher Chee Stadlbauer, Inc. (LCS)

About Us

Lesher Chee Stadlbauer, Inc. (LCS) is a full service real estate valuation and consulting practice headquartered in Honolulu, Hawaii and serving the Pacific Basin (Hawaii, Micronesia and the South Pacific) since 1970.  The LCS Valuation Practice concentrates principally in commercial, industrial, hospitality, residential development (on an entire project basis), and specialty property types.  We are also experienced with complex engagements involving partial real estate interests, life estates, leased fee interests and real estate tax credits.  Analyses employing financial modeling software (Argus Enterprise) are regularly performed with copies available at the client’s request.  The LCS Consulting Practice includes market studies, feasibility analysis, highest and best use studies, location analysis, rent studies, appraisal review, arbitration, tax appeal, and litigation support services.



The LCS practice is continuing a tradition of providing real estate valuation and consulting services to Hawaii and the Pacific for over 45-years.

Team Members

Members of our firm include highly recognized and qualified real estate professionals with extensive experience in assisting land owners, real estate managers, developers, lenders, investors, trusts, attorneys and governmental agencies in the solution of real estate problems requiring objective valuation and evaluation analyses.  

Clients are assured that all engagements performed by our practice are led by one of our principals.  Under this structure we maintain a consistent level of quality and detail.

Professional Team

Meet the Principals

Steven D. Chee, MAI

Mr. Chee specializes in valuation and consulting assignments involving residential development, development land, complex income properties, resort and hospitality properties, and leased fee interests.  Mr. Chee is a recognized industry leader in the valuation and analysis of large residential developments in the State of Hawaii and has been involved in over 50 engagements involving proposed residential development within the past five years.  He is also available for arbitrations and engagements involving testimony as a qualified expert in real estate valuation.

Contact Steven Chee

Stephen E. Stadlbauer, MAI

Mr. Stadlbauer’s diverse income property background includes valuation and consulting involving existing and proposed self storage facilities, large retail, office, and industrial properteis, as well as specialized elderly housing (inclusive of assisted living facilities and nursing homes), and multi family housing inclusive of low income housing tax credit (LIHTC) projects.    He is also available for arbitrations and engagements involving testimony as a qualified expert in real estate valuation.

Contact Stephen Stadlbauer

Sidney K. Komatsu, MAI, CCIM

Mr. Komatsu has developed expertise in complex retail properties, ground leased fee analyses, and real property tax appeals. Mr. Komatsu is a graduate of the University of Colorado and holds a Masters Degree in Business Administration from the University of Hawaii.

Contact Sidney Komatsu


Raymond A. Lesher, MAI, CRE (1928 - 2000)

Mr. Lesher, our founder, was recognized both in the Pacific and nationally as a practicing appraiser, educator and author during a distinguished 50-year career in the appraisal profession. Following the relocation of his practice to Hawaii from Connecticut in 1970, the focus of Mr. Lesher’s practice was in the Hawaiian Islands and Pacific.

Professional Team

Lianne K. S. Poppinga, CRA

Ms. Poppinga, Real Property Analyst, is a Certified Residential Appraiser (CRA) licensed in the State of Hawaii.  Ms. Poppinga practiced as an independent fee appraiser for ten years prior to joining LCS.  Ms. Poppinga is a graduate of the University of Hawaii.

Direct Line: 808-564-3186

Matthew Balkin, CGA

Mr. Balkin, Senior Real Property Analyst,

is a Certified General Appraiser (CGA) licensed in the State of Hawaii.  Mr. Balkin is a graduate of the University of Washington and previously worked as a legislative aide and research analyst in the Hawaii State Senate.

Direct Line: 808-564-3189

Desiree L. Manuel, Esq.

Ms. Manuel, Real Property Analyst, is a graduate of Pepperdine University and received her Juris Doctorate from the University of Hawai - William S. Richardson School of Law and was admitted to the Hawaii State Bar Association in 2015.  Ms. Manuel also holds a Masters of Business Administration from the University of Hawaii and is an Associate Member of the Urban Land Institute (ULI Hawaii) - Young Leaders Group.

Direct Line: 808-524-1310

Call or Visit

Steven Chee: 808-524-1512

Stephen  Stadlbauer: 808-524-1513

Sidney Komatsu: 808-524-1309

Lesher Chee Stadlbauer, Inc.

900 Fort Street, Suite 1500, Honolulu, HI 96813, US

Main Line: 808-524-1511

Email Principals