Log In/Sign Up
Your email has been sent.
Redondo Terrace 29421 Pacific Hwy S 78 Unit Apartment Building For Sale Federal Way, WA 98003
Investment Highlights
- 78-unit community with strong in-place income and proven occupancy.
- Easy access to Pacific Highway and I-5 for regional connectivity.
- Negligible new supply pipeline in the Federal Way multifamily market.
- Located near major employers, retail, and recreational amenities.
- Value-add potential through unit renovations and amenity upgrades.
- Situated minutes from the Redondo Boardwalk and waterfront attractions.
Executive Summary
Redondo Terrace offers investors a 78-unit garden-style community strategically located in Federal Way, WA. Built in 1986, the property spans 133,294 SF of land with a residential net rentable square footage of 57,492 SF. Units average 737 SF, featuring a mix of one- and two-bedroom layouts. The property benefits from strong in-place income, with clear potential for value-add enhancements through interior and amenity upgrades. Situated on Pacific Highway S, residents enjoy direct access to I-5, proximity to the Redondo Boardwalk, and convenient connections to key regional employers and lifestyle amenities. Nearby attractions include The Commons at Federal Way and the Federal Way Transit Center, reinforcing demand for rental housing in the submarket. With negligible new supply in the pipeline and high barriers to entry, Redondo Terrace presents an attractive opportunity for investors seeking long-term stability and rent growth upside in the Seattle-Tacoma corridor.
Property Facts
| Sale Type | Investment | Lot Size | 3.07 AC |
| No. Units | 78 | Building Size | 63,600 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 3 |
| Apartment Style | Garden | Year Built | 1986 |
| Building Class | C | Parking Ratio | 1.54/1,000 SF |
| Zoning | RM1800, Federal Way | ||
| Sale Type | Investment |
| No. Units | 78 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.07 AC |
| Building Size | 63,600 SF |
| Average Occupancy | 92% |
| No. Stories | 3 |
| Year Built | 1986 |
| Parking Ratio | 1.54/1,000 SF |
| Zoning | RM1800, Federal Way |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Fireplace
- Storage Space
- Washer/Dryer
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Views
- Patio
Site Amenities
- 24 Hour Access
- Controlled Access
- Property Manager on Site
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 48 | - | 700 |
| 2+2 | 30 | - | 1,000 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 304020-0025 | Improvements Assessment | $12,510,700 |
| Land Assessment | $2,118,300 | Total Assessment | $14,629,000 |
Property Taxes
Parcel Number
304020-0025
Land Assessment
$2,118,300
Improvements Assessment
$12,510,700
Total Assessment
$14,629,000
1 of 55
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
