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Redondo Ridge 30323-30331 15th Ct S 18 Unit Apartment Building $4,950,000 ($275,000/Unit) 6.04% Cap Rate Federal Way, WA 98003
Investment Highlights
- Attractive In-Place Yield: Offered at a 6.04% capitalization rate with stable in-place cash flow.
- Value-Add Renovation Potential: Four unrenovated units provide an opportunity to increase rents
- Strategic Location: Located near the Federal Way Link Light Rail Station, major employment centers, retail amenities,etc.
- Rental Upside Opportunity: Current rents average $2,101 per month, approximately 12.46% below market
- Extensively Remodeled Units: 14 of the 18 units have been remodeled with new cabinets, quartz countertops, flooring, paint, doors,etc.
Executive Summary
Northmarq is pleased to present Redondo Ridge Townhomes, an 18-unit townhome community located in Federal Way, Washington. Built in 1976, the property features spacious two-bedroom, one-and-a-half-bathroom townhomes averaging 1,010 square feet, with fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers.
Offered at $4,950,000 ($275,000 per unit / $272 per square foot), the property offers investors an attractive 6.04% in-place capitalization rate with meaningful upside through continued rent growth. Current rents average $2,101 per month, approximately 12.46% below market, while comparable townhomes are achieving approximately $2,400 per month. Additionally, there are four unrenovated units that can be renovated to capture approximately $500 per month in additional rental income.
The property has benefited from significant capital improvements, including a new metal roof (2017), electrical panel upgrades (2018), fresh exterior paint (2026), and 14 of 18 extensively remodeled units featuring new cabinets, quartz countertops, flooring, paint, doors, millwork, and appliances, providing investors with a stabilized asset while preserving additional value-add potential.
Located just 1.6 miles from the Federal Way Link Light Rail Station, the property offers convenient access to employment centers, shopping, dining, and regional transportation throughout the Puget Sound region.
Offered at $4,950,000 ($275,000 per unit / $272 per square foot), the property offers investors an attractive 6.04% in-place capitalization rate with meaningful upside through continued rent growth. Current rents average $2,101 per month, approximately 12.46% below market, while comparable townhomes are achieving approximately $2,400 per month. Additionally, there are four unrenovated units that can be renovated to capture approximately $500 per month in additional rental income.
The property has benefited from significant capital improvements, including a new metal roof (2017), electrical panel upgrades (2018), fresh exterior paint (2026), and 14 of 18 extensively remodeled units featuring new cabinets, quartz countertops, flooring, paint, doors, millwork, and appliances, providing investors with a stabilized asset while preserving additional value-add potential.
Located just 1.6 miles from the Federal Way Link Light Rail Station, the property offers convenient access to employment centers, shopping, dining, and regional transportation throughout the Puget Sound region.
Property Facts
| Price | $4,950,000 | Apartment Style | Garden |
| Price Per Unit | $275,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 6.04% | Building Size | 18,180 SF |
| No. Units | 18 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | Parking Ratio | 2.64/1,000 SF |
| Zoning | RM2400 | ||
| Price | $4,950,000 |
| Price Per Unit | $275,000 |
| Sale Type | Investment |
| Cap Rate | 6.04% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 18,180 SF |
| No. Stories | 2 |
| Year Built | 1977 |
| Parking Ratio | 2.64/1,000 SF |
| Zoning | RM2400 |
Amenities
Unit Amenities
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Washer/Dryer
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 18 | - | 1,010 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $3,462,000 | |
| Land Assessment | $950,000 | Total Assessment | $4,412,000 |
Property Taxes
Parcel Numbers
Land Assessment
$950,000
Improvements Assessment
$3,462,000
Total Assessment
$4,412,000
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