Renovated 28-Unit Apartment
For Sale
$7,300,000
21125 81st St NE, Arlington, WA 98223
Well-maintained multifamily property with renovated interiors, in-unit laundry, private decks, and on-site garages.
Property Size28,247 SF
Price / SF$258.43
Days on Market100
Property Features for 21125 81st St NE
General Information
Standard status
Active
Size
28,247 SF
Total Parking Spaces
14
Property subtype
Multi-Family
Additional Details
Multifamily Units
28
Amenities
in-unit washer/dryer
attached garages
private decks
Building Details
Year Built
1992
Listing Agency:
Northmarq Multifamily, LLC
Listed By:
Brendan Greenheck · License #0000
(952) 356-0100
Source:
Lifestylehomeswithmel
Added: Jul 9
Changed: Oct 11
Last Checked: Oct 15 at 4:52AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Northmarq Multifamily, LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Portage Creek Apartments is a 28-unit multifamily property built in 1992. The property includes 28,247 square feet, with floor plans averaging 1,009 SF. Interior improvements have been completed in 24 of 28 units and include updated flooring, paint, and cabinets. All units offer in-unit W/D, while most residences also feature private decks. Several units have attached garages, and the property includes 14 garages in total. The exterior has been repainted, and two garages are currently used by ownership.
Located at 21125 81st St NE in Arlington, WA, the property includes excess parking area that may support future redevelopment. In-place rents remain below market despite the completed improvements, leaving additional revenue potential through rent adjustments and optional completion of upgrades in the remaining units.
Located at 21125 81st St NE in Arlington, WA, the property includes excess parking area that may support future redevelopment. In-place rents remain below market despite the completed improvements, leaving additional revenue potential through rent adjustments and optional completion of upgrades in the remaining units.
Key Highlights
- 28‑unit apartment property with 28,247 square feet, built in 1992
- 24 of 28 units renovated with updated flooring, paint, and cabinets
- Unit floor plans average 1,009 SF; all units include in‑unit W/D
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$422,497
Cap Rate
5.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,449,940
$8.4M
Cap Rate 7%
$6,035,671
$6.0M
Cap Rate 9%
$4,694,411
$4.7M
Market Conditions
NOI Build-Up for 28,247 SF
Gross rent
$830.5K $29.40/SF
− Vacancy
−$62.3K −$2.21/SF
EGI
$768.2K $27.20/SF
− OpEx
−$345.7K −$12.24/SF
NOI
$422.5K $14.96/SF
Area
Snohomish County, WA
Vacancy
7.50%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,449,940
Cap Rate 7%
$6,035,671
Cap Rate 9%
$4,694,411
Alternative Uses
Best Use
Apartment 5plus
$6.04M
$5.28M – $7.04M
NOI $422,497 @ 7.0% cap · market cap 5.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.88M
$6.89M – $9.19M
NOI $551,432 @ 7.0% cap · market cap 7.55%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
28
Residential units
Location Intelligence
Trade Area within ½ mile
64
Businesses Nearby
Explore this area
Business Placement
Demographics for 98223, WA
45,139
Population
18,224
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
93%
High-School Grad
316.2 sq mi
ZIP Area
143
Density / Sq Mi
$96,478
Median Household Income
$52,487
Median Earnings
$1,780
Median Rent
$556,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with renovated interiors, in-unit laundry, private decks, and on-site garages.
Where is this apartment building located?
The property is located at 21125 81st St NE Arlington, WA.
What is the asking price?
The asking price for this property is $7,300,000.
What are key features of this property?
This property features: 28‑unit apartment property with 28,247 square feet, built in 1992; 24 of 28 units renovated with updated flooring, paint, and cabinets; Unit floor plans average 1,009 SF; all units include in‑unit W/D
