Six-Unit Condo-Style Apartment
28426 16th Ave S Federal Way, WA 98003
28426 16th Ave S, Federal Way, WA, 98003
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For Sale
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Condo-style six-unit building with private west-facing balconies and in-unit washers and dryers.
Property Size7,023 SF
Price / SF$242.06
Days on Market100
Property Features for 28426 16th Ave S
General Information
- Standard status
- Active
- Size
- 7,023 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1978
Listing agency
Berkadia
Listed by
Chad Blenz · License #WA 125100
Source
Crexi
Added: Apr 13 Updated: Jul 21 at 12:46AM Checked: Jul 21 at 7:06AM
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 Berkadia
Investment Insights
Based on property information with market context.
Soundview II Apartments is a six-unit, condo-style multifamily property at 28426 16th Ave S in Federal Way. Each unit includes a fireplace, a private west-facing balcony, and in-unit washers and dryers. The balconies are described as offering partial Puget Sound views, and the property is represented as having no deferred maintenance, with a need for finishing touches such as new countertops, cabinetry, and fixtures.
The property is positioned in the Redondo neighborhood with direct access to Redondo Beach Park and Dash Point State Park, and it also provides access to I-5. The December 2025 opening of the Federal Way Link Extension is described as placing residents within minutes of Downtown Seattle and Seattle-Tacoma International Airport via light rail.
The property is positioned in the Redondo neighborhood with direct access to Redondo Beach Park and Dash Point State Park, and it also provides access to I-5. The December 2025 opening of the Federal Way Link Extension is described as placing residents within minutes of Downtown Seattle and Seattle-Tacoma International Airport via light rail.
Key Highlights
- Soundview II Apartments is a six‑unit, condo‑style multifamily property built in 1978.
- All units include in‑unit washers and dryers for added tenant convenience.
- Each unit features a fireplace and a private west‑facing balcony with partial Puget Sound views.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $210.7k | $30.00 |
| − Vacancy | −$12.2k | −$1.74 |
| EGI | $198.5k | $28.26 |
| − OpEx | −$89.3k | −$12.72 |
| NOI | $109.2k | $15.54 |
7,023 SF · lease $30.00/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.36M – $1.82M
NOI $109,158 @ 7.0% cap · market cap 6.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.81M
$2.46M – $3.28M
NOI $196,902 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Condo-style six-unit building with private west-facing balconies and in-unit washers and dryers.
Where is this apartment building located?
The property is located at 28426 16th Ave S Federal Way, WA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Soundview II Apartments is a six‑unit, condo‑style multifamily property built in 1978.; All units include in‑unit washers and dryers for added tenant convenience.; Each unit features a fireplace and a private west‑facing balcony with partial Puget Sound views.
