Apartment Community With Remodeled
For Sale
Contact for pricing
30323 - 30331 15th Ct S, Federal Way, WA 98003
Two-bedroom townhomes feature fireplaces, vaulted ceilings, private patios, and in-unit laundry.
Property Size18,180 SF
Price / SF$272.28
Days on Market8
Property Features for 30323 - 30331 15th Ct S
General Information
Standard status
Active
Size
18,180 SF
Total Parking Spaces
36
Property subtype
Multifamily
Occupancy
100%
Investment Type
Value Add
Net Operating Income
$299,153
Financials
Asking Price
$4,950,000
Cap Rate
6.04%
Average Monthly Rent
$2,101
Units
Unit Mix
18 x 2BR/1.5BA
Multifamily Units
18
Additional Details
Public Transit
Yes
Amenities
fireplace
vaulted ceilings
private patio
washer/dryer
Building Details
Year Built
1976
Buildings
4
Units
18
Tenancy
Multi
Listing Agency:
Northmarq
(206) 505-9435
Listed By:
Steve Fischer · License #87455
Source:
Crexi
Added: Jul 30
Changed: Aug 3
Last Checked: Aug 5 at 1:22PM
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
Investment Insights
Based on property information with market context.
Redondo Ridge Townhomes is an 18-unit apartment community composed of two-bedroom, one-and-a-half-bathroom townhomes averaging 1,010 square feet. Built in 1976, the residences include fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers. Fourteen units have received extensive interior renovations, including updated cabinets, quartz countertops, flooring, paint, doors, millwork, and appliances.
Property improvements include a metal roof installed in 2017, electrical panel upgrades completed in 2018, and exterior painting scheduled for 2026. Four units remain unrenovated, providing additional renovation scope within the existing community. The property is located 1.6 miles from the Federal Way Link Light Rail Station, with access to employment centers, shopping, dining, and regional transportation across the Puget Sound region. The in-place capitalization rate is 6.04%.
Property improvements include a metal roof installed in 2017, electrical panel upgrades completed in 2018, and exterior painting scheduled for 2026. Four units remain unrenovated, providing additional renovation scope within the existing community. The property is located 1.6 miles from the Federal Way Link Light Rail Station, with access to employment centers, shopping, dining, and regional transportation across the Puget Sound region. The in-place capitalization rate is 6.04%.
Key Highlights
- 18‑unit townhome community with two‑bedroom, one‑and‑a‑half‑bathroom residences
- Homes average 1,010 square feet and include fireplaces, vaulted ceilings, and private patios
- 14 of 18 units extensively remodeled with quartz countertops, new flooring, millwork, and appliances
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$282,572
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,651,440
$5.7M
Cap Rate 7%
$4,036,743
$4.0M
Cap Rate 9%
$3,139,689
$3.1M
Market Conditions
NOI Build-Up for 18,180 SF
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.
Gross rent
$545.4K $30.00/SF
− Vacancy
−$31.6K −$1.74/SF
EGI
$513.8K $28.26/SF
− OpEx
−$231.2K −$12.72/SF
NOI
$282.6K $15.54/SF
Area
King County, WA
Vacancy
5.80%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,651,440
Cap Rate 7%
$4,036,743
Cap Rate 9%
$3,139,689
Alternative Uses
Best Use
Apartment 5plus
$4.04M
$3.53M – $4.71M
NOI $282,572 @ 7.0% cap · market cap 5.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.28M
$6.37M – $8.50M
NOI $509,709 @ 7.0% cap · market cap 10.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
Explore this area
Business Placement
Demographics for 98003, WA
51,751
Population
20,380
Households
2.5
Avg Household Size
37
Median Age
28%
College-Educated
88%
High-School Grad
11.5 sq mi
ZIP Area
4,500
Density / Sq Mi
$70,800
Median Household Income
$39,497
Median Earnings
$1,650
Median Rent
$428,500
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-bedroom townhomes feature fireplaces, vaulted ceilings, private patios, and in-unit laundry.
Where is this apartment building located?
The property is located at 30323 - 30331 15th Ct S Federal Way, WA.
What is the asking price?
The asking price for this property is $4,950,000.
What are key features of this property?
This property features: 18‑unit townhome community with two‑bedroom, one‑and‑a‑half‑bathroom residences; Homes average 1,010 square feet and include fireplaces, vaulted ceilings, and private patios; 14 of 18 units extensively remodeled with quartz countertops, new flooring, millwork, and appliances
