Apartment Community With Remodeled
30323 15th Ct S, Federal Way, WA 98003
For Sale
$4,950,000
Two-bedroom townhomes feature fireplaces, vaulted ceilings, private patios, and in-unit laundry.
Property Size18,180 SF
Price / SF$272.28
Days on Market100
Property Features for 30323 15th Ct S
General Information
Standard status
Size
Property subtype
Financials
Asking Price
Cap Rate
Average Monthly Rent
Units
Unit Mix
Multifamily Units
Additional Details
Public Transit
Amenities
fireplace
vaulted ceilings
private patio
washer/dryer
Building Details
Year Built
Listing Agency:
Northmarq Multifamily, LLC
Listed By:
Steve Fischer · License #87455
(425) 830-2254
Source:
Montgomeryht
Added: Aug 2
Changed: Oct 26
Last Checked: Oct 6 at 12:00AM
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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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 / Yr
$282,572
Cap Rate
5.71%
Suggested Prices Based on Cap Rates
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
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 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 B
$6.20M
$5.43M – $7.24M
NOI $434,141 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
597
Businesses Nearby
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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
$428,500
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in King County, WA
Properties on Market for Apartment buildings in King County
Vacancy Rate% for Multifamily in West region
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 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
