18-Unit Townhome Apartment
For Sale
$4,950,000
30323 15TH, Federal Way, WA 98003
Updated townhome residences feature private patios, fireplaces, vaulted ceilings, and in-unit full-size laundry.
Property Size18,180 SF
Price / SF$272.28
Days on Market81
Property Features for 30323 15TH
General Information
Standard status
Active
Size
18,180 SF
Property subtype
Multi-family
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
fireplaces
vaulted ceilings
private patios
full-size side-by-side washers and dryers
Building Details
Year Built
1976
Listing Agency:
Northmarq Multifamily,LLC
Listed By:
Steven Fischer
(952) 356-0100
Source:
Skylineproperties
Added: Jul 27
Changed: Oct 15
Last Checked: Oct 14 at 11:09PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Redondo Ridge Townhomes is an 18-unit apartment community composed of spacious two-bedroom, 1.5-bath townhomes averaging 1,010 SF. Built in 1976, the residences include fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers. Fourteen of the 18 units have undergone extensive interior renovations, including new 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. The community is 1.6 miles from the Federal Way Link Light Rail Station, with access to employment, shopping, and dining. The asset has a 6.04% in-place cap rate.
Property improvements include a metal roof installed in 2017, electrical panel upgrades completed in 2018, and exterior painting scheduled for 2026. The community is 1.6 miles from the Federal Way Link Light Rail Station, with access to employment, shopping, and dining. The asset has a 6.04% in-place cap rate.
Key Highlights
- 18‑unit townhome community with two‑bedroom, 1.5‑bath residences
- Units average 1,010 SF and include private patios, fireplaces, and vaulted ceilings
- 14 of 18 units extensively remodeled with updated kitchens, 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 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.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
12
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
Frequently Asked Questions
What type of property is this?
Apartment building - Updated townhome residences feature private patios, fireplaces, vaulted ceilings, and in-unit full-size laundry.
Where is this apartment building located?
The property is located at 30323 15TH 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, 1.5‑bath residences; Units average 1,010 SF and include private patios, fireplaces, and vaulted ceilings; 14 of 18 units extensively remodeled with updated kitchens, flooring, millwork, and appliances
