30323 15th Court S, Federal Way, WA 98003
- $4,950,000
- 18,180
- SqFt
Listing courtesy of Northmarq Multifamily, LLC.
- List Price
- $4,950,000
- Status
- ACTIVE
- MLS#
- 2564976
- Days on Market
- 0
- Style
- 56 - 10+ Units
- Building Condition
- Updated/Remodeled
- Finished SqFt
- 18,180
- Area Total SqFt
- 18180
- Annual Tax Ammount
- 49865
- Internet Provider
- Comcast Xfinity
- Lot Size (sq ft)
- 42,000
- Sewer
- Sewer Connected
Property Description
We are pleased to present Redondo Ridge Townhomes, an 18-unit townhome community in Federal Way. Built in 1976, the property offers spacious 2-bedroom, 1.5-bath townhomes averaging 1,010 SF with fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers. Offered at $4,950,000 ($275,000/unit, $272/SF), the asset delivers a 6.04% in-place cap rate with meaningful upside: current rents average $2,101, roughly 12% below the $2,400 achieved by comparable townhomes, and four unrenovated units offer approximately $500/month of additional income. Capital improvements include a new metal roof (2017), electrical panel upgrades (2018), fresh exterior paint (2026), and 14 of 18 units extensively remodeled with new cabinets, quartz counters, flooring, paint, doors, millwork, and appliances. Located 1.6 miles from the Federal Way Link Light Rail Station with convenient access to employment, shopping, and dining.
/u.realgeeks.media/soundmultifamily/operating-information.jpg)
Additional Information
- List Date
- 2026-08-05 17:58:11
- Community
- Redondo
- Net Operating Income
- $299,153
- Gross Adjusted Income
- $470,708
- Gross Scheduled Income
- $493,400
- Total Monthly Income
- $41,117
- Insurance Expenses
- $17,645
- Water/Sewer/Garbage Expenses
- $33,689
- Gross Rent Multiplier
- 10.91
- Total Expenses
- $171,555
- Cap Rate
- 6.04
- Vacancy Rate
- 5
- Total Number of Units
- 18
- Unit Name
- 30323
- Potential Terms
- Assumable, Cash, Conventional
- Year Built
- 1976
- View
- Territorial
- Roof
- Metal
- Site Features
- Patio
- Other Expenses
- 70356
- Energy Source
- Electric
- School District
- Federal Way
- Elementary School
- Nautilus Elem
- Middle School
- Sacajawea Jnr High
- High School
- Federal Way Snr High
- Total Monthly Income
- $41,117
- Gross Scheduled Income
- $493,400
- Vacancy Rate
- 5
- Gross Adjusted Income
- $470,708
- Tax Year
- 2026
- Insurance Expense
- $17,645
- W/S/G Expenses
- $33,689
- Total Expenses
- $171,555
- Net Operating Income
- $299,153
- Gross Rent Multiplier
- 10.91
- Cap Rate
- 6.04
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.