Active · Residential Income

30323 15th Court S, Federal Way, WA 98003-4149

Federal Way, WA 98003

$4,950,000

— bedrooms · — bathrooms · 0 sq ft

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Listing provided by Northmarq Multifamily, LLC · MLS #2564976 · Active

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About this property

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.

Property details

Property type: Multi Family
Year built: 1976
Lot size: 42,000 sq ft
Association dues: $0 · frequency not provided
Annual property tax: $49,865 (2026)
Parking spaces: 36
School district: Federal Way

Listings courtesy of Northwest MLS as distributed by MLS GRID.

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