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Listed by:Northmarq Multifamily, LLC • Brendan Greenheck
$7,300,000
Est. payment /mo
60 Beds
51 Baths
28,247 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 28,247 sqft
Price per Sqft $258
Subdivision Arlington
MLS Listing ID 2505434
Style 56 - 10+ Units
Bedrooms 60
Year Built 1992
Annual Tax Amount $41,489
Lot Size 4.300 Acres
Property Sub-Type Multi Family
Property Description
Portage Creek Apartments is a well-maintained 28-unit property located in Arlington, offering investors immediate rent growth with minimal execution risk. It has benefited from significant capital improvements, with 24/28 units already renovated featuring updated flooring, paint, cabinets, and CT. In addition, the exterior has been recently repainted, enhancing curb appeal and reinforcing the asset's strong physical condition. Despite these upgrades, in-place rents remain below market, providing a clear opportunity to increase revenue without the need for further interior renovations. All units include in-unit W/D and feature large floor plans averaging 1,009 SF, a compelling differentiator in the local rental market. The unit mix is further enhanced by value-added amenities, including several units with attached garages and a total of 14 garages on site, 2 of which are currently utilized by ownership and offer immediate incremental income potential. Most units also feature expansive private decks, adding an outdoor living space that supports tenant retention and higher market rents. With a strong renovation base already in place, investors can focus on mark-to-market rent growth, selective completion of remaining upgrades if desired, and long-term optionality through future redevelopment potential via the excess parking area. Collectively, these attributes position the property as a high-quality asset with multiple, low-friction avenues for income growth and appreciation.
Location
State WA
County Snohomish
Area 770 - Northwest Snohomish
Interior
Flooring Vinyl Plank, Carpet
Fireplace false
Exterior
Exterior Feature Brick, Wood
Garage Spaces 14.0
Amenities Available Deck, Patio
View Y/N Yes
View Territorial
Roof Type Composition
Building
Lot Description Paved, Sidewalk
Sewer Sewer Connected
Water Public
New Construction No
Schools
School District Arlington
Others
Senior Community No
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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