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About the Listing 10342 - 147280
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.
Listing Highlights
Status
Active
Days on Site
1
Property Type
Multi-Family
MLS ®
2505434
Year Built
1992
Total Square Footage
28,247
Lot/Acreage
4.3
Interior Details
- Bedrooms: 60
- Bathrooms: 51 Full
- Appliances:
- Air Cond:
- Heating:
- Fireplaces: 0
- Floor: Vinyl Plank,Carpet
- Above Ground Sq Ft:
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Paved,Sidewalk,Deck,Patio,Zoning: Multi-Family
- Garage Capacity: 14 car
- Parking Spaces: 47
- Zoning: Multi-Family
- Roof: Composition
- Others: Brick,Wood,Very Good
- Sewer: Sewer Connected
Financial Details
- Tax Amount: $41,489
- Taxes w/Assessments: N/A
- Tax/Property ID: 00776800002200
- Tax Year: 2026
Payment Calculator
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Questions About..
21125 81st St NE Arlington, WA 98223
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