$7,300,000
21125 81st Street NE, Arlington, WA 98223
28,247 Sq Ft
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21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223
21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223 21125 81st Street NE, Arlington, WA 98223

MLS #2505434 / Listing provided by NWMLS .

$7,300,000

21125 81st Street NE
Arlington, WA 98223

Active 1 day ago
28,247
Sq Ft
$258
Per Sq Ft
1992
Year Built

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.

Disclaimer: The information contained in this listing has not been verified by Hawkins-Poe Real Estate Services and should be verified by the buyer.

Interior Features

Bedrooms

  • Upper Level Bedrooms: 0

Fireplaces

  • Total Fireplaces: 0

Heating & Cooling

  • Heating: Yes
  • Cooling: No
Exterior Features

Parking

  • Garage Spaces: 14
  • Parking Total: 47
  • Total Uncovered Parking Spaces: 47

Structure

  • Roof: Composition
  • Exterior Features: Brick, Wood

Lot Details

  • Lot Features: Paved, Sidewalk
  • Acres: 4.3
Area Features

Schools

  • High School District: Arlington

Lot Details

  • Lot Features: Paved, Sidewalk
  • Acres: 4.3
Utilities

Power

  • Energy Source: Electric

Water, Sewer, and Garbage

  • Sewer: Sewer Connected
  • Water Source: Public
  • Water, Sewer, and Garbage: 40036
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Katy Milasich-Brown

Katy Milasich-Brown
Broker | REALTOR®

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