28426 S 16th Ave, Federal Way, WA 98003
- $1,700,000
Listing courtesy of Real Broker LLC.
- List Price
- $1,700,000
- Status
- ACTIVE
- MLS#
- 2510472
- Days on Market
- 97
- Style
- 55 - 5-9 Units
- Annual Tax Ammount
- 16521
- Lot Size (sq ft)
- 14,736
- Sewer
- Sewer Connected
Property Description
Rare opportunity to acquire Soundview II, a turn-key, six-unit multifamily asset in Federal Way's coveted Redondo neighborhood. This condo-style complex features expansive 1,170 SF 2-bed/1.5-bath floor plans designed for high-retention ccupancy. Units boast premium amenities including private west-facing balconies with partial Puget Sound views, fireplaces, in-unit full-size W/D, LVP flooring, and stainless appliances. With the December 2025 Link Extension opening, residents enjoy rapid light rail access to SEATAC and Downtown Seattle while maintaining a significant affordability advantage. Historically self-managed with little deferred maintenance, the property offers a clear value-add runway; implement targeted cosmetic upgrades to countertops and cabinetry to capture immediate rent premiums. Positioned in a supply-constrained submarket with local development moratoriums and a median household income projected to grow 53% by 2030, Soundview Il is a high-yield, low-risk addition to any portfolio. Proximity to Dash Point State Park and I-5 ensures durable demand for years to come.
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Additional Information
- List Date
- 2026-04-20 21:13:13
- Community
- Redondo
- Net Operating Income
- $82,106
- Gross Adjusted Income
- $128,117
- Gross Scheduled Income
- $134,860
- Total Monthly Income
- $11,400
- Insurance Expenses
- $7,134
- Water/Sewer/Garbage Expenses
- $2,210
- Gross Rent Multiplier
- 12.6
- Total Expenses
- $52,752
- Cap Rate
- 4.83
- Vacancy Rate
- 5
- Total Number of Units
- 6
- Unit Name
- 28426
- Potential Terms
- Cash, Conventional
- Year Built
- 1978
- View
- Sound
- Roof
- Composition
- Electric Expenses
- 2210
- Other Expenses
- 22467
- Energy Source
- Electric
- School District
- Federal Way
- Total Monthly Income
- $11,400
- Gross Scheduled Income
- $134,860
- Vacancy Rate
- 5
- Gross Adjusted Income
- $128,117
- Tax Year
- 2026
- Insurance Expense
- $7,134
- W/S/G Expenses
- $2,210
- Total Expenses
- $52,752
- Net Operating Income
- $82,106
- Gross Rent Multiplier
- 12.6
- Cap Rate
- 4.83
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.