21125 81st ST NE, Arlington, WA 98223
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21125 81st ST NE, Arlington, WA 98223
21125 81st ST NE, Arlington, WA 98223
21125 81st ST NE, Arlington, WA 98223
21125 81st ST NE, Arlington, WA 98223
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Nathan Gass

Nathan Gass

+1(360) 483-8645
Listed by:Northmarq Multifamily, LLC • Brendan Greenheck
$ 7,300,000
Est. payment /mo
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Active

21125 81st ST NE Arlington, WA 98223

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

Northwest MLS (NWMLS)
"Three Trees" icon indicates a listing provided courtesy of NWMLS.

NEARBY SCHOOL & BUSINESS

Nathan Gass

Nathan Gass

Agent | License ID: 24024211

+1(360) 483-8645

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21125 81st ST NE

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