Listed by Steve Fischer • Northmarq Multifamily, LLC.
For sale
$4,950,000
Est. $32,844/mo —
36
bd
•
36 ba
•
18,180
sq ft
30323 15th Ct S, Federal Way, WA 98003
About this home
We are pleased to present Redondo Ridge Townhomes, an 18-unit townhome community in Federal Way. Built in 1976, the property offers spacious 2-bedroom, 1.5-bath townhomes averaging 1,010 SF with fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers. Offered at $4,950,000 ($275,000/unit, $272/SF), the asset delivers a 6.04% in-place cap rate with meaningful upside: current rents average $2,101, roughly 12% below the $2,400 achieved by comparable townhomes, and four unrenovated units offer approximately $500/month of additional income. Capital improvements include a new metal roof (2017), electrical panel upgrades (2018), fresh exterior paint (2026), and 14 of 18 units extensively remodeled with new cabinets, quartz counters, flooring, paint, doors, millwork, and appliances. Located 1.6 miles from the Federal Way Link Light Rail Station with convenient access to employment, shopping, and dining.
Multi-familyProperty Type
1976Year Built
0.96 acresLot Size
$272Price/Sq.Ft.
Listed by Steve Fischer• Northmarq Multifamily, LLC
Steel Lake, located between I-5 and Dash Point State Park, is a lakeside and suburban Federal Way neighborhood with a freshwater shoreline and wooded greenbelts. The neighborhood’s character concentrates around the Steel Lake Park shoreline and the community center, where ballfields, picnic lawns, and a busy boat launch set the daily rhythm. Mid-century ramblers and split-levels sit along curving streets, with pockets of newer townhomes near main arterials. Water views and short trails shape an outdoors-forward routine, while nearby shopping corridors keep errands close at hand. The Steel Lake Park Community Center and the Federal Way Performing Arts & Event Center add a civic, cultural layer beyond the lake.
Provided by Walk Score and Local Logic
Property details
Interior
Exterior
Finance
Interior features
Updated/remodeled condition
Has heating
Baseboard heating
Wall furnace
No central cooling
Laminate, vinyl, vinyl plank and carpet flooring
Bedrooms
Two-bedroom units (multiple identical 2‑bedroom floorplans across the building)
Bathrooms
Two bathrooms per unit
Kitchen
Range/oven in each unit
Refrigerator in each unit
Dishwasher in each unit
Laundry & utility
Washer/dryer in each unit
Flooring
Laminate
Vinyl
Vinyl plank
Carpet
Heating & cooling
Baseboard heating
Wall furnace
No cooling
Exterior features
Wood products exterior
Patio
Cul-de-sac location
Curbs and paved streets
Has a view
Home design
Residential income property (multi-family)
Multi-family building
Two stories
Built/updated with a 1976 effective year
Parking
36 uncovered parking spaces
Construction
Wood construction
Metal roof
Poured concrete foundation
Utilities
Electric energy source
Public water
Sewer connected
Lakehaven Water & Sewer District service
Puget Sound Energy for power
Comcast Xfinity cable and internet
Financial info
Property marketed as assumable, cash or conventional financing
Gross scheduled income and current rents reported for individual units
Gross scheduled income: $493,400 (reported)
Gross adjusted income: $470,708 (reported)
Total monthly income reported: $41,117
Total expenses reported: $171,555
Insurance expense reported: $17,645
Other expenses reported: $70,356
Net operating income reported: $299,153
Gross rent multiplier reported: 10.91
Building contains 18 units total with a reported 5% vacancy rate
Electricity and solar
View estimated energy costs and solar savings for this home
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
3/10 Heat Factor
7 days above 87° expected this year, 14 days in 30 years
1/10 Wind Factor
Minimal risk of severe winds over next 30 years
7/10 Air Factor
10 unhealthy days expected this year, 11 days in 30 years
Provided by First Street
Historical weather
Federal Way, WA • 98003
Average low and high temperatures (°F)
46
35
48
36
53
39
62
42
68
47
74
52
80
56
78
58
73
54
61
46
52
42
48
40
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
90/ 100
Exceptional sunlight
Sunscore
This home ranks in the top 16% for direct sun exposure in Federal Way. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
10.2 hrs
5.1 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 30323 15th Ct S
There isn’t enough information to generate an accurate estimate at this time. Learn More