This listing courtesy of Brendan Greenheck , Northmarq Multifamily, LLC
$7,300,000

21125 81st Street NE, Arlington, WA 98223

  • Property Icon Multi-Family Home
  • Property Year Built Icon Built in 1992
  • Property Lot Size Icon4.3acre lot
  • Property Parking Icon 14 car garage
  • Property Price Per Square Feet Icon $——/sqft
  • Property List Date Icon Listed 1 month ago

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.

Listing Status:
Active
Data Last Updated:
May 20, 2026 at 11:21PM
Listing Office:
Northmarq Multifamily, LLC : 952-356-0100
Listing Agent:
Brendan Greenheck : 952-356-0100
MLS ID:
2505434
  • Flooring: Vinyl PlankCarpet
  • A/C: None
  • Heating: Baseboard
  • Fireplace: Fireplaces: 0
  • General: BrickWood
  • Parking: Parking spaces: 47
  • Roofing: Composition
  • General: 56 - 10+ Units
  • HOA Amenities: 0.0
  • Originating MLS: nwmls
  • School District: Arlington
  • County: Snohomish
  • Zoning: 00776800002200
  • View: TerritorialView
  • Water: Public
  • Sewer: Sewer Connected
  • Source: nwmls

This listing courtesy of Brendan Greenheck , Northmarq Multifamily, LLC

Monthly Payment

$Est. Payment
  • Principal & Interest $
  • Property Taxes $
  • Home Insurance $
  • VA Funding Fee $

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Location

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