$7,300,000
Est. $37,028/mo21125 81st Street Ne, Arlington, WA 98223
• Listed 2026-04-09•52 days on market
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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.
Open houses
No upcoming open houses scheduled for this property.
5 recent nearby sales, priced between $28K and $490K.

$490,000Last sold price
420 French Avenue, Arlington, WA 98223

$389,000Last sold price
318 S French Avenue, Arlington, WA 98223

$31,500Last sold price
105 E Cox Avenue #13, Arlington, WA 98223
$44,328 per month
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MLS GRID Disclaimer
Based on information submitted to the MLS GRID as of June 1, 2026 at 11:52 AM PDT (date and time MLS GRID Data was obtained). 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.
Listing information courtesy of Northwest Multiple Listing Service (NWMLS). The listing data relating to real estate for sale on this web site comes in part from the Northwest Multiple Listing Service. Real estate listings held by brokerage firms other than RexMont Real Estate are marked with the “Listing courtesy of NWMLS” designation. Information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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Listed by Brendan Greenheck • Northmarq Multifamily, LLC
Listing updated: April 9, 2026 at 02:58pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2505434
Arlington is a seller's market.
Inventory is low and competition is high. Sellers have more negotiating power.
Offer insight: Well-priced homes draw multiple offers; others sell close to asking.
List to sale price: The average home sells very close to list price.
Time on market: The average home goes pending in around 30 days.
$529,000 Sold
3 months ago
3 bd•1 ba•~1,302 sq ft•Single Family
19322 Crown Ridge Boulevard, Arlington, WA 98223
2%
Under list
—
Days on market
1.0 mi
Distance
$568,000 Sold
6 months ago
2 bd•1 ba•~960 sq ft•Single Family
317 S Olympic Avenue, Arlington, WA 98223
1%
Under list
—
Days on market
0.4 mi
Distance
Closed sales from MLS GRID / NWMLS within the past 6 months, matched on property type and within 1 mile. Comps approximate.
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Ask a RexMont agentMarket data via RentCast · Updated Jun 2026
Schools shown are the nearest public Elementary, Middle, and High school for this property. School district boundaries change — verify the assigned school with the district before purchasing.