Active
Listed by Brendan Greenheck • Northmarq Multifamily, LLC.
FOR SALE
$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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About this home
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.
Property type
Single Family
Year built
1992
Open houses
No upcoming open houses scheduled for this property.
Around this home
Sold comparable homes
5 recent nearby sales, priced between $28K and $490K.
Sold Aug 25, 2025
$490,000Last sold price
1 beds1 baths810 sq ft
420 French Avenue, Arlington, WA 98223
$605/sq ft37 years older
Sold Dec 1, 2025
$389,000Last sold price
1 beds1 baths655 sq ft
318 S French Avenue, Arlington, WA 98223
$594/sq ft71 years older
Sold Sep 30, 2025
$31,500Last sold price
1 beds1 baths
105 E Cox Avenue #13, Arlington, WA 98223
30 years older
Property details
Mortgage payment forecast
$44,328 per month
Great ratePrincipal and interest
Property taxes
HOA dues
Home insurance
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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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