Portage Creek Apartments 21125 81st Dr NE 28 Unit Apartment Building $10,006,767 CAD ($357,385 CAD/Unit) Arlington, WA 98223

Portage Creek Apartments is a well-maintained 28-unit property located in Arlington, offering investors immediate rent growth with minimal execution risk. The property has benefited from significant capital improvements, with 24 of 28 units already renovated featuring updated flooring, paint, cabinets, and countertops. 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 washers and dryers and feature large floor plans averaging 1,009 square feet, 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, two of which are currently utilized by ownership and offer immediate incremental income potential. Most units also feature expansive private decks, adding desirable 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 Portage Creek Apartments as a high-quality asset with multiple, low-friction avenues for income growth and appreciation.