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Soundview II Apartments 28426 16th Ave S 6 Unit Apartment Building $2,340,101 CAD ($390,017 CAD/Unit) 5.89% Cap Rate Federal Way, WA 98003
Investment Highlights
- Condo-Scale Layouts
- Clear Value-Add Runway
- Differentiated Unit Features
- Affordability Advantage Over Seattle
- Light Rail at the Doorstep
Executive Summary
Soundview II Apartments is a six-unit, condo-style multifamily asset nestled in Federal Way's Redondo neighborhood — a quiet, amenity-rich pocket of the city with direct access to Redondo Beach Park, Dash Point State Park, and I-5. The December 2025 opening of the Federal Way Link Extension places residents just minutes from Downtown Seattle and Seattle-Tacoma International Airport via light rail while preserving the affordability and quality of life that define Federal Way's appeal.
With effective rents running $300–$500/month below Seattle's average, Federal Way continues to attract cost-conscious renters priced out of the urban core. With development moratoriums limiting new supply, demand has nowhere to go but into existing, well-located properties like Soundview II, making this an incredible opportunity for investors.
The property has no deferred maintenance, with all units featuring fireplaces, private west-facing balconies with partial Puget Sound views, and in-unit washers and dryers. All that is missing is the finishing touches with a targeted value-add program, such as new countertops, cabinetry, and fixtures. This means incoming ownership can capture meaningful rent premiums in a submarket where income growth is accelerating, and renter demand remains structurally undersupplied.
- Large two-bedroom, 1.5-bath floorplans averaging 1,170 square feet appeal to long-term renters seeking space, driving lower turnover and stable occupancy.
- Effective rents run $300-$500/month below Seattle averages, drawing cost-conscious renters seeking quality housing without the urban price premium.
- Historically self-managed with no deferred maintenance, Soundview II Apartments offers immediate upside through professional management and a targeted renovation program to include new countertops, cabinetry, and fixtures to capture rent premiums.
- The December 2025 Federal Way Link Extension connects residents directly to Downtown Seattle and Seattle-Tacoma International Airport, a significant demand driver for the submarket.
- Every unit includes a fireplace, private west-facing balcony with partial Puget Sound views, in-unit full-size washers and dryers, LVP flooring, and stainless-steel appliances, a rare amenity package at this price point.
With effective rents running $300–$500/month below Seattle's average, Federal Way continues to attract cost-conscious renters priced out of the urban core. With development moratoriums limiting new supply, demand has nowhere to go but into existing, well-located properties like Soundview II, making this an incredible opportunity for investors.
The property has no deferred maintenance, with all units featuring fireplaces, private west-facing balconies with partial Puget Sound views, and in-unit washers and dryers. All that is missing is the finishing touches with a targeted value-add program, such as new countertops, cabinetry, and fixtures. This means incoming ownership can capture meaningful rent premiums in a submarket where income growth is accelerating, and renter demand remains structurally undersupplied.
- Large two-bedroom, 1.5-bath floorplans averaging 1,170 square feet appeal to long-term renters seeking space, driving lower turnover and stable occupancy.
- Effective rents run $300-$500/month below Seattle averages, drawing cost-conscious renters seeking quality housing without the urban price premium.
- Historically self-managed with no deferred maintenance, Soundview II Apartments offers immediate upside through professional management and a targeted renovation program to include new countertops, cabinetry, and fixtures to capture rent premiums.
- The December 2025 Federal Way Link Extension connects residents directly to Downtown Seattle and Seattle-Tacoma International Airport, a significant demand driver for the submarket.
- Every unit includes a fireplace, private west-facing balcony with partial Puget Sound views, in-unit full-size washers and dryers, LVP flooring, and stainless-steel appliances, a rare amenity package at this price point.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $2,340,101 CAD | Building Class | C |
| Price Per Unit | $390,017 CAD | Lot Size | 0.33 AC |
| Sale Type | Investment | Building Size | 7,023 SF |
| Cap Rate | 5.89% | Average Occupancy | 95% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1978 |
| Property Subtype | Apartment | Parking Ratio | 1.71/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM1800 | ||
| Price | $2,340,101 CAD |
| Price Per Unit | $390,017 CAD |
| Sale Type | Investment |
| Cap Rate | 5.89% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 7,023 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1978 |
| Parking Ratio | 1.71/1,000 SF |
| Zoning | RM1800 |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Fireplace
- Washer/Dryer
- Stainless Steel Appliances
- Views
- Deck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 6 | - | 1,300 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Some public transit
40/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $1,517,214 CAD | |
| Land Assessment | $313,574 CAD | Total Assessment | $1,830,788 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$313,574 CAD
Improvements Assessment
$1,517,214 CAD
Total Assessment
$1,830,788 CAD
Contacts
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Chad Blenz -
Brandon Lawler -
Mitchell Belcher -
Steven Chattin -
Jay Timpani -
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Soundview II Apartments | 28426 16th Ave S
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