Listed by Steve Fischer, Northmarq Multifamily, LLC
- 18,180
- Square feet
- $272
- Per sq ft
- Multi Family
- Type
- 1976
- Year built
- 42,000 sq ft
- Lot
- 90
- Days on market
About this property
We are pleased to present Redondo Ridge Townhomes, an 18-unit townhome community in Federal Way. Built in 1976, the property offers spacious 2-bedroom, 1.5-bath townhomes averaging 1,010 SF with fireplaces, vaulted ceilings, private patios, and full-size side-by-side washers and dryers. Offered at $4,950,000 ($275,000/unit, $272/SF), the asset delivers a 6.04% in-place cap rate with meaningful upside: current rents average $2,101, roughly 12% below the $2,400 achieved by comparable townhomes, and four unrenovated units offer approximately $500/month of additional income. Capital improvements include a new metal roof (2017), electrical panel upgrades (2018), fresh exterior paint (2026), and 14 of 18 units extensively remodeled with new cabinets, quartz counters, flooring, paint, doors, millwork, and appliances. Located 1.6 miles from the Federal Way Link Light Rail Station with convenient access to employment, shopping, and dining.
Location & commute
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Jeff's Neighborhood Guide
Get to know the Des Moines/Redondo area
Jeff's Seattle & Eastside Neighborhood Guide profiles 70 communities: the streets, shorelines, parks, markets, and local places that define each one. It is editorial, separate from the MLS listing data above.
Property details
Listing details
- Listing number
- #2564976
- Listed
- August 5, 2026
- Days on market
- 90
- Price per sq ft
- $272
Unit & building
- Stories in building
- 2
- Units in building
- 18
Parking
- Total spaces
- 36
Views
- View
- Territorial
Construction
- Year built
- 1976
- Style
- 56 - 10+ Units
- Structure
- Multi Family
- Roof
- Metal
Heating & cooling
- Heating
- BaseboardWall Furnace
- Cooling
- None
- Energy source
- Electric
Flooring
- Flooring
- LaminateVinylVinyl PlankCarpet
Lot
- Lot features
- Cul-De-SacCurbsPaved
- Lot size
- 42,000 sq ft
Terms
- Terms offered
- AssumableCashConventional
Utilities
- Water
- Lakehaven Water & Sewer District
- Sewer
- Lakehaven Water & Sewer District
- Power
- Puget Sound Energy
Schools
- District
- Federal Way
- Elementary
- Nautilus Elem
- Middle
- Sacajawea Jnr High
- High
- Federal Way Snr High
What stands out to you?
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- Territorial view
- Laminate
- Vinyl
- Vinyl Plank
- Carpet
Listing history
Listed
$4,950,000
August 5, 2026
Derived from current MLS listing fields.
Payment estimate
An estimate to help you plan, not a loan offer or financial advice.
Est. monthly
$28,825
- Principal & interest
- $25,030
- Property tax (est.)
- $3,795
Assumes $990,000 down (20%), a $3,960,000 loan at 6.5% over 30 years. Property tax is an estimated figure, not MLS data (verify with the county assessor). Excludes insurance, PMI, and closing costs. Not a commitment to lend or financial advice.
Similar nearby listings
Based on information submitted to the MLS GRID as of November 3, 2026 at 5:10 PM PST. 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.