$7,300,000
Est. $36,798/mo21125 81st Street Ne, Arlington, WA 98223
• Listed 2026-04-09•70 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.
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
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21125 81st Street Ne, Arlington, WA 98223
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Arlington is a seller's market.
Inventory is low and competition is high. Sellers have more negotiating power.
Offer insight: Many homes get multiple offers, some with waived contingencies.
List to sale price: The average home sells very close to list price.
Time on market: The average home goes pending in around 7 days.
$529,000 Sold
3 months ago
3 bd•1 ba
19322 Crown Ridge Boulevard, Arlington, WA 98223
2%
Under list
—
Days on market
1.0 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 from MLS GRID / NWMLS · Updated Jun 2026
School information is unavailable for this listing. School boundaries can change, so verify the assigned schools with the district before purchasing.
