$4,950,000
Est. $27,418/mo18,180 sq ft
30323 15th Court S, Federal Way, WA 98003
• Listed Aug 5, 2026•74 days active · 74 cumulative
Listing Broker: Northmarq Multifamily, LLC; Steve Fischer; 425-830-2254; sfischer@northmarq.com
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Listing Broker: Northmarq Multifamily, LLC; Steve Fischer; 425-830-2254; sfischer@northmarq.com
About this home
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.
Listed by Steve Fischer • Northmarq Multifamily, LLC
Listing updated: October 6, 2026 at 03:08pm
RexMont checked: moments ago
Source: NWMLS as Distributed by MLS Grid #2564976
Around this home
How much should you offer?
30323 15th Court S, Federal Way, WA 98003
Source:RexMont analysis of Northwest MLS sales data for this ZIP code plus third-party market data (RentCast). The estimates are RexMont's, not Northwest MLS listing data.
Estimates only and not guaranteed. Consult a RexMont agent for accurate, personalized guidance before making an offer. RexMont OfferEdge™ · © 2026 RexMont Real Estate. Proprietary tool.
Property details
Layout
- 10+ Units
Flooring
- Laminate
- Vinyl
- Vinyl Plank
- Carpet
Heating & cooling
- Baseboard heating
- Wall Furnace heating
- None cooling
Schools
Ratings via SchoolDiggerFederal Way School District
- Nautilus K-8 SchoolPublic · Grades K-8 · State rank 379 of 1,1386/10
- Sacajawea Jnr HighPublic · Grades Middle—
- Federal Way Snr HighPublic · Grades High—
Assigned schools for this property per the listing's MLS data. School district boundaries change — verify the exact assigned schools with the district before purchasing.
Multi-family facts
As entered by the listing broker on Northwest MLS
Units
- Total units
- 18
- Units in building
- 18
- Units below grade
- false
- Building square feet
- 18,180 sq ft
Income & expenses
- Gross scheduled income
- $493,400
- Total monthly income
- $41,117
- Additional monthly income
- $3,297
- Gross adjusted income
- $470,708
- Net operating income
- $299,153
- Cap rate
- 6.04%
- Gross rent multiplier
- 10.91
- Vacancy rate
- 5%
- Total expenses
- $171,555
- Insurance
- $17,645
- Other expenses
- $70,356
- Water / sewer / garbage paid by
- 33689
Parking & storage
- Parking spaces
- 36
- Uncovered parking
- 36
Taxes & assessment
- Annual taxes
- $49,865
- Tax year
- 2026
- Financing
- Assumable, Cash, Conventional
Neighborhood mobility
Doorstep, Pedal & Station Scores
Three RexMont scores for this exact address: what is on foot, what is by bike, and what rides past the door.
Ground Truth™
The ground, the slope, the flood zone and the noise at this address
Read from public hazard, flood, terrain and noise maps for this exact home.
Address Insider™
The members' report
Commute, transit, zoning and ADU potential, internet providers and the lifestyle around the home: the nearest grocery, coffee, park, services and transit stop. One free registration opens every home on rexmont.com.
Opens with the report above.
Sales & Tax Records for 30323 15th Court S
NWMLS via MLS Grid · King County AssessorEvery listing, pending, price change and closing filed on this home with the NWMLS, the county’s recorded sales, and its assessed values by tax year.
- Aug 5, 2026ListedNWMLS via MLS Grid · #2564976$4,950,000$272/sq ft
- Jul 25, 2017Recorded saleKing County recorder · Statutory warranty deed$2,246,400$124/sq ft
Mortgage payment forecast
$32,811 per month
Great rateTakes about 5 minutes & won't affect your credit
Get pre-approvedSource: RexMont estimate, not Northwest MLS listing data. Interest rates from Freddie Mac's Primary Mortgage Market Survey via FRED (Federal Reserve Bank of St. Louis). Property tax and HOA dues from the NWMLS listing where provided, otherwise estimated; insurance estimated at 0.3% of price per year.
Estimate only. Actual payment depends on credit, lender, and program. PMI not included for down payments below 20%.
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Listing Broker: Northmarq Multifamily, LLC; Steve Fischer; 425-830-2254; sfischer@northmarq.com
Market pulse
Federal Way is a balanced market.
Supply and demand are roughly in balance. Neither side has a clear edge.
Offer insight: Homes typically sell with one offer near asking price.
List to sale price: The average home sells very close to list price.
Time on market: The average home goes pending in around 69 days.
Want a deeper read on this market?
Ask a RexMont agentMarket data from MLS GRID / NWMLS · Updated Oct 2026
Information and statistics derived from Northwest Multiple Listing Service. Source: Northwest Multiple Listing Service, as distributed by MLS GRID.
MLS GRID Disclaimer
Based on information submitted to the MLS GRID as of October 18, 2026 at 2:16 PM PT (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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© 2026 Northwest Multiple Listing Service. All rights reserved.
HO
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