Property Details
28426 S 16th Ave
Federal Way, WA 98003
$1,700,000
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Property Overview
Rare opportunity to acquire Soundview II, a turn-key, six-unit multifamily asset in Federal Way's coveted Redondo neighborhood. This condo-style complex features expansive 1,170 SF 2-bed/1.5-bath floor plans designed for high-retention ccupancy. Units boast premium amenities including private west-facing balconies with partial Puget Sound views, fireplaces, in-unit full-size W/D, LVP flooring, and stainless appliances. With the December 2025 Link Extension opening, residents enjoy rapid light rail access to SEATAC and Downtown Seattle while maintaining a significant affordability advantage. Historically self-managed with little deferred maintenance, the property offers a clear value-add runway; implement targeted cosmetic upgrades to countertops and cabinetry to capture immediate rent premiums. Positioned in a supply-constrained submarket with local development moratoriums and a median household income projected to grow 53% by 2030, Soundview Il is a high-yield, low-risk addition to any portfolio. Proximity to Dash Point State Park and I-5 ensures durable demand for years to come.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Redondo
Listed
Apr 20, 2026
Structure Type
Multi Family
Parcel Number
7876210000
Tax & HOA
Annual Property Tax
$16,521 (2026)
Est. Monthly Tax
$1,377/mo
Financial Summary
Cap Rate
4.83%
Net Operating Income
$82,106
Gross Scheduled Income
$134,860
Gross Rent Multiplier
12.60
Total Expenses
$52,752
Vacancy Rate
5.0%
Building & Use
Leasable Area
7,023 sqft
Total Units
6
Year Built
1978
Exterior & Lot
Lot Size
0.34 sqft
Year Built
1978
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Exterior Features
Wood Products
Community & Access
Directions
GPS works
Location
City
Federal Way
County
King
Coordinates
47.34617, -122.31303
Additional Information
Tax Year
2026
Annual Taxes
$16,521
Possession
Array
Based on information submitted to the MLS GRID as of June 1, 2026 11:08 AM. 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.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
IDX information is provided exclusively for consumers’ personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright 2026 NWMLS. All rights reserved.
