Property Details
30323 15th Court S
Federal Way, WA 98003
$4,950,000
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Property Overview
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.
Property Details
Property Information
Property Type
Residential Income
Subtype
Multi Family
Status
Active
County
King
Neighborhood
Redondo
Listed
Aug 5, 2026
Structure Type
Multi Family
Parcel Number
0521049202
Tax & HOA
Annual Property Tax
$49,865 (2026)
Est. Monthly Tax
$4,155/mo
Financial Summary
Cap Rate
6.04%
Net Operating Income
$299,153
Gross Scheduled Income
$493,400
Gross Rent Multiplier
10.91
Total Expenses
$171,555
Vacancy Rate
5.0%
Building & Use
Building Sq Ft
18,180
Leasable Area
18,180 sqft
Total Units
18
Zoning
Multi-Family
Possible Use
Multi-Family
Lot Size
42,001 sqft
Year Built
1976
Exterior & Lot
Lot Size
0.96 sqft
Year Built
1976
Exterior Materials
Wood
Sewer
Sewer Connected
Water Source
Public
Lot Features
Cul-De-Sac, Curbs, Paved
Exterior Features
Wood Products
Community & Access
Directions
From I-5, take Exit 147 (S 272nd St) and head west. Turn south on Pacific Hwy S, west on S 304th St, then south to 15th Ct S. Property is on the east side.
Location
City
Federal Way
County
King
Coordinates
47.33029, -122.31506
Additional Information
Tax Year
2026
Annual Taxes
$49,865
Possession
Array
Based on information submitted to the MLS GRID as of August 5, 2026 6:00 PM. 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.
