Portofino Apartments | 1405 S 308th St
This feature is unavailable at the moment.
We apologize, but the feature you are trying to access is currently unavailable. We are aware of this issue and our team is working hard to resolve the matter.
Please check back in a few minutes. We apologize for the inconvenience.
- LoopNet Team
thank you
Your email has been sent!
Portofino Apartments 1405 S 308th St
12 Unit Apartment Building $2,900,000 ($241,667/Unit) Federal Way, WA 98003
Executive Summary
Portofino is a hidden gem in Federal Way offering 12 units with a value-add potential, presenting a chance to maximize your returns. Enjoy the tranquility of this well-maintained property featuring spacious two-bed/two-bath apartments, in-unit washer/dryer, private patio/balcony, ample parking, and controlled access. With renovations already underway, there is a demonstrated opportunity to increase rents significantly following the completion of upgrades. Located near Federal Way's Downtown Light Rail Station, Portofino is strategically positioned for growth with limited apartment supply in the area. Take advantage of the surge in demand and future rent growth potential, as the Federal Way/Des Moines submarket experiences an increase in residents seeking affordable housing options.
Investment Highlights
Professionally managed and beautifully maintained with zero delinquency, Portofino presents an excellent repositioning opportunity near the heart of Federal Way and the Downtown Light Rail Station
The property features 12 spacious two-bed and two-bath apartments averaging 847 square feet in a low density and tranquil setting; amenities include in-unit washer and dryer, private patio and balcony, ample parking, controlled access, and storage
Majority of units in classic condition with rents averaging well below market rate; further monthly premiums of $288 post renovation achievable, proven through the value-add program implemented by current ownership to include new LVP flooring, stainless steel appliances, modern fixtures, and fresh paint
Limited supply-side pressure has created significant value-add opportunities for existing apartment communities; the Federal Way/Des Moines submarket has had only 200 new deliveries in the past decade, while projections show a surge in apartment demand over the next four quarters with 174 net move-ins during 2024
Submarket rent growth driven by the demand from residents priced out of Seattle's inner core; landlords will gain increased pricing power once the light rail extension from Sea-Tac to Federal Way is completed in 2026
Investment Highlights
Professionally managed and beautifully maintained with zero delinquency, Portofino presents an excellent repositioning opportunity near the heart of Federal Way and the Downtown Light Rail Station
The property features 12 spacious two-bed and two-bath apartments averaging 847 square feet in a low density and tranquil setting; amenities include in-unit washer and dryer, private patio and balcony, ample parking, controlled access, and storage
Majority of units in classic condition with rents averaging well below market rate; further monthly premiums of $288 post renovation achievable, proven through the value-add program implemented by current ownership to include new LVP flooring, stainless steel appliances, modern fixtures, and fresh paint
Limited supply-side pressure has created significant value-add opportunities for existing apartment communities; the Federal Way/Des Moines submarket has had only 200 new deliveries in the past decade, while projections show a surge in apartment demand over the next four quarters with 174 net move-ins during 2024
Submarket rent growth driven by the demand from residents priced out of Seattle's inner core; landlords will gain increased pricing power once the light rail extension from Sea-Tac to Federal Way is completed in 2026
Data Room Click Here to Access
- Operating and Financials
Property Facts
| Price | $2,900,000 | Building Class | C |
| Price Per Unit | $241,667 | Lot Size | 0.53 AC |
| Sale Type | Investment | Building Size | 14,667 SF |
| No. Units | 12 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2004 |
| Apartment Style | Low Rise | Parking Ratio | 1.3/1,000 SF |
| Price | $2,900,000 |
| Price Per Unit | $241,667 |
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.53 AC |
| Building Size | 14,667 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 2004 |
| Parking Ratio | 1.3/1,000 SF |
Unit Amenities
- Air Conditioning
- Balcony
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Patio
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 12 | - | 824 - 858 |
1 of 1
Walk Score ®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 250300-0015 | Improvements Assessment | $2,545,200 |
| Land Assessment | $254,800 | Total Assessment | $2,800,000 |
PROPERTY TAXES
Parcel Number
250300-0015
Land Assessment
$254,800
Improvements Assessment
$2,545,200
Total Assessment
$2,800,000
zoning
| Zoning Code | RM1800 |
| RM1800 |
-
Chad Blenz -
Jay Timpani -
Mitchell Belcher -
Steven Chattin -
Brandon Lawler -
Berkadia
1 of 10
VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
Portofino Apartments | 1405 S 308th St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.